A boom in payments infrastructure in Nigeria has laid the groundwork for the country to emulate the rise of mobile betting in Kenya, but market experts warn that a matching regulatory backlash could follow close behind.
Three major deals in the past 30 days have highlighted Nigeria’s attractiveness for fintech expansion.
They include a $200m investment by Visa in Lagos-based digital commerce group Interswitch, PalmPay raising $40m and a $120m fund raised by China-backed and Norway-based payment company OPay, an arm of the internet network firm Opera.
The moves come in the wake of the Nigerian central bank opening up the market to mobile money providers, emulating Kenya and other east African countries where Safaricom’s M-Pesa service dominates.
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