Every Nigerian fintech will become a cross-border fintech
- Angela Strange's keynote in November 2019 emphasized that every company will become a fintech, driven by the SaaS-ification of banking.
- The partnership between Synapse and Evolve Bank and Trust was terminated in August 2023, leading to Synapse's Chapter 11 bankruptcy filing in April 2024.
- Mercury neobank targeted non-US residents for USD banking solutions, particularly benefiting underserved immigrants.
The evolution of fintech in Nigeria presents both challenges and opportunities. While the devaluation of the naira poses significant hurdles for local startups, the increasing demand for cross-border payment solutions and the potential for diaspora remittances could drive innovation and growth in the sector. It is crucial for stakeholders to adapt to these changes and explore new business models that leverage the evolving financial landscape.
