Answer ... With a population of about 200 million people and an overall financial exclusion rate of over 40%, Nigeria could benefit significantly from advances in the fintech space. New market entrants should:
- develop a comprehensive understanding of the Nigerian market, including relevant regulations, regulators and consumer behaviour;
- leverage local talent while maintaining strong ties with foreign technical partners to launch, navigate and build at scale;
- maximise and properly manage their intellectual assets and licences in software and similar technology; and
- secure more funding than initially envisaged.