How profitable is fintech in Nigeria?
There is much growth potential in the sector. A 2022 McKinsey report projects that Africa's financial services market could grow at about 10 percent per annum, reaching around $230 billion in revenues by 2025. Nigeria's fintech sector makes up about one third of Africa's fintech market.
How big is the fintech industry in Nigeria?
During the first half of the year, Nigerian fintech startups secured US$170 million in funding, the data show. The sum makes Nigeria only the fourth biggest nation in Africa in terms of fintech investment during the period, behind Egypt (US$445 million), Kenya (US$339 million) and South Africa (US$320 million).
How much does fintech pay in Nigeria?
| Job Title | Experience Level | Average Salary Range (NGN) |
|---|---|---|
| Data Analyst | Entry-level | 450,000 – 650,000 |
| Product Manager | Mid-level | 700,000 – 1,000,000 |
| Head of Engineering | Senior-level | 1,500,000 – 2,000,000 |
| Blockchain Engineer | Mid-level | 800,000 – 1,200,000 |
How much is fintech license in Nigeria?
Non-refundable application fee of N100,000.00 (One hundred thousand naira), payable to the CBN via the Licensing Fees for Payment Products Account No. NGN140230089/ABJ. 2. Licensing fee of N1,000,000.00 to be paid before the issuance of the final licence, if successful.
Do fintech companies make money?
Fintech companies are making money by using technology to offer financial services to consumers and businesses. They are able to offer these services at a lower cost than traditional financial institutions and are also able to reach a wider audience through the use of technology.
How many fintech exist in Nigeria?
The map this year featured 254 companies compared to 236 last year. This increase is largely due to the inclusion of some companies that weren't previously considered to be purely fintechs. Companies such as HR payroll companies. We also had 11 categories in 2023 compared to 14 in 2022.
What are the top 5 fintech companies in Nigeria?
Some popular and top fintech companies in Nigeria are Flutterwave, Piggyvest, paystack, Paga, Interswitch, etc. Here's the list of fintech companies in Nigeria.
What is the leading fintech in Nigeria?
Top Nigerian Fintech Product: Bamboo
Founded in 2019, Bamboo is an investment platform designed to provide individuals with access to smarter investment options and the opportunity to earn returns. The platform focuses on making investing a simple, accessible, and affordable experience.
Who regulates fintech in Nigeria?
While the Central Bank of Nigeria and the Securities and Exchange Commission are the major regulators which govern Fintech companies, there are other key regulators that either complement the roles played by the primary regulators or act as the major regulator due to the nature of services/products offered.
How to create a fintech company in Nigeria?
- Certificate of Incorporation of the company.
- Memorandum & Articles of Association.
- Tax Clearance Certificate for three (3) years of the company and Taxpayer Identification Number (TIN) of the company.
- The company's profile; detailing current type of business operation, products, and services.
How to start a fintech company in Nigeria?
In Nigeria, starting a fintech company requires registration with the Corporate Affairs Commission (CAC). Additionally, certain financial services like deposit-taking, foreign exchange, and payment services may require licenses from the Central Bank of Nigeria (CBN).
Is it hard to start a fintech company?
Unlike other startups, Financial Technology (FinTech) startups have twice as much work to do to establish a new company. In addition, since FinTech companies are both businesses and technology providers, these startups must ensure that they operate optimally on each end before they can successfully launch.
What is the most successful fintech company?
| Rankings | Name | Type of company |
|---|---|---|
| 1 | Visa | Paytech |
| 2 | Mastercard | Paytech |
| 3 | Intuit | Accounting |
| 4 | Shopify | Ecommerce |
What is the highest paying job in fintech?
- Blockchain Expert/ Developer. ...
- App Developer. ...
- Product Owner/ Manager. ...
- Financial Analyst. ...
- Cybersecurity Expert/ Analyst.
What is the fintech strategy in Nigeria?
The strategy outlines two strategic objectives: ecosystem and governance, as well as three priorities namely: Deploy principle-based rules, regulations, and infrastructure foundational to building a thriving fintech ecosystem. Build a fintech ecosystem that supports acceleration, engagement, and collaboration.
Why is fintech important in Nigeria?
The main conclusion is that Fintech can eventually complement traditional banking by encouraging more affordable and effective service delivery. The financial industry is undergoing significant change, which has an impact on traditional financial institutions.
What are the problems in the fintech industry in Nigeria?
The market growth is driven by the increasing adoption of smartphones and a growing tech-savvy population. However, the fintech development in Nigeria is also facing a row of obstacles including decreased funding inflows, lack of regulatory clarity, eroding consumer trust, and numerous infrastructural issues.
Which African country is best for fintech?
Top countries for FinTech startups in Africa 2021
Kenya ranked first in Africa and 31st worldwide. Other leading African countries for this sector were South Africa, Nigeria, and Seychelles.
What is the future of fintech in Africa?
Over the next 10 years, fintechs in Africa will start to offer more customised solutions for niche population segments, such as farmers. These tech companies are more agile and cost-effective than traditional financial institutions, which are slowed down by legacy technologies and older business models.
What is fintech ecosystem in Nigeria?
Within the greater startup ecosystem in Nigeria, the fintech sector employs the most people and receives 70% of all startup funding4. By 2025, fintech sales are anticipated to increase by 8x to $30 billion4.
What is the future of fintech in Nigeria?
Digital Banking Dominance
In 2024, the dominance of digital banking is expected to reach new heights. Fintech companies are anticipated to play a pivotal role in providing accessible and convenient banking services to the unbanked and underbanked populations.
Is Opay a fintech company?
Opay Nigeria, originally known for its ride-hailing services, decided to venture into the fintech sector.
What is the fastest growing company in Nigeria?
Topping the list is AFEX Commodities Exchange Ltd., a Nigerian company operating in the Agriculture, Forestry & Fishing sector.
What are the top 3 fintech companies in Nigeria?
Some popular and top fintech companies in Nigeria are Flutterwave, Piggyvest, paystack, Paga, Interswitch, etc. Here's the list of fintech companies in Nigeria.
Is Kuda a fintech?
Kuda, also known as Kuda Technologies, is a fintech company operating in Nigeria and the UK.
References
- https://benlengerich.medium.com/why-warren-buffett-doesnt-invest-in-tech-companies-and-yet-his-largest-holding-is-apple-c0317a93979c
- https://www.bnnbloomberg.ca/banks-lead-nigerian-stocks-to-world-s-second-best-gains-in-2024-1.2021277
- https://thepjfgroup.com/content/top-5-highest-paying-jobs-in-the-u-s-fintech-industry/
- https://www.digitalocean.com/resources/article/how-to-find-angel-investors
- https://herovired.com/learning-hub/blogs/the-future-of-money-how-fintech-companies-are-making-a-fortune/
- https://payspacemagazine.com/articles/challenges-to-fintech-development-in-nigeria/
- https://webepoch.com/tech-investing-basics-advantages-and-disadvantages/
- https://explodingtopics.com/blog/companies-using-ai
- https://www.linkedin.com/pulse/what-percentage-revenue-expenses-tom-brennan
- https://kruzeconsulting.com/blog/how-founders-make-money/
- https://www.ziprecruiter.com/Salaries/Early-Stage-Startup-Salary--in-California
- https://fintechnews.africa/43097/fintech-nigeria/the-top-nigerian-fintech-products-according-to-the-nigerian-tech-ecosystem-movie/
- https://openbanking.ng/the-role-of-fintechs-in-nigerias-open-banking-ecosystem/
- https://www.techopedia.com/big-tech-stock-predictions-winners-and-losers
- https://www.lexology.com/library/detail.aspx?g=7e5fe861-96f0-486a-bc82-706797c3ac40
- https://blog.transferxo.com/how-to-start-a-fintech-company-in-nigeria/
- https://www.bankrate.com/investing/best-investments/
- https://medium.com/@koboline/top-25-fintech-companies-in-nigeria-koboline-23b6ce05221a
- https://digiwallet.com.ng/how-much-do-you-get-paid-in-fintech-in-nigeria/
- https://www.barrons.com/articles/tech-stocks-sell-buy-32f67931
- https://www.tipranks.com/stocks/amzn/forecast
- https://finance.yahoo.com/news/why-the-magnificent-7s-momentum-is-collapsing-160309358.html
- https://finance.yahoo.com/news/12-best-growth-stocks-buy-161638899.html
- https://blog.piggyvest.com/money-tips/business-to-start-with-500k-in-nigeria/
- https://www.kiplinger.com/investing/analysts-top-sandp-500-stocks-to-buy-now
- https://quixy.com/blog/top-digital-transformation-statistics-trends-forecasts/
- https://www.avellemy.co.uk/news/136-investment-commentary-covering-february-2024
- https://www.screener.in/screens/541146/growth-stocks-for-next-5-years/
- https://www.wsj.com/tech/ai/elon-musks-x-leans-on-his-ai-startup-9038380d
- https://www.livemint.com/market/stock-market-news/top-gainers-and-losers-today-on-21-march-2024-bharat-petroleum-corporation-ntpc-bharti-airtel-hdfc-life-insurance-company-among-most-active-stocks-check-full-list-here-11711017194001.html
- https://medium.com/@biltapay/the-future-of-fintech-in-nigeria-a-glimpse-into-2024-fe8b5c421c94
- https://www.statista.com/statistics/941137/ai-investment-and-funding-worldwide/
- https://money.usnews.com/investing/articles/high-paying-dividend-stocks-in-the-s-p-500
- https://www.statista.com/topics/9025/tech-trends/
- https://www.morningstar.com/stocks/best-technology-stocks-buy-now
- https://sopinion8ed.wordpress.com/2013/02/03/why-are-organisations-investing-in-is/
- https://money.usnews.com/investing/articles/best-growth-stocks-to-buy
- https://www.wrighttechnologies.com/10-things-it-budget/
- https://www.morganstanley.com/ideas/magnificent-7-stocks-portfolio-risk
- https://money.usnews.com/investing/articles/best-tech-stocks-to-buy-this-year
- https://ng.investing.com/equities/most-active-stocks
- https://www.linkedin.com/pulse/opay-nigerias-journey-dominating-fintech-market-emmanuel-egaga-mmba-
- https://www.nasdaq.com/articles/this-is-how-the-top-1-invest-their-wealth
- https://www.fool.com/investing/how-to-invest/famous-investors/warren-buffett-investments/stocks-owned/
- https://www.linkedin.com/pulse/how-become-rich-fast-12-ways-grow-your-money-smart-skill
- https://www.startupgrind.com/blog/pros-and-cons-of-using-an-angel-investor-to-fund-a-startup/
- https://koboline.medium.com/top-25-fintech-companies-in-nigeria-koboline-23b6ce05221a?source=rss------fintech_startups-5
- https://www.linkedin.com/pulse/getting-bottom-how-technology-affects-economy-comprehensive-gnple
- https://www.comparably.com/equity/equity-for-founder-ceo
- https://courses.cfte.education/ranking-of-largest-fintech-companies/
- https://www.forbes.com/advisor/investing/stock-market-forecast-2024/
- https://investorplace.com/2024/04/3-stocks-to-buy-to-double-your-money-april-2024-edition/
- https://businessday.ng/news/article/explainer-how-to-invest-in-your-favourite-nigerian-stocks-in-2024/
- https://www.5paisa.com/blog/fundamentally-strong-penny-stocks-in-india
- https://www.capitaltopics.com/blogue/is-100-stocks-really-the-best-option-for-your-portfolio
- https://contentatscale.ai/blog/how-many-businesses-use-ai/
- https://www.livemint.com/mutual-fund/it-sector-is-this-the-right-time-to-invest-in-sectoral-funds-now-mutual-funds-nifty-it-index-investments-11708696081642.html
- https://fastercapital.com/content/Can-You-Make-Money-Investing-in-Startups.html
- https://fintechnews.africa/42741/fintech-nigeria/despite-growth-and-potential-fintech-development-faces-challenges-in-nigeria/
- https://www.statista.com/statistics/1275613/top-countries-for-fintech-startups-in-africa/
- https://www.koombea.com/blog/how-to-start-a-fintech-company/
- https://www.fool.com/investing/2024/03/10/heres-how-warren-buffett-is-betting-on-all-of-the/
- https://www.pragmaticcoders.com/blog/5-common-startup-killers-you-should-avoid-no-matter-what
- https://explodingtopics.com/blog/startup-failure-stats
- https://www.washingtonpost.com/technology/2023/02/28/electronics-inflation-buy/
- https://univest.in/blogs/multibagger-penny-stocks-for-2025/
- https://techvera.com/how-much-should-a-company-spend-on-it/
- https://admiralmarkets.com/education/articles/shares/the-best-performing-stocks-in-history
- https://www.linkedin.com/pulse/risks-working-start-up-company-nastaran-sadeghi
- https://www.linkedin.com/pulse/nigeria-fintech-map-2023-segun-adeyemi-4dr5f
- https://www.siskiyoudaily.com/article/20130807/news/130809847
- https://www.linkedin.com/pulse/role-technology-modern-businesses-godwin-ehichoya
- https://www.hubspot.com/startups/startup-mistakes
- https://www.talk-business.co.uk/2023/12/13/5-reasons-tech-is-a-great-investment-for-2024/
- https://www.kiplinger.com/investing/stocks/where-can-the-magnificent-seven-stocks-go-in-2024
- https://www.gobankingrates.com/money/making-money/best-ways-to-double-5000-dollars/
- https://www.fool.com/investing/2024/03/24/2-growth-stocks-to-buy-and-hold-forever/
- https://www.itmagination.com/blog/how-much-should-companies-spend-on-their-it-budget
- https://www.cbn.gov.ng/out/2021/ccd/approved%20new%20licence%20categorization%20requirements%20consolidated%20-%202021.pdf
- https://nairametrics.com/2024/01/09/penny-stocks-to-buy-for-big-gains-in-2024-experts/
- https://www.mstock.com/articles/10-best-shares-to-buy-today-for-long-term
- https://www.linkedin.com/pulse/registering-fintech-company-through-central-bank-nigeria-awolu-aio3f
- https://www.screener.in/screens/801676/6-months-double/
- https://www.tradingview.com/markets/stocks-nigeria/market-movers-most-expensive/
- https://www.screener.in/screens/300202/stocks-with-good-1-month-returns/
- https://money.usnews.com/investing/articles/best-performing-stocks-of-the-year
- https://theaccountancycloud.com/blogs/the-average-equity-for-startup-employees
- https://businessday.ng/companies/article/africas-top-10-fastest-growing-companies/
- https://www.herox.com/blog/1068-investing-in-startups-risks-rewards-equity-crowdfu
- https://www.statista.com/statistics/1105798/it-spending-share-revenue-by-industry/
- https://en.wikipedia.org/wiki/Kuda_Bank
- https://www.investopedia.com/articles/personal-finance/041315/risk-and-rewards-investing-startups.asp
- https://www.knowmadmood.com/en/blog/which-industries-have-been-the-most-impacted-by-ai/
- https://www.forbes.com/sites/bernhardschroeder/2023/06/15/how-to-avoid-being-in-the-90-of-entrepreneurial-startups-who-fail-six-insights-on-how-to-find-real-problems/
- https://www.itweb.co.za/article/what-the-future-holds-for-fintech-in-africa/wbrpOMg2WXg7DLZn
- https://www.techtarget.com/searchcio/definition/IT-budget-information-technology-budget
- https://www.ziprecruiter.com/Salaries/Startup-Salary
- https://money.usnews.com/investing/articles/stocks-jeff-bezos-is-buying
- https://connect.comptia.org/blog/artificial-intelligence-statistics-facts
- https://www.cbn.gov.ng/Out/2023/RSD/OCCASIONAL%20PAPER%20NO%2076%20-%20Fintech%20Evolution%20and%20Development%20in%20Nigeria.pdf
- https://www.bloomberg.com/news/articles/2024-03-14/apple-aapl-buys-canadian-ai-startup-darwinai-as-part-of-race-to-add-features
- https://assets.kpmg.com/content/dam/kpmg/uk/pdf/2019/07/investment-in-technology-innovation.pdf
- https://www.fool.com/the-ascent/buying-stocks/articles/how-quickly-can-investing-make-you-a-millionaire/
- https://www.afi-global.org/publications/nigerias-national-fintech-strategy-2023/
- https://www.aboutamazon.com/news/company-news/amazon-anthropic-ai-investment
- https://calmatters.org/economy/2024/02/silicon-valley-jobs-report/
- https://www.seedrs.com/investors-site/guides/how-do-startup-investors-make-money/
- https://money.usnews.com/investing/articles/best-growth-stocks-for-the-next-ten-years
- https://www.nasdaq.com/articles/nasdaq-index-dow-jones-sp-500-news:-investors-assess-overvalued-tech-stocks-as-fed
- https://kayoneconsulting.com/how-do-startup-founders-make-money/
- https://www.financialsamurai.com/dont-join-a-startup-if-you-want-to-get-rich/
- https://www.linkedin.com/pulse/startup-stages-investment-profitability-growth-larry-d-johnson-
- https://www.screener.in/screens/797657/stock-doubling-every-3-years/
- https://legacy.calcpa.org/public-resources/ask-a-cpa/money-management/general/how-much-is-technology-costing-you
- https://www.uschamber.com/technology/new-study-finds-technology-platforms-including-ai-enable-growth-optimism-among-american-small-businesses
