Fintechs get $1 billion in two years as Mastercard seeks collaboration

The financial technology (Fintech) sub-sector is said to have received over $1 billion in the last two years, tripling the industry’s total figure and accounting for more than one-third of the $2.7 billion invested in African fintech since July 2021.

This was made known at the Mastercard 2024 Fintech Forum with the theme: “Fostering Fintech Ecosystem Collaboration and Innovation,” in Lagos at the weekend.

The event, which was meant to reinforce Mastercard’s commitment to supporting the Nigerian fintech ecosystem through collaborations, innovation, and initiatives, saw key industry players gathered to discuss future opportunities for the Nigerian fintech ecosystem.

According to the forum, Fintech companies have been at the forefront of revolutionizing various industries, serving as powerful vehicles for locally relevant solutions, financial inclusion, and innovative partnerships between financial institutions, governments, merchants, and small and medium-sized enterprises (SMEs), both globally and locally.

“This transformative role is underscored by the sustained investment in the industry, with the Nigerian fintech sector witnessing a remarkable surge, receiving over $1 billion in the last two years alone – more than triple the industry’s total figure and accounting for more than one-third of the $2.7 billion invested in African fintech since July 2021,” the forum noted.

Country Manager and Area Business Head for West Africa at Mastercard, Folasade Femi-Lawal, said the forum has become an avenue to advance discussions on the development of the industry in Nigeria, “and we are proud to be the vehicles of this change. The discussions this year underscored the pivotal role of collaboration and innovation in shaping the future of Nigeria’s fintech landscape. Mastercard remains unwavering in our commitment to power this positive change, offer support, and lead the evolution of the industry.”

The event also featured a fireside chat titled “Mastercard’s Role in Fintech Ecosystem Collaboration.”

During this discussion, the President of Eastern Europe, the Middle East, and Africa (EEMEA) at Mastercard, Dimitrios Dosis, said: “Fintechs continue to stand as the trailblazers, pushing boundaries and reshaping industries. Their penchant for innovation is not just transformative it is integral to the very fabric of our industry and the broader economy. Mastercard, as a driving force, is proud to champion the pivotal role of fintechs, recognizing their significance in fostering economic progress.