Over the last decades, Nigerian's fintech industry has experienced booming growth with a large number of startups coming into the scene and the likes of Flutterwave, PayStack, PiggyVest, Interswitch, Opay, Moniepoint, and Kuda delivering top-notch innovative financial solutions to millions of users across Nigeria building a billion dollar industry. However, while we spend most of our time and attention acknowledging these startups and their revolutionary solutions, we need to pay more attention to other agents of change in the industry.
The year 2022 made host to the World Cup with Argentina emerging winners, and most media were engrossed with Argentina's golden man, Lionel Messi. Like the media, several spectators quickly forgot that it took 11 players to make a squad and a complete squad to clinch the trophy. Like Argentina's world cup story, there is much more beyond the great startups. There are many actors to consider in Nigeria's fintech industry when accessing online financial services. Some of these are
The Central Bank of Nigeria (CBN)
The CBN is a big change maker in Nigeria's fintech industry. As a regulatory body, the CBN ensures the overall sanity in the industry. The Apex body also develops and implements policies that shape the terms of engagement in the industry. The CBN also offers fintech players operational licences, without which services are illegal. The CBN also promotes financial literacy programs aiding the inclusion of many unbanked populations in the country.
Mobile Networks/ISP
Millions of Nigerians daily depend on data to access the internet and enjoy many digital financial services. Fintechs also rely on data to access the internet to create and offer solutions and, gain insights on opportunities, market trends and staying in touch with their esteemed customers. In Nigeria, majorly Mobile networks or Internet Service Providers (ISP) offer this data. Major mobile networks in Nigeria are Airtel, Glo, MTN and 9mobile.
Tech Hubs
The significant development of Nigeria's fintech development can be traced to the springing up of tech hubs. These hubs provide the platform for talent pools in the industry as it offers opportunities for mentorship, networking and support to many startups at their early stages. Some tech hubs in Nigeria are the Co-Creation Hub (Lagos), Enspire Hub (Abuja), KAD ICT Hub (Kaduna) and nHub (Jos)
The Fintechs
At the fintech industry's core are the startups committed to providing innovative solutions and championing Nigeria's move to becoming a world leader in the tech industry. Nigeria is home to about 150-200 startups, whose presence and remarkable work have offered great convenience in the banking experience of many Nigerians.
The Nigerian Community
Nigerians play key roles in the success of the fintech industry. Without Nigerians, there would be no need to service and hence no market. As the financial inclusion agenda continues across the country, Nigerians become more sophisticated and embrace technological solutions making themselves valued customers for many fintechs.
