A report from Mckinsey says the number of new start-ups in Nigeria and other African countries has hiked to 5,200 companies between 2020 and 2021. As of 2020, the number of start-ups in Nigeria was 3,300, the highest in Africa. The report states that about half of these startups are fintech. It added that fintech had estimated revenue of between $4bn and $6bn in 2020.

The New Phase of FinTech Companies in Nigeria
The firm mentioned this in its ‘Fintech in Africa: The end of the beginning’ report. The report says, “Africa’s financial technology industry is coming of age. “In the face of political and economic challenges and a global pandemic, fintech on the continent is booming. Between 2020 and 2021, the number of tech start-ups in Africa tripled to around 5,200 companies. Just under half of these are fintech, which are making it their business to disrupt and augment traditional financial services”.

Read the full story here: https://businessworld.africa/start-ups-in-nigeria-rises-to-5200/