$200 million ploughed into Nigerian FinTech

According to global financial services giant KPMG, more than $200 million has flowed into the Nigerian FinTech space over the past two years. It called on the Nigerian government to take the initiative to further increase investment by proving incentives and a welcoming regulatory ecosystem at a summit entitled The FinTech Disruption – Understanding the Value Proposition at the Eko Hotel and Suites in Lagos.

This magnitude of investment places Nigeria alongside South Africa and Egypt on the podium of Africa's fintech leaders and the West African nation's combination of a large, youthful population, strong talent pool, massive financial inclusion potential and mobile explosion bodes well for the future. According to KPMG's technology advisory partner in Nigeria, Boye Ademola, payments providers, as in other parts of the world, currently dominate the space, but that he was confident that lenders, insurance and wealth creation initiatives, blockchain-based firms and digital banks would be more prominent in future.

KPMG Global FinTech Co-lead Warren Mead said: "The right mix of technical skills, capital investment, government incentives, regulatory framework and an entrepreneurial and innovative mind-set is the catalyst needed to establish fintech as a key enabler of financial services in Nigeria."

The summit attracted top-level participants from leading FinTech companies, financial service institutions, private equity and venture capital firms and other stakeholders with interest in the space.