The onslaught of Nigerian government regulators on fintech startups is very worrisome considering the fact it is one of the most vibrant sectors driving the economy.

Investors from all over the world are taking advantage of digital finance, microcredit needs of Nigerians and the largely unbanked population to invest heavily in these startups.

Paystack, a wholly Nigerian startup was acquired by Stripe for over $200 million. Also, Flutterwave earlier this year raised a whopping $170 million to expand into North Africa. Cowrywise, Termii, and Afriex among many others having raised between 1m and 4 million dollars.

It is estimated that there are over 250 Fintech startups in Nigeria and Nigerian startups contributed more than 17% of the over $1 billion funds raised by African startups in 2020. In March alone, five Nigerian startups raised $202 million.

You see the dollars are rolling in not only for the fintech startups but the whole Nigerian tech landscape or ecosystem. Perhaps this is one of the reasons why the regulators are tightening the noose around these fintechs. If this continues, it may affect these dollars.

Additionally, the fintechs are giving banks a serious run for their money in the race to boost financial inclusion in Nigeria. They are innovative, fast and tech-driven. Another assumption is the banks alongside the CBN are trying to clip the drawn-out wings of the fintechs?

Go to https://innovation-village.com/timeline-of-regulatory-clamp-down-on-fintechs-in-nigeria/ to continue reading