Startups in Nigeria are gaining a lot of attention domestically and abroad. According to a report by TechPoint on the Nigerian Startup Funding, Nigerian technology companies attracted investments of over $377 million in 2019, and a huge percentage of this sum was invested in FinTech Companies.
In the first quarter of 2020, the company raised $55.37 million, which is high compared to the first quarter of 2018 and 2019.
The Above finding is an indication that Nigeria fintechs are attracting investors both domestically and abroad. Another interesting fact about this finding is that most of the investors are not from the country's shores.
In a bid to support fintech startups, DLM Capital Group, through its digital banking subsidiary, Sofri and in partnership with Africa Fintech Foundry (AFF), has launched an inaugural Fintech Pitch Challenge that will accelerate seeding funding and investments in the Nigerian fintech ecosystem.
The competition, "called the Pegasus Fintech Challenge, is one of the initiatives by the investment institution to further solidify Nigerian fintechs on the global map." Nairametrics.
Interested applicants should send their products and Demo here before 18th June 2021. The nominated finalists will participate in a pitch event, after which the winner, on the other hand, will be awarded a seed capital.
Finalists stand a chance to be inducted into the Africa Fintech Foundry (AFF) acceleration program, which allows them to be immersed in AFF's open innovation strategy.
Nigeria in focus
GDP: $448.12 billion compared to Brazil's 1.84 trillion in 2019
Population: 200,963,599 compared to Brazil's 211,049,527 in 2019
GDP per capita: $2,229 compared to Brazil's $8,717 in 2019