Focus remained firmly on the federal budget today, as all sectors of society and business took a moment to digest the implications. The ASX remained flat as.
Women cleaned up at FinTech Australia’s Finnies awards 2021, marking a shift in the traditionally male-dominated sector. Here's who was recognised on the night.
Interesting fintech reports in 2021
SpaceX wants to bring its space Internet to Nigeria
Big news: US-based space exploration company, SpaceX, is in talks with the Nigerian Communications Commission (NCC) to secure the required licences to launch Starlink, its satellite Internet service, in Nigeria.
Before you go on: Popular entrepreneur, Elon Musk, founded SpaceX in 2002, and it develops Starlink, a mega constellation on Satellites to bring commercial Internet services to people across the globe. As of April 2021, SpaceX had launched over 1,400 Starlink satellites.
But Satellites are not new: Starlink’s satellites, however, orbit very close to the earth, which helps to provide lower latency and faster Internet speeds across the globe.
“Nigeria FinTech Census 2020: Profiling and defining the fintech sector.”
This growth of the sector is reflected in the profile of the firms, the breadth of coverage, the increasing level of global connection and rising levels of profitability.
Nigeria is classified as a developing FinTech economy compared to its more mature global peers such as the UK, Singapore, Australia, Sweden and India. It is estimated that Nigeria’s FinTech revenues will reach $543 million by 2022, driven by increasing smartphone penetration and the unbanked populations.
In 2019, Nigeria officially recognized its first FinTech unicorn, with Interswitch achieving a valuation of $1 billion based on a $200 million investment from VISA. Following shortly in 2020, Stripe, a US-based financial services company, agreed to buy Paystack in a $200 million deal, just five years after Paystack was launched.