Nigeria Records $200m FinTech Investment in Two Years

• Nigeria Records $200m FinTech Investment in Two Years

NIGERIA has recorded over $200m in Financial Services Technology in the last two years, industry experts have said.

The experts disclosed this at the 2016 FinTech summit, organised by KPMG, a global network of professional firm providing audit, tax and advisory services.

The Partner and Head, Financial Services Technology, KPMG in Nigeria, Boye Ademola, said embracing FinTech in Nigeria had the capacity to redefine the financial services landscape over the next five years.

He noted that Nigeria, Egypt and South Africa were among the top recipients of FinTech in Africa.

“In the first quarter of 2016, two Chinese FinTech, Lu.com and JD Finance, raised $1.2bn and $1bn, respectively, in record Asian deals. Lu.com is a wealth management platform while JD Finance is redefining the landing space in China,” he said.

Also speaking at the event, the KPMG Global FinTech Co-lead, Warren Mead, described FinTech as a huge opportunity for financial inclusion, saying, “Technology is an unstoppable force. It does not have respect for national boundary or regulations as it only responds to consumers need.”

He, however, called on the government to provide the right incentives and regulatory support to strengthen the ecosystem.