Fidelity Bank showcases ways to position Nigeria’s fintech ecosystem to attract external financing and partnership opportunities. Nigerian fintech companies can grow in amazing ways by going global and getting money from outside the country. Both of these channels have been very important in putting the fintech industry at the top of Nigeria’s digital ecosystem from an investor’s point of view.
Nigeria’s booming fintech sector raised more than $600 million between 2014 and 2019, making up 25% ($122 million) of the $491.6 million raised by African digital companies in 2019 alone. Some of the biggest winners of this capital were OPay, which got $400 million in Series C funding, Flutterwave, which got $170 million in a Series C round, and Chipper Cash, which got $250 million.
Fintech also has trouble getting money, which makes it hard to spread investment deals. Although investment in fintech firms has increased in Nigeria over the past seven years, challenges, including shifting exchange rates and murky regulatory and legal frameworks, sometimes deter investors from supporting startups in the industry.
Despite this, the fintech industry is still expanding, and investor interest is still high. Fintech needs to focus even more on making great products, creating an environment that attracts investors, and positioning the company for partnerships and acquisitions.
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The Out Come Of Fidelity International Trade
At the Fidelity International Trade & Creative Connect, one of the fintech panel talks was about how African fintech could make the most of the potential of intercontinental expansion to grow the ecosystem. Adedoyin Odunfa, MD/CEO of Digital Jewels Africa; Ben Champion, CEO of Nanumo; Sukhi Srivatsan, Head of Sales and Business Development at AZA Finance; Edidiong Uwemakpan, Group Head, Marketing and Communications at TeamApt, and Ovie Esiekpe, VP of Growth at VertoFX, were among the fintech experts who spoke during the session.
One key conclusion from the discussion was that fintech companies shouldn’t undervalue the ability of alliances and expansions to help them broaden their reach and diversify their risk. According to the CEO of Nanumo, “the greatest opportunity lies within collaboration.”
Fidelity Bank Showcases the Best of Nigerian Non-Oil Exports at FITCC
On November 22, 2022, Fidelity Bank Plc held the first edition of its international trade expo in the UK city of London. It has been called the largest trade show put on by Nigerian businesses in the UK in recent years and a big step toward increasing Nigeria’s foreign exchange earnings.
The Fidelity International Trade and Creative Connect (FITCC) expo was held at the Novotel West in Hammersmith, London, UK, on November 15 and 16, 2022. It had a number of activities that were meant to help Nigerian businesses get more partnership, financing, product offtake, and investment opportunities in the UK and Europe.
The UK government’s Minister of State for Development and Africa, Foreign and Commonwealth Office, Commonwealth Office, and Development, Rt Hon Andrew Mitchell MP, gave the keynote speech. He thanked Fidelity Bank for putting on the conference and said, “The UK is a natural market for Nigeria because we both speak English and are in the same time zone. Nigeria’s economic potential is a great fit for many UK businesses and investors.”
So, I’d like to thank Fidelity Bank for collaborating with the UK to strengthen our commercial ties. Trade and investment have been a major focus for our governments in recent years. Through our “Developing Markets Trading Scheme,” Nigeria has better access to the UK market.
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About Fidelity Bank
Nigeria’s Fidelity Bank is a full-service commercial bank with 250 branches and online banking for more than 7 million customers. The Global Banking & Finance Awards just named the bank Nigeria’s Best SME Bank 2022. The bank also won the “Fastest Growing Bank” and “MSME and Entrepreneurship Financing Bank of the Year” awards at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.