In the last decade, Nigeria’s fintech scene exploded—from payments and lending to savings, crypto, and neobanking.
Hundreds of startups. Billions in funding. One goal: disrupt traditional finance.
But now, fatigue is setting in. VCs are asking tougher questions. Users are switching apps like socks. And it’s getting hard to tell one fintech from the next. Everyone seems to be building… the same thing?
There are too many wallets but not enough innovation. Do you need to save, invest, send, or borrow? You’ve probably downloaded five apps that do exactly that. The user interface is different. However, the problem solved remains the same, and the impact is questionable.
And what about the unbanked? Despite the hype, over 30 million Nigerians are still unbanked. Maybe the issue isn’t too many fintechs, maybe it’s too few that are inclusive or scalable.
So what’s missing?
- Truly local, low-data solutions
- Financial literacy & trust-building
- Products that meet offline realities
- Collaboration > competition
Thankfully, the market is correcting itself. VC funding is slowing; many fintechs are pivoting, shutting down, or getting acquired. Sustainability and real impact are becoming the new metrics for survival.
This takes us back to the question. Do we have too many fintechs? Or not enough solving Nigeria’s actual financial problems?
