Nigerian fintech firms in search of new revenue sources as funding drags
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Financial technology (fintech) firms in Nigeria are diversifying their efforts in a bid to shore up revenue during the pandemic which has seen investors writing fewer cheques than they were used to
Paystack, Flutterwave, Carbon, Piggyvest, and a few others have been on a spree adding new features to their platforms.
The last time a core fintech business in Nigeria closed funding was in June above $1 million was in April 2020 when Okra raised $3 million from TLcom.
Wallets, a platform that allows people and companies to send and receive money, and makes payments, using their phone numbers, made a funding announcement in June. The funding was not disclosed, which often happens when the amount wasn’t so significant and investors want it to remain anonymous. TradeDepot also announced $10 million Series A funding which it plans to also deploy into its new fintech segment.
Although the COVID-19 pandemic has seen a significant lag in investors’ activities across different sectors, tech firms in Africa continue to attract.
The Director-General, All Progressives Congress (APC) Progressive Governors’ Forum (PGF), Salihu Lukman, has stated that the party would suffer defeat in the September 19 Edo governorship election coming if allows the sacked national chairman, Adams Oshiomhole, to lead the campaign for the APC candidate, Osagie Ize-Iyamu. Lukman said this in a statement he issued in […]