Dr. Stanley Jacob, President of the Fintech Association of Nigeria, says Nigerian fintech companies continue to perform well despite the global funding drought hitting startups everywhere.
Speaking on Wednesday at a press conference about the upcoming Nigeria Fintech Week (NFW) 2025, Dr. Jacob explained that investors are still putting money into Nigerian fintechs, but there’s been a noticeable shift from early-stage funding toward larger investments in growth-stage companies, Nairametrics reported.
“I think the current situation has been fairly positive for Nigeria, because despite the decline we’ve seen globally, we still saw some Nigerian fintechs do very well with funding. But what we’ve seen is a shift. A lot more investment is going into growth-stage fintechs, a different view from what we used to have before, where the investments were focused on seed-stage startups,” he said.
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While foreign investors now prefer growth-stage fintechs for more assurance, this shift has opened doors for domestic investors to back promising young fintech startups.
Dr. Jacob highlighted the rise of locally supported fintech ventures such as Zest (by Stanbic IBTC), Quad (GTBank), and Hydrogen (Access Bank), which are thriving without relying on foreign venture capital.
He added that angel investors and high-net-worth individuals have quietly supported startups behind the scenes, often operating outside traditional venture capital structures and without public acknowledgment.
Dr. Jacob also pointed to recent reforms by the Securities and Exchange Commission (SEC) as a vital factor for the future growth of fintechs, especially in easing the process for them to list on the stock exchange.
“When fintechs begin to go public, individuals and local entities can begin to invest more transparently. But even now, we know local organizations and some individuals are already investing, quietly but meaningfully,” he said.
Regarding the Nigeria Fintech Week 2025, Dr. Jacob described it as the most expansive edition yet.
With the theme “The FinTech Ecosystem Symphony: Orchestrating Nigeria’s Digital Future,” the event, set for October, will gather stakeholders from diverse sectors including oil and gas, aviation, education, entertainment, agriculture, FMCG, and more.
The goal is to explore how fintech can bring efficiency across all industries.
“This is not just about fintechs talking to themselves. We’re bringing in CEOs and decision-makers from other industries who know their challenges. They will guide how fintechs can truly solve real-world problems,” he explained.
Dr. Jameelah Sharrief-Ayedun, Vice President of the Association and Chair of NFW 2025, added that for the first time, the event will be held simultaneously in multiple cities beyond Lagos—namely Abuja, Delta, and Enugu.
“By broadening that reach, we’re going to be both in the north as well as the southeast and south-south in addition to Lagos. Fintech is no longer for a select few. From the aviation sector to agriculture, from secondary school students to startup founders, this year, everyone has a seat at the table,” she said.
Sharrief-Ayedun emphasized that the Association’s role is to orchestrate Nigeria’s digital future, with the NFW 2025 theme capturing the collective aim of the entire fintech ecosystem.
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Image Credit: Nairametrics
