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Lagos is becoming Africa’s fintech hub, with startups like Flutterwave and Paystack attracting massive investments. Let’s explore the factors behind this boom and what it means for Nigeria’s tech ecosystem.
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.