Events that shaped FinTech industry in 2019

Though the year 2019 has come and gone, the financial service delivery industry witnessed a boom, as Financial Technology (FinTech) firms experienced improved growth with the help of technology. The operators have become some of the fastest-growing technology firms in Nigeria.

That is not all. The industry also attracted over $400 million as investment in 2019 alone, according to the Central Bank of Nigeria (CBN).

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Why it matters: The apex bank’s Governor, Godwin Emefiele, explained that the investment attracted by the industry was part of initiatives to drive financial inclusion in the banking sector.
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 Payment Service Bank licenses to telecommunications and fintech companies.
“These measures are aiding in the development of a 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.”

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