Can fintech fuel Nigeria’s economic resurgence?
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Like several countries in Africa, Nigeria was already enduring tough economic times even before the pandemic. Yet one of the real bright spots in the economy of the continent’s most populous country has been its burgeoning fintech sector. Nigeria has a large, young population, accelerating digital and smartphone adoption, and a focused regulatory drive to increase financial inclusion, conditions that create a strong foundation for fintech to become a major economic engine. Between 2014 and 2019, the fintech sector in Nigeria raised more than $600 million in funding; in 2019 alone, it attracted fully 25% of the nearly $500 million raised by all African tech startups. In an episode of the McKinsey Africa podcast from earlier this year, Kerry Naidoo, McKinsey Director of Communications for Africa, spoke to two partners based in the firm’s Lagos, Nigeria office, Topsy Kola-Oyeneyin and Mayowa Kuyoro, about the state of fintech in Nigeria, the challenges and opportunities it presents, and what the various stakeholders may need to do in order for the sector to reach its full potential.
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