A number of remittance-focused financial technology (fintech) start-ups are gaining traction in emerging markets. In doing so, they are making inroads on market share that was formerly the preserve of established financial service providers.
Nigeria
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Emerging markets were at the forefront of last year’s massive growth in global cryptocurrency adoption. With this growth widely tipped to continue into 2022, a range of countries will see their crypto markets mature or expand.
Articles & Analysis | How will Nigerian start-ups promote financial inclusion? from The Report: Nigeria 2022
Financial technology (fintech) has been gaining momentum in Nigeria as start-ups look to create innovative solutions to fill socio-economic gaps such as exclusion from the formal banking system. An estimated 56% of Nigerian adults are unbanked and 36.8% do not have access to financial services. The country’s more than 200 fintech firms – which...
Articles & Analysis | Nigeria targets loan recovery to finance key sectors of the economy from The Report: Nigeria 2022
The authorities have been working for years to ease the burden of non-performing loans (NPLs) on the financial system. In 2009, in part due to the global financial crisis, the Central Bank of Nigeria (CBN) bailed out eight distressed lenders by injecting $4bn into the market. The Asset Management Corporation of Nigeria (AMCON) was formed the...
Articles & Analysis | Kaduna’s investment-friendly climate supports sustainable growth from The Report: Nigeria 2022
State authorities have worked to develop Kaduna’s infrastructure and business climate in recent years, identifying them essential to sustainable growth. The Kaduna State Infrastructure Master Plan (KADIMP) 2018-50 is the state’s long-term strategy for coordinated infrastructure development. The plan lays out interventions in the key sectors of transportation, housing,...
Articles & Analysis | Nigeria targets private investment in its education sector from The Report: Nigeria 2022
With a population of more than 200m across 250 ethnic groups, a fast-growing youth cohort, and high levels of poverty and unemployment, Nigeria has prioritised delivering quality education – although this also remains one of the government’s biggest challenges. A pressing concern for the sector is underfunding, with the authorities unable to meet investment targets related to...