'The rapid rise in transactions is due to the consistent increase in business transactions in the Nigerian business ecosystem as well as a surge in the digital economy of the country,' the CEO said.
This dominance has convinced VCs to pour tens of millions of dollars into different Nigerian fintech projects. In fact, a few fintech startups that originated in Nigeria, the continent’s most populous country, have managed to secureUsing the funds raised, the fintech startups have not only expanded their footprint across the African continent but have increased the number of services they offer.
However, I realized that there were no fintechs that provided solutions to the challenges experienced by large corporate enterprises in Nigeria . It was evident that the major fintechs — though very successful at it — provided solutions to SMEs and eCommerce giants, particularly in the aspect of payment collections. As such, this market [payment collections] was a red ocean for me.
African Fintechs have a greater scale potential than other tech startups in the region given the large proportion of the population that is in desperate need of most solutions offered by fintechs today. The efficient piping and pressure pump system are the fintech startups. The more efficient fintech solutions are deployed to the tank, the higher the flow of transactions from the ecosystem to other parts of the Nigerian economy. Notwithstanding, of course, there will come a time when this rapid rise will plateau , for which a new level of innovation will be required to spur growth within the ecosystem.
The regulator has recently provided a very conducive environment for various fintech players. The banks are now more receptive to fintech partnerships and “previously resisting” customers are now more willing to engage. There couldn’t have been a better time to be in the space.
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