THELOGICALINDIAN - According to an assay of the 4175 actor that was aloft by Nigerian tech startups during the aboriginal nine months of 2024 fintech firms accounted for about 379 actor or 9078 of the absolute
Nigerian Fintechs Dominate the African Continent
Nigerian fintechs currently annual for added than 90% of the $417.5 actor that was aloft by tech startups during the aboriginal nine months of 2024, a bounded address has said.
While the report, which was aggregate by bounded media aperture Punch, addendum that the $417.5 actor is already decidedly college than the $300 actor that was aloft in the absoluteness of 2020, it acknowledges that this advance in funds aloft is abundantly acknowledgment to fintech groups.
To illustrate, the address credibility to the actuality that $600 actor was aloft by fintech startups amid 2024 and 2024. To prove that the fintech amplitude has developed rapidly back 2024, the address makes advertence to the Fintech Association of Nigeria (FAN)’s acceptance that advance in the banking account ecosystem will beat $400M in 2024. In accession to the accepted almanac investment, the FAN has predicted that the acquirement abject will ability $543M by 2022.
Government Support
Besides accounting for the majority of funds that were aloft by tech startups, Nigerian firms additionally annual for the lion’s allotment of funds aloft by fintech startups that accomplish on the African continent. As ahead reported by Bitcoin.com News, of the 277 fintech allotment circuit tracked by Disrupt Africa amid 2015 and mid-2021, 108 of these circuit went to Nigerian startups.
These rounds, which totaled $467,901,000 in investment, beggarly Nigerian fintechs accounted for 53.4 percent of funds aloft back tracking began. This amount is a abundant college dollar absolute than that of second-ranked South Africa whose startups aloft a absolute of $216,124,800 over the aforementioned period.
Meanwhile, Punch bi-weekly additionally appear that President Muhammadu Buhari’s government has back taken agenda of the space’s advance and is now agog on advocacy this added by creating an ambiance that allows the country’s adolescence to about-face their passions into ideas.
The address added that a “Startup Bill,” which is a collective action amid Nigeria’s tech startup ecosystem and the Presidency, is now set to be tabled afore the Nigerian assembly ancient afore the end of 2024.
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