Population
224M
Online population
122.5M
Currency
NGN
Population - 224M
Nigeria is a multinational state inhabited by more than 250 ethnic groups speaking 500 distinct languages.
Internet penetration - 55.4%
There were 122.5M internet users in Nigeria in January 2023.
In Nigeria, the FinTech Industry is arguably the most significant sub-sector of the Nigerian Startup scene, both in terms of activity and investments. The FinTech ecosystem largely comprises businesses focused in Mobile Payments, Merchant Solutions, Digital Banking, Personal Finance, Investments/Wealthtech and Lending. The sector accounts for about 36% of the Nigerian tech start-up space.
According to the Nigerian Communications Commission (NCC), there are about 210-250 licensed FinTech companies operating in Nigeria as of January 2023. FinTech companies account for around 36% of Nigerian technology startups.
One of the key drivers of the FinTech industry in Nigeria is mobile payments, which have become increasingly popular among consumers and small businesses. The introduction of mobile payment platforms, such as Paga, Flutterwave, and Paystack, has made it easier for Nigerians to make transactions and conduct business online.
Another area of growth in the Nigerian FinTech industry is digital lending, which is addressing the issue of limited access to credit for small businesses and individuals. Companies like Carbon, Renmoney, and Lidya are using technology to provide quick and easy access to loans without the need for collateral or lengthy application processes.
<aside> 📎 According to the data from Central Bank and EfinA, in 2020, about 36% of the Nigerian population is unbanked, and in 2023 there will be 40M+ excluded people, which is one-quarter of the population. The March 2023 data from the Nigeria Inter-Bank Settlement System Plc. (NIBSS) shows that Africa’s most populous nation had 57.9M Bank Verification Numbers (BVN)-an 11-digit number that acts as universal ID for bank holders in Nigeria, this means that more than half of the country’s adult citizens are still without bank accounts.
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