“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.