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NIGERIAN FINTECHS
This article explains why it is difficult for young Nigerians to save and what fintechs must do to fix some of the issues.
Experts in the financial industry have urged fintech companies in Nigeria, especially, those seeking to raise funds to prioritize profitability in their business strategies before approaching investors for funding.
The Central Bank of Nigeria (CBN) has said it is working on a new regulation aimed at improving the level of compliance and corporate governance practice by fintechs in the country.
Dr. Aina said governments and regulators globally are struggling to regulate technology because it moves at a very fast pace.
Nigerian banks lost a total of N2.09 billion to frauds in Q4 2023 with mobile emerging as the top channel through which the largest amount was lost.
Some of the fintechs pointed out that the directive may have been misdirected given that most of the accounts involved were commercial bank accounts.
The founder/Group CEO of Interswitch, Mr. Mitchell Elegbe has said that most fintech businesses in Nigeria may never become profitable because they started on the wrong footing by providing some services for free.
The founder/CEO of Payble Technologies, a Nigerian fintech company, Roosevelt Elias, has said the multiplicity of licenses required to operate across African countries is limiting innovation and funding for fintech companies in the continent.
Nigeria currently has the highest mobile subscriptions in Africa, with active subscriptions rising to 211.8 million as of September this year
As of Q4 2020, transactions worth 3.46bn and N356.47tn were done through Electronic Payment Channels (EPC) in volume and value, respectively.
Ant Group now operates Alipay which millions of shoppers use across Alibaba’s e-commerce networks.
The report claims Covid-19 will impact FinTechs in a disproportionate manner.