Nigeria FinTech Landscape - Impact Assessment
Nigeria FinTech Landscape - Funding
This is reflected in the fact that >50% of the funding has
gone to companies with foreign affiliations
Funding value of top 20 FinTech investments in Nigeria by founder, 2018-2019
USD millions
221
221
Interswitch alone
accounts for ~80% of
investment attracted
by local founders
58
55
ထ ထ
58
253
200
Interswitch
Cellulant
561
23
48
23
561
Foreign founders
Local founders with
foreign affiliations 1
YC companies2
Local Nigerian
founders³
Total
1.
3.
Founders with foreign/Western college education and/or professional work experience
Local founders with no foreign/Western college and/or professional work experience
2. Y combinator companies -
Key insights
☐
☐
Accessibility to funds and
preparedness differentiates
diaspora founders from
local founders, who
leverage their networks
and deliver funding pitches
based on requirements of
international investors
Foreign accelerators like
YC Combinator & 500
Start-ups have helped few
FinTech to bridge the
preparation and access
gap
~84% of funds invested in
foreign or foreign affiliated
FinTech excluding Visa into
Interswitch)
EFINA
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