Nigeria's Fintech industry is experiencing significant growth, with the number of companies rising to 217. According to a report by Disrupt Africa, this surge has also led to more acquisitions, accounting for over 60% of the total number of deals recorded since 2011.
However, the increased operations have raised concerns over privacy, cybersecurity, data protection, and fraudulent transactions.
These concerns have been highlighted in a recent report on frauds and forgeries in Nigerian banks, revealing that losses rose by 207.9% to N3.6 billion in the third quarter of 2022 from N1.2 billion in the second quarter.
Nonetheless, the Fintech sector continues to attract investments, with investors keen to tap into its vast potential.
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