Nigerian FinTech market up 90% since 2015 - report

The Nigerian FinTech market has grown by 90% in the past 3-4 years and startups in the populous West African nation are radically transforming the banking and financial sectors, according to Kantar TNS Nigeria CEO Aggrey Maposa.

"It is vibrant industry and what is very exciting about the FinTech industry in Nigeria is that though it is coming later, and considering that Nigeria is an economic leading nation in Africa, we would have thought that the FinTech market would have grown further than the present stage. We are coming a bit late into it, but the nation is doing well compared to other nations. In the last 3-4 years, the industry has grown by over 90%. It is said that there is over 400 FinTech organisations working with Africa FinTechs. organisation. These are all entrepreneurs and different groups providing solutions," said Maposa in an interview with BusinessDay.

Maposa was speaking after a FinTech summit in Nigeria based on the theme, Payments of tomorrow and the changing consumer, and focusing on the challenges and opportunities digitalisation presents in the FinTech industry. The event was hosted by Kantar TNS, a leading marketing and consumer insights agency.

He added that Nigerian FinTechs were helping to solve crucial challenges where the unbanked and under-banked were concerned and lauded regulators for creating an environment in which startups could be innovative and thrive.

"There is a lot of hope and positivism around the development of FinTech and payment system in Nigeria. Different stakeholders in FinTech have expressed themselves today and the message is very clear that FinTech is here to stay."