CBN Governor says local Fintech firms attract $500m Investment in five years

The Central Bank of Nigeria CBN says that Fintech firms owned by Nigerians have attracted $500 million investments in five years.

CBN Governor Godwin Emefiele disclosed this on Wednesday

He attributed the development to the confidence the investing community has in Nigeria’s robust payment system.

He added that after missing the launch date of October 1, Nigeria’s digital currency the eNaira will be unveiled in a matter of few days.

The Governor who was represented by Mr. Edward Lamekek Adamu Deputy Governor, Corporate Services Directorate made these disclosures in Enugu at the 31st seminar for Finance Correspondents and Business Editors.

In spite of  robust payment system, Emefiele lamented that “about 36 percent of adult Nigerians still do not have access to financial services”.

Emefiele assured that “FinTech will play a more important role towards resilient and sustainable recovery”.

According to him: “A country with one of the largest millennial population in the world- (an estimated 62% of the Nigerian population below 25 years of age), fast smartphone growth driven by increasing affordability, increasing mobile penetration and fast transition to 5G technology, Nigeria remains primed to be an active playground for digital transformation and cannot afford to ignore the Fintech challenge”.

He noted that “improving access to finance for individuals and businesses through digital channels can help to improve financial inclusion, lower the cost of transactions, and increase the flow of credit to businesses”.