Dr. Stanley Jacob, President of the Fintech Association of Nigeria (FintechNGR), has affirmed that local fintech companies continue to perform strongly even as global venture capital slows. Speaking on Arise TV, he urged fintechs to pivot from offering free services to focusing on profitability—a move he believes essential for long-term survival amid a tightening funding environment
Jacob pointed out that many startups have welcomed funding denominated in foreign currencies, yet generate revenue in Naira. This mismatch, he cautioned, leaves them vulnerable to exchange-rate volatility, especially in today’s fragile macroeconomic climate
Despite these headwinds, the sector remains resilient—driven by innovation, a youthful population, and increasing mobile and digital adoption
Highlighting Nigeria’s fintech ecosystem—now comprising over 600 member companies—Jacob said the industry is integral to the country’s ambition of becoming a US$1 trillion economy. Fintechs, he noted, have evolved from handling simple payments to offering services in sectors like healthcare, agriculture, and insurance across micro‑markets
With regulatory shifts expected and macroeconomic pressures persisting into 2025, Jacob urged fintech operators to balance innovation with governance, robust risk management, and sustainable business models. He remains optimistic that fintechs’ adaptability will ensure continued growth and relevance in Nigeria’s financial services landscape
As global venture funding tightens—especially for startups with foreign exchange exposure—Jacob’s message is clear: Nigerian fintechs have the resilience to weather these challenges, but profitability must take centre stage for the industry to thrive.