Nigeria expects $400m investment on financial technology

At its annual general meeting on Tuesday, FinTech Association of Nigeria, reported that the nation expected investment of $400 million in the financial technology ecosystem to top $400m this year.
It said that the funding in the fintech ecosystem topped $300m in 2020.
The Chief Operating Officer, FintechNGR, Dr Babatunde Obrimah, said, “Fintechs in the payment and e-commerce sectors experienced growth; there was an increase in the use of digital channels for payment transactions,”
He said the association observed an increase in trading of digital currencies, adding that Nigeria was rated as the second-highest trading country in cryptocurrency with an estimated volume of $500m.
According to him, there is an increase in the agitation for central bank digital currencies.
The membership of the association grew from 56 in 2018 to 130 in 2019, and closed at 209 in 2020.


Leave a Reply