Fintech firms draw $500m investment

Financial technology (Fintech) firms managed by Nigerians have attracted $500 million worth of investments in five years, Checkout Magazine learnt.

Central Bank of Nigeria CBN) Governor Mr. Godwin Emefiele said these investments in Fintech between 2015 and last year can be attributed to the confidence the investing community has in the robust payment system.

Emefiele, who was represented by Mr. Edward Lamekek Adamu Deputy Governor, Corporate Services Directorate, spoke in Enugu at the 31st Seminar for Finance Correspondents and Business Editors.

Emefiele said: “Our robust payment system has continued to evolve towards meeting the needs of households and businesses in Nigeria. The high level of confidence in our payment system, between 2015 and 2020, has attracted the investment of about $500 million in firms run by Nigerian founders.”

As the world recovers from COVID-19, Emefiele assured that “FinTech will play a more important role towards resilient and sustainable recovery”.

His words, “a country with one of the largest millennial population in the world- (an estimated 62 per cent of the Nigerian population below 25 years), fast Smartphone growth driven by increasing affordability, increasing mobile penetration and fast transition to 5G technology, Nigeria remains primed to be an active playground for digital transformation and cannot afford to ignore the Fintech challenge”.

He noted: “Improving access to finance for individuals and businesses through digital channels can help to improve financial inclusion, lower the cost of transactions, and increase the flow of credit to businesses.”

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