Nigeria’s Wealthtech Startups Scramble To Survive As Wealth Grows Scarce
- Inflation in Nigeria rose from 25.08% in 2023 to 32.15% in 2024.
- 37% of Nigerians earn below NGN 100 K (~USD 60.00) monthly.
- 43% of respondents are unable to save at all due to economic pressures.
The current economic climate poses a significant threat to the sustainability of wealthtech startups in Nigeria. While their efforts to diversify and innovate are commendable, the underlying issues of inflation and currency depreciation may continue to hinder their growth. A focus on financial education and tailored solutions for low-income earners could be essential for these platforms to thrive.
