KPMG has recently uncovered the total invested within Nigerian Fintech companies has exceeded over $200 million within the last 2 years. Particularly areas such as Digital payment and mobile and internet cover were identified as some of the main causes behind the recent growth.
The fast growing young population, exponential growth of mobile phone lines, huge financial inclusion potential, and relatively strong talent pool are pertinent indicators of the FinTech opportunity.
Nigeria has been regarded as one of the biggest movers of the year so far. Fintech companies notched up over $19 Billion in business compared to $2 billion on 5 years ago. This huge growth was also displayed by the 56 fintech companies the KPMG report was based on.
To conclude the report by KPMG has helped to highlight the exploding fintech market developing in Nigeria. Nigeria has been known to be the financial hub of Africa being one of the largest remittance centres in the world; the country is anticipated to grow the fintech industry to well over $45 billion according to KPMG reports. Slating it one of the fastest growing economies it does remain behind European financial centres but current support provided for entrepreneurs has comparatively slower.
While the report takes into account many of the traditional forms of finance, Bitcoin and the blockchain network have not yet been included. Considering the impact the digital currency could have on this infant market, rates of growth could be over double of what are predicted as cryptocurrencies currently offer business unparallel freedom and access to a global market.
You can purchase Bitcoin via the NairaEX exchange at competitive prices and have the delivered within hours!