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What's driving the rapid growth of fintech startups in Lagos, and why are global investors pouring millions into them?
Nigeria's fintech growth is powered by several key factors. First, Nigeria has a huge unbanked population of about 40 million adults, creating massive opportunities for digital financial services. Young, tech-savvy Nigerians are also driving massive adoption of mobile payments and digital banking. TRead more
Nigeria’s fintech growth is powered by several key factors. First, Nigeria has a huge unbanked population of about 40 million adults, creating massive opportunities for digital financial services. Young, tech-savvy Nigerians are also driving massive adoption of mobile payments and digital banking.
The success stories of companies like Paystack (acquired by Stripe for $200M) and Flutterwave (valued at over $3B) have put Lagos on the global fintech map. These companies solved real problems around payments and cross-border transactions, which attracted international investors.
Additionally, Nigeria’s large population of 200+ million people, growing smartphone penetration, and entrepreneurial culture make it an attractive market.
The COVID-19 pandemic also accelerated digital payment adoption, further fueling fintech growth.
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