General

Nigerian Fintechs attract N400m investment

Financial Technology (Fintechs) companies in Nigeria have so far attracted over $400 million investment in 2019 reflecting increased confidence in the burgeoning segment of the financial system.

Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele disclosed this while speaking yesterday in Lagos at the 2019 Annual Bankers Dinner Night of the Chartered Institute of Bankers of Nigeria (CIBN).

Emefiele noted that the investment injected into the Fintechs reflects the positive impact of policy measures to boost financial inclusion in the country.

He said: In an effort to build a more inclusive financial system and to improve the efficacy of monetary policy tools, we provided super-agent licenses as well as three Payment Service Bank licenses to telecommunications and FinTech companies.

These measures are aiding in the development of robust payment infrastructure and an expansion of agent locations across the country.

As a result of our policy measures, in 2019, over $400m have been invested in FinTech companies, focused on supporting improved payment services in Nigeria.

With the entrance of new players into the payment services market and the strengthening of our financial networks, a growing number of underserved Nigerians have access to cost-effective banking services.

Source: Voice of Nigeria