Nigerian Fintechs Are Thriving Despite Global Funding Slowdown — Dr. Stanley Jacob
Despite a global funding crunch affecting tech startups worldwide, Nigerian fintech companies are showing remarkable resilience and growth, according to Dr. Stanley Jacob, President of the Fintech Association of Nigeria.
Speaking at a press briefing ahead of Nigeria Fintech Week (NFW) 2025, Dr. Jacob stated that investment in Nigerian fintechs has not dried up—instead, it has evolved. The focus has shifted from early-stage seed funding to growth-stage investments as investors look for more sustainable returns.
“Despite the decline we’ve seen globally, we still saw some Nigerian fintechs do very well with funding,” Dr. Jacob said. “What we’ve seen is a shift—more investment is now going into growth-stage fintechs, unlike before when the focus was on seed-stage startups.”
Domestic Investors Stepping Up for Early-Stage Fintechs
With foreign venture capital now largely targeting mature fintechs, Dr. Jacob believes there’s a growing opportunity for domestic investors to support promising early-stage companies.
He cited successful examples like Zest by Stanbic IBTC, Quad by GTBank, and Hydrogen by Access Bank—fintech projects backed by Nigerian institutions, operating independently of foreign VCs. “We know local organisations and high-net-worth individuals are already investing quietly. While they may not operate through traditional VC channels, their support is meaningful,” he added.
SEC Reforms and Fintech IPOs on the Horizon
Dr. Jacob praised recent Securities and Exchange Commission (SEC) reforms, which are expected to make it easier for Nigerian fintech startups to go public. He noted that public listings will allow more transparent participation from local investors and deepen market growth. “When fintechs go public, individuals and local entities can begin to invest more transparently,” he said.
Nigeria Fintech Week 2025: Expanding Nationwide
Dr. Jacob also unveiled plans for the Nigeria Fintech Week 2025, calling it the largest edition yet. Themed “The FinTech Ecosystem Symphony: Orchestrating Nigeria’s Digital Future,” this year’s event will bring together stakeholders across sectors—from oil & gas and aviation to education and entertainment.
For the first time, the event will be held simultaneously in multiple cities, including Lagos, Abuja, Delta, and Enugu. “Fintech isn’t just for tech founders anymore. It’s about solving real-world problems across sectors. This year, everyone has a seat at the table,” said Dr. Jameelah Sharrief-Ayedun, Vice President of the Association and Chair of NFW 2025.
A Nationwide Push for Digital Inclusion
Sharrief-Ayedun emphasised that the expansion beyond Lagos reflects the Association’s vision to democratize fintech across Nigeria’s geopolitical zones. By engaging students, farmers, CEOs, and government stakeholders, the 2025 event will promote inclusive dialogue and collaboration. “The theme encapsulates our goal: orchestrating Nigeria’s digital future,” she said.
Conclusion
While global fintech funding faces headwinds, Nigerian fintechs continue to rise, supported by a blend of local innovation, regulatory progress, and ecosystem-wide collaboration. The upcoming Nigeria Fintech Week 2025 is set to showcase this momentum and expand the conversation far beyond the traditional tech hubs.
