Browsing: Fintech in Nigeria

Fintech in Africa
  • McKinsey report found that fintech in Africa is the fastest-growing startup industry, raising over US$1.3 billion in 2021
  • The industry is being supported by several trends, including smartphone ownership, declining internet costs, and a young, fast-growing, and rapidly urbanising population
  • Cash is still used in around 90% of transactions in Africa, which means that fintech revenues have huge potential to grow
  • The top challenges that fintech may face include reaching scale and profitability, navigating an uncertain regulatory environment, managing scarcity, and building robust corporate governance foundations

A new finding named fintech in Africa as the fastest-growing startup industry, raising over US$1.3 billion in 2021.

McKinsey & Company found that the industry is being supported by several trends, including smartphone ownership, declining internet costs, expanded network coverage, and a young, fast-growing, and rapidly urbanizing population. Further, the COVID-19 pandemic has also accelerated existing trends toward digitalization and created a fertile environment …