The Fintech Association of Nigeria (FintechNGR) has further stated that the African Fintech has huge potential to attract more investors, given its growing investors’ confidence, which it said was a reflection of the continent’s huge potential due to deepening mobile and internet penetration, a youthful population, increasing consumer sophistication and income, among many other factors.

President, Fintech Association of Nigeria, Mr. Ade Bajomo, who disclosed this in Lagos during the maiden edition of the FinTech Platinum Awards, organised by FintechNGR, in Lagos recently, said Africa can boast of ten unicorns out of which seven, which include: Jumia, Fluttwerwave, Andela, Chipper Cash, Airtel Africa, OPay and Interswitch, are Nigerian.

According to him, African startups raised a total of $4 billion in 2021, out of which, startups from Nigeria alone raised $1.37 billion in that same year.

Of these, the FinTech space alone accounted for about 63 per cent of all total funding, compared with just 25 per cent in the year before 2020,

Bajomo said.

Bajomo, who doubles as a director at the Africa Fintech Foundry (AFF), the Fintech arm of Access Bank, headed by Mr. Daniel Awe, said AFF had given so much support to FintechNGR, and other Fintech groups in Nigeria.

When you think about how far Fintech in Nigeria has come, you should thank the incredible entrepreneurs who envisioned, pioneered and executed strategic moves that have now crystallized into strong and growing companies today,

Bajomo said.

According to him,

By launching the FinTech Platinum Awards, we are creating a world-class award ceremony which will mirror the standards of the top global awards we are accustomed to. I must distinguish between FinTech Platinum Recognitions and FinTech Platinum Awards, because Recognitions are solely decided by Governing Council (GovCo) members of the Association, while FinTech Platinum Awards will be conducted through a polling process, backed by a reputable consulting or PR firm as approved by the GovCo.

Justin Nwosu

Justin Nwosu is the founder and publisher of Flavision. His core interest is in writing unbiased news about Nigeria in particular and Africa in general. He’s a strong adherent of investigative journalism, with a bent on exposing corruption, abuse of power and societal ills.