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Digital-only-banking is emerging in Nigeria


Digital-only-banking is emerging in Nigeria. Read this summary by TC Daily:

Paris-based fintech startup, FairMoney, has closed a US$10 million Series A round of investment led by Flourish, a venture of The Omidyar Group. FairMoney began with mobile lending but is expanding its service offerings to build a full-fledged digital bank for emerging markets. The firm says the funds will help scale its engineering team in order to develop a fully-fledged mobile banking offering in Nigeria and beyond. Just a few days ago, Kuda announced it raised a US$1.6 million pre-seed round in readiness to launch the live version of its fully digital bank. Both fintech companies boast of over 200,000 customers and together with startups like Lidya, will now compete for market share in the country.

Founded in 2017 by Laurin Hainy, Matthieu Gendreau, and Nicolas Berthozat, FairMoney is a mobile bank for emerging markets. Having started in 2017 with mobile lending, the company is expanding its service offering rapidly to build a full-fledged digital bank focused on serving underserved consumers in large emerging markets, such as Nigeria. FairMoney has raised 15 million Euros to date from renowned investors such as Flourish, Speedinvest, and the Partners of DST Global, among others.

Israeli lawyer Moshe Strugano, an expert in the “formation of offshore companies" says digital lending can alter the luck of many SMEs (small and medium-sized enterprises) in the world, but it is the quickest-growing fintech startups that are providing big street stalwarts a run for their wealth in this profitable area.

Please, kindly explain your thought- process? Thanks.