After a long time spent judging success and growth by the frequency of fundraising announcements, the recent slowdown in funding could cause many to question the potential for growth in Nigeria’s fintech space. But there’s justifiable cause for optimism among founders and investors.
While announcing its seed round in March 2023, Payday, a neobank that launched in 2021 disclosed that it had over 300,000 users, up from about 100,000 in December 2022. Moniepoint, another fintech that led Payday’s seed round also disclosed in 2022 that it processed $10 billion in monthly transactions for over 400,000 businesses.
Similarly, Interswitch, a pioneer in the digital payment space announced that it processed one billion transactions in March 2023.
Today we explore some of the factors that suggest there’s plenty of room for growth in the country’s fintech space.
Presence of a large market
Let’s begin with the one bit of information you’d find on every startup’s decks,…
