Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Industries Tech News

Why Nigeria needs more than 144 fintechs – Adetola Onayemi, Norebase CEO

Samson Akintaro by Samson Akintaro
May 11, 2022
in Tech News
Why Nigeria needs more than 144 fintechs – Adetola Onayemi, Norebase CEO
Share on FacebookShare on TwitterShare on Linkedin

The Chief Executive Officer of Norebase, Mr. Adetola Onayemi, has said that Nigeria needs more fintech companies to close the financial gaps in the country. He stated this against the backdrop of claims that Nigeria has too many fintechs.

According to him, Nigeria with over 200 million population currently has 144 fintechs, which is far lower compared with other countries with lesser population. He notes that the USA with population of 330 million has over 8,775 fintechs, while the UK with a population of 68 million has over 2,500 fintechs.

RelatedPosts

Why every organisation should develop cybersecurity culture – Experts

Twitter rolls out new features to enhance user experience

Confirming that the low fintech penetration is a pan-African problem, Onayemi stated that Africa with a 1.2 billion population has just 573 fintechs.

What the Norebase CEO is saying

Sharing his thoughts in a Twitter conversation, Onayemi said: “The more uneducated and poor people in any place, the more innovations you need. Fintechs do the work of closing financial gaps, and so we need more people trying to solve the problem of inclusion as well as creating economic prosperity. We need more hands, not less.”

“Also, the fact that we have fewer bank accounts and fewer phones is more validation for why we need more fintechs. We need more people attempting to solve the problem, not fewer people.

“When there is a problem, there is first an explosion of attempts to solve it. Payment in Nigeria (even Africa) is still broken. Once the problem is solved, then consolidation & mergers happen, leaving few main players. Nigeria has many fintechs because we are still at solving stage,” he added.

He described the assumption that fintechs only bank existing wealth as faulty, saying: “The question of what is our GDP is such a faulty model to examine Fintech size. Fintechs also create tools that generate more prosperity. e.g vendors who can make more money because of Paystack/Flutterwave stores. Fintechs create tools that generate more prosperity. e.g vendors who can make more money because of Paystack/Flutterwave stores.”

Related

Tags: Adetola OnayemiFintech companies

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Hot forex
Cornerstone
Mega Millions
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • APC reacts to reports of voting N6.5 trillion for bribery, vote buying in 2023 general election
    • Lagos seals over 137 properties in the state for physical planning contravention
    • NGX resumes week on a bullish note with the market capitalization up by N139 billion

    Follow us on social media:

    Recent News

    APC reacts to reports of voting N6.5 trillion for bribery, vote buying in 2023 general election

    APC reacts to reports of voting N6.5 trillion for bribery, vote buying in 2023 general election

    June 27, 2022
    Lagos seals over 137 properties in the state for physical planning contravention

    Lagos seals over 137 properties in the state for physical planning contravention

    June 27, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com