A new report from KPMG, a global network of professional firms providing tax, audit, and advisory services, has revealed that investment in Nigerian FinTech companies over the last two years has exceeded more than $200 million.
The report, “FinTech in Nigeria – Understanding the Value Proposition” [PDF], states that the past three years have been formative for the sector in Nigeria, which has seen the emergence of many startups, incubators, and investments.
While putting the report together, KPMG engaged with 56 FinTech companies and seven incubators and accelerators in the country. Of the top three countries in Africa receiving investments over the last two years, these included Nigeria, Egypt, and South Africa.
According to Boye Ademola, Partner and Head of Financial Services Technology at KPMG in Nigeria, he believes that financial technology opportunities could change in the country over the next five years.
The fast growing young population, exponential