The Central Bank of Nigeria has raised concerns over the country’s fast-growing fintech industry’s heavy dependence on foreign funding, warning that the trend exposes startups to global economic shocks and volatile capital flows.
In its 2025 Fintech Policy Insight Report released on Sunday, the apex bank disclosed that Nigerian startups raised $520m in equity funding in 2024, down from about $747m in 2019 when the country accounted for nearly 37 per cent of total startup investments across Africa.