Investments in businesses leveraging technology for financial services (Fin- Techs) in Nigeria totalled $560 million in the last three years, a report by the Enhancing Financial Innovation & Access (EFInA) has revealed. This, according to the report, is a growth of over 190 per cent as more investors continue to harness the huge opportunities in the country’s FinTech landscape. As of this year, EFInA said there were over 200 FinTech companies in Nigeria offering services ranging from payments to savings and lending. These businesses are said to have accounted for around 10 per cent of direct investment into Nigeria from 2017 to 2019 and have been projected (pre- COVID-19) to contribute up to $3 billion.
EFInA noted that that the increased FinTech funding over the last three years was driven largely by Visa’s $200 million investment in Interswitch, $170 million Chinese capital in OPay and another $40 million Chinese investment in Palm Pay, all of which were consummated in 2019…
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