Population
234M
Online population
103M
Currency
NGN
Population - 234M
Nigeria is a multinational state inhabited by more than 250 ethnic groups speaking 500 distinct languages.
Internet penetration - 45.5%
There were 103M internet users in Nigeria at the start of 2024
The Nigerian FinTech Industry has experienced exponential growth with new FinTech start-ups emerging and disrupting the traditional financial models. By the end of 2023, over 200 start-ups had emerged in Nigeria, catering to the needs of underserved populations and small businesses.
Fuelled by a youthful population, rapid urbanisation, and increasing internet penetration, Nigeria has witnessed an unprecedented surge in FinTech innovations offering solutions such as digital banking, payment processing, investment, assess to credits, and other consumer financing solutions. Almost every segment of the FinTech ecosystem contributes to the growth of the Nigerian economy, whether through foreign direct investment, job opportunities or the stimulation of economic activities by making financial services accessible to individuals and SMEs. This section reports on some of the significant achievements of Nigeria’s FinTech sub-sector in 2023.
https://enterprisengr.com/wp-content/uploads/2024/08/State-of-Enterprise-2024-Report.pdf
Nigeria’s FinTech ecosystem secured over $2B in investments in 2024, according to the Economic Report released by the Office of the Special Adviser to the President on Economic Affairs. The report also stated that Nigeria’s technology startup ecosystem is expected to continue drawing substantial foreign investment with projections indicating it could exceed $3B by 2025.
Founded in 2002, Interswitch is one of the pioneers of the FinTech space in Nigeria. The company is known for its payment processing solutions including the popular Verve card and Quickteller platform. Interswitch’s influence extends beyond Nigeria to several African countries, and the company continues to introduce new services such as digital address verification and blockchain-based payment infrastructure. Interswitch has also achieved ‘unicorn’ status, which emphasizes its significant market impact
Paystack was founded in 2015 and quickly became a favorite among businesses for its robust online payment processing solutions. In 2020, the company was acquired by global payment giant Stripe, a testament to its quality and potential. Paystack supports over 60K businesses in Nigeria and other African countries, offering a variety of payment options including card payments, bank transfers and mobile money
There are 26 commercial banks, 4 Non-interest banking with National Authorization, 6 Merchant Banks with National Authorization in Nigeria.