With more than 40% of Nigerians living on less than $1.90 per day, inflation at 18%, and incomes per head falling, the market for many fintechs is far smaller than Nigeria's population suggests
Whereas the three big successes enable online payments, a crop of newer fintechs offers products direct to consumers. FairMoney, which provides instant loans, recently raised $42m in a round led by Tiger Global Management, a New York hedge fund. PiggyVest helps people save; Bamboo lets Nigerians invest overseas, despite a scarcity of dollars in the country.
Running a fintech in Nigeria is tough. Electricity and the internet are unreliable. Regulators simply ban things they do not understand, complain some founders. In April apps that help Nigerians invest in stocks listed overseas were suddenly told by the regulator on Twitter that they were breaking the rules. Earlier in the year the central bank upset fintechs by banning dealing in cryptocurrencies, which had surged in popularity as the naira lost value.
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