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Business News

Positive outlook as Africa FinTech attracts over $100 million in investments

Industry players in Nigeria’s FinTech ecosystem will meet in London to deliberate on investment strategies. 

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Nigerian fintech companies

In view of the immense investment and funding opportunities that currently abound in Africa’s flourishing financial technology (fintech) ecosystem, key industry players comprising of CEOs of some of the most successful fintech companies will be meeting in London on September 19 2018 to deliberate on investment strategies.

The mobile payments and fintech roundtable, which was put together as part of the activities slated for TMT Finance Africa 2018, will have such speakers as Chris Low, Group CEO, Letshego; Alix Murphy, Director of Mobile Partnerships, WorldRemit; Ercin Eksin, Co-Founder & Co-CEO, Lidya ; Rostan Schwab, Africa Head, Fintech Investments, IFC; and Adia Sowho, VP Commercial/MD (Nigeria), Mines.io.

According to a press statement issued to Nairametrics, there will also be a dedicated breakout session during which the MDs/CEOs of African fintech companies as MFS Africa Ltd, goAfrica, Verdant Capital and others, will discuss how to grow and scale up financial technology companies in Africa.

A look at the flourishing fintech ecosystem

There is a positive outlook for the fintech and mobile payment ecosystem in Nigeria and Africa as a whole, which over the years have continued to thrive. Companies like Cowrywise, Piggybank and Fint have continued to disrupt the financial system in Nigeria, even as the demand for more fintech services are “tipped to see a large uptick.”

As a matter of fact, the mobile payment sector is growing so fast, to the extent Ecobank Group recently projected that by 2020, financial transactions made using mobile phones will increase from its current $200 million to $3 billion.

Meanwhile, there are immense investment opportunities…

As the fintech ecosystem in Nigeria and Africa continue to grow, it has continued to attract funding from both within and outside the continent. This year alone, about $100 million has been injected into the industry, even as more funding is expected to flood in as projected by TMT Finance.

Apparently, the level of success so far recorded by the sector is what is pushing more investors to strategically position themselves for future returns. In the words of the EMEA Editor at TMT Finance, Joseph d’Arrast:

“The increasing demand for payment transaction and lending services are attracting investment from mobile operators, banks and international funds, all jostling to position themselves across the continent. These new initiatives also achieve inclusive goals set by international development finance institutions, which have been joining multiple fundraisings over the last twelve months.”

But with the projected bullish prospects notwithstanding, the sector is still faced by a number of challenges such as regulatory issues, access to reliable and affordable internet services, and the need to develop blockchain. All these and more are part of the issues that will be discussed during the conference in September.

Deal book 300 x 250

You may read more about the TMT Finance Africa conference here.

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

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Coronavirus

Update: Health Minister states side effects of COVID-19 vaccines

Dr. Osagie Ehanire has disclosed the side effect of the COVID-19 vaccines.

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Nigeria to vaccinate 20 million people against Covid-19. Chinese Engineering firm donates medical supplies to Nigeria

Minister of Health, Dr. Osagie Ehanire has stated the side effects of the COVID-19 vaccines, which he said is mild.

The minister disclosed this during the live broadcast when President Muhammadu Buhari took his vaccine shot on Saturday.

According to the Minister, the reactions are usually mild and only few people had complained of mild pain in the part of the body they got the shot.

He said, “It is not everybody that complained of reactions/side effects but few had complained of mild pain at the part of the body they got the shot.

”Usually manufacturing vaccines take not less than 4 years but this only took about 1 year, which is the reason some people are apprehensive about the vaccines. This was manufactured in the United Kingdom and has been certified.”

Ehanire, explained that the jab is painless as a narrow gauge syringe was used with a small quantity injected in the upper arm.

He added that the after-effects are mild but accompanied by little discomfort in the area that was injected.

Present at the brief ceremony were the Secretary to the Government of the Federation (SGF) Mr Boss Mustapha; Minister of Information and Culture, Alhaji Lai Mohammed; the Chief of Staff to the President, Professor Ibrahim Gambari and other members of the Presidential Task Force (PTF) on COVID-19, senior government officials and journalists.

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Coronavirus

Update: President Buhari, VP Osinbajo get COVID-19 vaccine shots

President Buhari and VP Osinbajo have been vaccinated against COVID-19 on Saturday at the State House, Abuja.

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President Muhammadu Buhari and Vice President Yemi Osinbajo have been vaccinated against COVID-19 on Saturday at the State House, Abuja.

President Buhari and VP, who received his COVID-19 vaccine shot on Live TV broadcast, urged Nigerians to emulate him and do the same to curb the pandemic in the most populous black nation.

 

Both were administered their jabs, on Saturday morning, at the Banquet Hall of the presidential villa, Abuja at a ceremony broadcast live on national television.

Their inoculation followed their e-registration and filling out of their vaccination cards by the Executive Director of the National Primary Health Care Development Agency (NPHCDA), Faisal Shuaib.

Vaccination of Buhari was done by Chief Personal Physician to the President, Dr Suhayb Rafindadi.

Osinbajo was also vaccinated by his personal physician, Dr Nicholas Audifferen.

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