Olaniwun Ajayi, Nigeria’s leading full service law firm has released a report on financial technology development in Nigeria. The report which identifies key trends in the industry was the first of its kind by a law firm in Africa. The firm has variety of experience within the law and other sectors in Nigeria.
Damilola Salawu, Managing Associate at the law firm explained that the report tagged “Fintech Forward Look 2018” was developed as a forward look into what they expect to see in the fintech space in 2018. “This is, of course, against the backdrop of the rapid expansion of the Nigerian fintech space in 2017,” he noted.
The report, on the one hand, considers some of the underlying themes responsible for the continued deepening of the fintech space in Nigeria.
“As a special feature and based on the unusual upward trajectory of some emerging fintech companies in Nigeria, we have run an independent feature on a number of fintech companies to look out for in 2018. These companies cut across the lending, personal finance and agritech space,” he disclosed
The report also identified some of the key trends in the industry including:
- Adoption and growth of mobile wallets and virtual cards
- Peer-to-peer (P2P) transactions
- Data protection
- Infrastructure development
- Increasing regulation of crypto-currency
- Wealth investment management (introduction of robo-advisors)