A Start-up Act for Nigeria: Necessity or Superfluous?
It is an undeniable fact that the acquisition of Paystack by Stripe being the first-ever start-up out of Nigeria to get into the Y Combinator accelerator program and the deal in which Flutterwave secured $170 million from a leading group of international investors as part of a successful Series C round, underscores two interesting points. These deals illustrate a landmark achievement for the African start-up scene, and notably, firmly places Nigerian entrepreneurs on the global map.
As more countries adapt to the expanding digital universe created by the COVID-19 pandemic, there has been a boom in the technology ecosystems across the African continent. The proliferation of fintech services across Africa remains at its full potential as investors remain bullish about the opportunities that exist in abundance in the sector. It is, therefore, prudent to create an enabling environment in Nigeria, where start-ups, including those in the fintech industry can flourish by benefitting from tax breaks and lax regulatory environment.
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