FINTECH Forward Look 2024

In 2023, Nigeria’s fintech sector witnessed substantial business and regulatory activity.
On the regulatory side, the country’s approach to cryptocurrency changed significantly, with the Finance Act of 2023 expanding the scope of chargeable assets to include digital assets and the Central Bank of Nigeria (CBN) issuing guidelines allowing virtual asset service providers to operate bank accounts, effectively removing previous restrictions.
Several noteworthy laws and regulations affecting the fintech industry were passed during the year, including the Nigeria Data Protection Act 2023 and the CBN Contactless Payments Guidelines.

On the investment front, there was a global dip in the value and volume of fintech funding, as well as a major decrease in venture capital financing. The year 2023 was also a year of closures, as several Nigerian fintech companies announced they were shutting down their operations.
In contrast, the value and volume of electronic transactions, a major marker of the penetration of fintech services, increased significantly this year, driven in part by the CBN’s naira redesign policy.

This 2024 Fintech Forward Look report delves deep into the pivotal events that shaped the ecosystem, and broadly the technology sector, in 2023 while highlighting our predictions for 2024. The report examines the evolving legal framework, commercial practices, and investment trends that formed the landscape in 2023, as well as those that we anticipate will define the landscape in 2024.

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