Leading law firm with broad financial, corporate, energy and natural resources, and regulatory advisory practice areas, Olaniwun Ajayi has released the 2022 fintech report tagged ‘Fintech Forward Look 2022’.
The report gave the 2021 summary of the fintech industry, stating that the key facts and figures in the year include investment that worth $46 million in the Q1 of 2020 and $219 million Q1 2021 with electronic payments transactions at NGN92.71tn in 2020 and NGN171.99tn in the year 2021.
It further pointed that fintech accounted for 93.09% and 46% of investments in the Nigerian tech sector in the Q1 and Q3 of the year respectively.
The report stated that African continent recorded an increase in the number of fintech unicorns and a number of big-ticket series funding in 2021.
“On aggregate, the technology sector raised $590.36 million between Q1 – Q3 2021 signifying the growth potential and profitability in the sector”
The report explained that 2021 was the year of significant and strategic partnerships between fintech companies aimed at expanding the reach of local fintechs across the African continent and worldwide.
“Payments companies, in particular, Flutterwave and Paystack were at the forefront of companies that entered into partnerships with diverse companies including payment service banks, mobile money operators, and other PSSPs to strengthen their reach across Africa”
Olaniwun Ajayi has over fifty years of experience in helping organisations, governments and individuals achieve their goals.
The firm has developed expertise in sophisticated commercial transactions, a fact illustrated by a track record of involvement in some of the largest and most complex transactions across many sectors of the Nigerian economy.
The report mentioned that stringent government regulation towards the technology industry is what also affected the technology space not to reach its full potential in the year.
“The unfavourable regulations include series of warnings, sanctions, court actions and proscriptions of several activities and companies that inlude crypto ban to the court order freezing the bank accounts of fintechs and the infamous Twitter ban”
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