*Analysts鈥� report indicates the $417.5million raised by Nigerian technology startups in the first nine months of 2021 accounts for about 90.78 percent of the total on the African continent

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With the $417.5million raised by Nigerian technology startups in the first nine months of 2021, the Financial Technology (FinTech) firms have accounted for about $379million or 90.78% of the total on the African continent, analysts鈥� report said.

It was gathered that the report compiled by The Punch noted the $417.5 million is already significantly higher than the $300million that was raised in the entirety of 2020.

The report acknowledged that this growth in funds raised was largely thanks to FinTech companies in the country鈥檚 economy.

To illustrate, the report points to the fact that $600million was raised by FinTech startups between 2014 and 2019.

In order to establish that the FinTech space has grown rapidly since 2020, the report references the FinTech Association of Nigeria鈥檚 (FAN) belief that investment in the financial services ecosystem would exceed $400million in 2021.

Besides the expected record investment, the FAN has predicted that the revenue base will reach $543million by 2022.

In respect of the government鈥檚 support, the report stated that aside from accounting for the majority of funds that were raised by tech startups, Nigerian firms hold the lion鈥檚 share of aggregate funds raised by FinTech startups operating in Africa.

Similarly, the 277 FinTech funding rounds tracked by Disrupt Africa between 2015 and mid-2021, 108 of these rounds went to Nigerian startups, Bitcoin.com News report also said.

These rounds, which totallled $467,901,000 in investment, mean Nigerian FinTechs accounted for 53.4 percent of funds raised since tracking began.

This figure is a much higher Dollar total than that of second-ranked South Africa whose startups raised a total of $216,124,800 over the same period, according to report.

Meanwhile, President Muhammadu Buhari鈥檚 administration has reportedly taken note of the FinTech space鈥檚 growth, and is now keen on boosting this further by creating an environment that allows the country鈥檚 youth to turn their passions into marketable ideas.

A 鈥淪tartup Bill鈥�, which is a joint initiative between Nigeria鈥檚 tech startup ecosystem and the Presidency, is now set to be tabled before the Nigerian legislature sometime before the end of 2021, report said.

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