2021 was quite the year for Fintech in Nigeria.
The ecosystem saw huge injections of VC funds, the highest we’ve ever seen: $963 million (greater than the past two years combined). Investors also showed an appetite to bet on verticals outside of payments. Crypto startups (i.e. Yellow Card, Vibra) and API fintechs (Mono and Okra) announced fundraises that year.
Against that backdrop, 2022 was humbling. Total funding fell by 27% to $702 million as investors cut back on spending due to interest rate hikes in the US. Then it was almost as if we couldn’t get enough of scandals from some of the largest players on the scene: poor workplace cultures, sexual abuse allegations, and the FTX scandal that sent a ripple across many local crypto startups.
We learned that nothing lasts forever between the highs of 2021 and the lows of 2022. So what tone would most