Answer ... The Nigerian fintech landscape is primarily comprised of firms that largely operate within the digital payment, lending and personal finance spaces. Nigerian banks are also leveraging fintech to provide a wide range of financial services. With over $103,410,795 raised last year alone, fintech continues to grow. with payment services leading the arrays of services offered. Other common services include asset management, digital banking and consumer lending.
In terms of regulators, the Central Bank of Nigeria (CBN), which regulates financial services in Nigeria, is a major player. Other regulators include the Nigeria Communication Commission, the National Information Technology Development Agency and the Nigeria Deposit Insurance Commission. Other stakeholders in the space include both local and international investors.
In terms of key trends, fintech is increasingly being adopted in the Nigerian capital markets and insurance spaces, with a view to accelerating financial inclusion, increasing access to funding and promoting technological advancement. This trend is expected to continue and the fintech sector is expected to diversify.
The amendments to the Investment and Securities Act which are currently before the National Assembly may provide a legal basis for equity crowdfunding in Nigeria. There is also considerable interest in the adoption and regulation of cryptocurrency, especially given Facebook’s announcement of Libra; speculation is thus ongoing as to whether the CBN may abandon its previous stance of dissociating itself from digital currencies.