For many years Nairobi, Kenya led Africa’s tech start-up explosion but over the last while the focus has shifted to the west in Lagos, Nigeria where more than $1billion in venture capital funding has been invested from Silicon Valley to China and all over the world, reports the Financial Times.
Just one example of the tech revolution sweeping through Lagos, the financial and tech hub of Nigeria is the boom in small businesses making use of e-payments. Some of the biggest business done is in mobile transactions with “withdrawals, deposits and payments for customers.” These have become increasingly popular with small vendors on the bustling streets of Lagos who power their businesses using tech solutions from traditional banks, fintech companies and telecoms behemoths.
When the coronavirus ravaged funding last year, Nigerian companies still raked in $307 million, which accounts for a fifth of all venture capital funding in Africa with as much as 40% of funding going to the fintech sector.
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