Never doubt if Nigeria has opportunities. The question is why are things not moving really faster. When I look at data from our startups, I smile because what the pundits are writing, due to lack of access to HARD data, is nonsense. This is a minor view as Nigeria digitizes its financial system:
“Transactions worth N271.95 trillion were executed in 2021 on the Nigeria Inter Bank Settlement System (NIBSS)’ Instant Payment (NIP) platform while transactions via mobile channels rose by 164%. In total, N286.45 trillion worth of transactions were carried out on the Point of Sale terminals, NIP and mobile channels.”
Simply, more than $690 billion moved. If you are a fintech company or bank and pick 10% of that channel for $69 billion GTV and impose a “tax” of 1.99%, you are close to $1.4 billion revenue!
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And you know what? That $690 billion keeps increasing because more things are coming online. People, this is the age of opportunity in Nigeria, but it could be super-charged. I am not sure those in Nigeria know but I know that Naija people get it; move from Nigeria to Naija where opportunities abound; Naija is the new and future economy of Nigeria!
Nigeria Recorded N286.45 Trillion ($690 billion) Worth of Digital Transactions in 2021
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