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VC investors are making big moves into Nigeria. Here's why the African giant could be the next fintech frontier.

VC investors are making big moves into Nigeria. Here's why the African giant could be the next fintech frontier.

Kuda Bank CEO Babs Ogundeyi
Kuda




VC investors like Ribbit Capital and Target Global have made inroads into the Nigerian fintech market.




The rapidly growing country has a tech ecosystem seemingly ready to support many more startups.




Returns can be astronomical and early investors will have the best of it, said Kuda Bank's Babs Ogundeyi.




Visit the Business section of Insider for more stories.


The advent of digitizing financial services has arrived and now investors are scrambling to search out the next big thing. Despite a huge population, youthful demographics and growing mobile phone usage, Africa has yet to see a challenger banking champion like Nubank in Brazil or Chime in the US. That may well change in the coming years, however, as Nigeria bids to be the world's next fintech powerhouse. Nigeria's population is set to spike to 400 million people by 2050, which would make it the world's third-largest country and investors believe the opportunity to invest there is better than ever. "People have been talking about investing in Africa for years now and it's been difficult in the past," Ricardo SchA¤fer, partner at Target Global told Insider in an interview. "There's always been a reason not to invest, but that's changed over the past 12-24 months, the risk appetite is changing and really good founders are emerging."Target Global recently led a $10 million seed round into Nigerian fintech bank Kuda, the largest fintech seed round ever in the country. Kuda Bank was built out of a need to provide more accessible and crucially cheaper banking products than those usually available to Nigerians, the company's founder and CEO Babs Ogundeyi told Insider.
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