So where exactly is Nigeria’s fintech industry going?

fintech

#1

Nigerian fintech startups, Cowrywise and PiggyVest, recently began assigning virtual account numbers to their users causing some people to assume that they are transforming into digital banks. But they are not, at least not yet.

So where exactly is Nigeria’s fintech industry going? We tried to answer this at TC Townhall: Fintech 2.0.

Some snippets from our panel:

“For Fintech 2.0, I see merchants getting their payments instantly. I see niche banks emerging as well.” Gbenga Agboola, CEO/Co-founder at Flutterwave.

“The biggest opportunity I see is in capital aggregation and financial literacy. Let’s begin to look at Wealthtech to solve the real problem Nigerians have which is poverty” Titi Odunfa-Adeoye, CEO/Founder at Sankore Investments.

Watch the full conversation here. Do you agree with them? Are you working on something the industry isn’t looking at right now? Let us know. Also, download our free report about Nigeria’s fintech future here. It shows you who’s doing what in the industry and what investors are willing to put money into.


#2

Fintech platforms would begin to consider the aggregation strategy or keep up with transaction fee pricing wars. While it’s a red ocean with main stream and “cool kid” fintech, informal and BoP fintech should be the next wave, players here are coming with deep pockets to offer more inclusive financial services, channels here are 10x more expensive, but the Telcos are better positioned - with the new license that allows them hold money and ready pool of customers. However, the banks still have the stage. One should also keep an eye on the the neo banks.

In 3 words, Nigeria’s fintech industry is going to experience: exciting times ahead.