Last month on Twitter was crazy, almost everyday, Techcrunch announced a new Nigerian start-up seed funding, and the numbers were huge!
There has been a lot of uproar in the Nigerian fintech space. They seem to be the only tech start-up field getting a lot of investments, grants and attention from investors around the world.

Paystack built the fintech foundation after the $200m acquisition in October 2020. 5 months later, we began to see a boom!
More than 10 Nigerian companies got backed by YCombinator. $125k for 7% of their company. Flutterwave raised $170m and is valued at $1 billion ~340 billion naira. Geezo!
I was all optimistic and happy to see Nigeria in a new light! Then I saw this tweet below by Wole Oluyemi, a Nigerian investor.
It gave me Jumia NYSE ptsd. Makes we wonder, are we seeing another dot.com bubble? Will they end up competing for the same market share? Why are so many Fintechs trying to solve the same problems; payments, payments and payments!
Are these founders just after the bag? I think the second tweet by Mikal Khoso explained it a little.

I am quite optimistic because this is tech and the opportunities are limitless with Technology + Africa is still growing. I feel there are many tech revolving areas untapped. Most times these start-ups are a replica of a western version. When are we going to build something for ourselves, that wouldn't have to be ------ for Africa.

Let me know what you think.

Next, we will talk about why Nigerian start-ups are rejecting investment deals from Nigerian investors. I blame them not!
smiley I should make this a thing- Start-up talks with Grace lol.

All I'll say is that they're not being creative. Right now, the fintech space is saturated which many of the investors and startups have not seen that. And for sure, this is another .com bubble which will burst in no time.

Great thread. Another optimist for the tech space in Nigeria here. If we are being honest, “Fintech is where the money is”. The interesting thing is there’s still a lot to be done in the Nigeria Fintech space as well as quite a number broken stuff that needs to be fixed. As for the companies doing the same thing, it sounds like a really good thing to me - the more competitors, the more you’re pushed to push out quality products.

The tech space is still relatively “young” in Africa and many are just trying to replicate the startups Abroad. Folks might as well start solving local problems with technology soon enough I hope.

All in all, it only gets interesting from here and we should expect to see many more Nigerian startups get into YC!