The first wave of the Nigerian fintech revolution saw a breakthrough in payments processing that unleashed pent up commercial intent and helped to kickstart the first generation of massive Nigerian ecommerce ventures.
Today, a combination of fearless product innovation and relentless advocacy has created tectonic shifts in the regulatory landscape and redrawn the map of financial services offerings to merchants and consumers, paving the way for everyone from established businesses to Instagram and WhatsApp vendors to cash in.
The range of possibilities continue to expand, powered by innovative uses of USSD, blockchain, artificial intelligence and machine learning technologies to create solutions in lending, wealth management, insurance, lifestyle and more. And millions of dollars in venture capital are pouring into Nigerian fintech from investors and global financial interests from all over the world that are keen to participate in the ventures with not just the potential to succeed in Africa’s most populous nation, but also scale across the continent.
After the age of financial service pioneers like Interswitch and Paga, and fintech upstarts like Paystack and Flutterwave, what happens next? This report looks at the future of fintech in Nigeria. It is brought to you by TechCabal, in partnership with Softcom.