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It is not all gloom for the nation’s economy. Despite the pandemic’s toll across all sectors of the economy, the financial technology (fintech) has been having a good run with positive results, making Nigeria, Africa’s largest country by GDP and population, the sector’s leader with a lively crop of start-ups and a growing suite of digital offerings from mainstream banks.
The COVID-19 pandemic, with its twin forces of disruption and acceleration, has pushed both foreign and domestic players to develop opportunities in the fintech space, thereby emerging as one of the top gainers.
Fintech revenues, driven by increasing smartphone penetration of hitherto unbanked population, are forecast to reach an estimated $543 million by 2022. Mckinsey said Nigeria is now home to over 200 fintech standalone companies, plus a number of fintech solutions offered by banks and mobile…
Source: Guardian Newspaper