Nigeria has been tipped to be one of the foremost fintech markets in Africa, ahead of Kenya, market size, technology, talents and market offerings.
The Chief Executive Officer of Cellulant Group, Akshay Grover stated this during a media chat, Tuesday in Lagos.
He said: “There are very many lenses through which people look at a market. One lens is market size, and I would say that Nigeria is top of the line in this regard. Another lens is how many new fintech products are coming up in the market. Here, I would say probably that the top two markets are Nigeria and Kenya, Nigeria being ahead.
“The third lens could be the availability of technology talent in the market, here, I believe Nigeria stands out. So, when I think about different lenses, I think Nigeria is a big player in this space. What I would wish is that the macroeconomic environment in Nigeria would be sort of better.”
Some of the key fintech players, in addition to the Central Bank of Nigeria, CBN, are: the Securities and Exchange Commission of Nigeria, National Insurance Commission, Nigeria Insurers Association to mention a few.
The market’s largest segment are the Digital Assets with currently a total transaction value of 215.20Million US dollars And the average transaction value in the Digital Assets Segment is projected to amount to 16.52Million this year alone.