With an estimated 60% of adults without a bank account in Nigeria, banks are increasing their focus on digital transaction service offerings. Just recently Paylater – a lending app – secured a US$5mn debt facility to convert to a full-service digital bank. The start-up is looking to tap into this unbanked population.
Meanwhile, fintech firm TeamApt raised US$5.5mn to expand to consumer finance with the launch of its AptPay banking app. The company already supplies financial and payment solutions to Nigeria’s largest commercial banks — including Zenith, UBA, and ALAT. According to our financials team, the digital financial services landscape in Nigeria is likely to see banks and fintechs continuing to form/maintain collaborative partnerships.