Nigerian Communications Commission (NCC) has sought support for growth of Fintech players in view of their invaluable contribution to Nigeria’s Gross Domestic Product (GDP) on account of survey.
NCC pointed out that there are about 210 to 250 Fintech operators/companies in Nigeria that brought about the valuation of the industry to $153.1 million in 2017 and projected to rise up to $543.3 million by 2022.
Despite the impressive statistics, NCC stated that Fintech start-ups still face a significant number of problems in Nigeria.
The report recommended that NCC and the Central Bank of Nigeria (CBN) should collaborate and organise a forum for Fintechs and banks on strengthening their digital platforms and systems.
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