TECHDIGEST – Nigerian Tech Startups have employed about 19,344 people as of August 2022, according to to report from Disrupt Africa.

Fintech companies, Renmoney, Cowrywise, and Flutterwave have emerged as the leading startups in terms of employment in Nigeria. The three fintech topped 481 startups in Nigeria that have employed a total of 19,334 people as of August 2022. 

This is according to the Nigerian Startup Ecosystem Report by Disrupt Africa, which tracked the performance of startups in Nigeria. The top 3 fintech startups, according to the report, have employed a total of 2,003 staff. Specifically, Renmoney was said to have employed 892 people, Cowrywise 570, and Flutterwave 541.  

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The report also reveals that the Nigerian fintech space is by far the biggest employer within the country’s broader startup ecosystem, accounting for 8,653 jobs.

It adds that 6 of the biggest 10 employers in the Nigerian startup ecosystem are fintech companies, which include RenMoney (892), Cowrywise (570), Flutterwave (541), TeamApt (460), FairMoney (385), and Kuda (356).  

Disrupt Africa, in the report said: “Nigerian startups employ a combined total of 19,334 people, dwarfing the 11,340 employed by their counterparts in South Africa. The average headcount per startup stands at 40. The fintech industry accounts for almost half of Nigerian startup employment, with 8,653 jobs, while between them the fintech, e-commerce, mobility and logistics, and e-health spaces account for 74.9% of all jobs. 

“Fintech startups are by far the most common within the Nigerian startup ecosystem, as they are within most other established ecosystems on the continent. A total of 173 companies, 36%of the 481 ventures tracked in this report, fall into this category, a figure that is three times larger than the next most populated space, e-commerce, and retail-tech.” 

“Fintech tends to draw the most attention in the majority of Africa’s startup communities, as well as the lion’s share of funding. In terms of sub-sectors, activity is diverse, though payments and remittances (46 startups, 26.6% of Nigerian fintech ventures) and lending and financing (34 startups, 19.7% of Nigerian fintech ventures) are clear leaders,” it added. 

Commenting on the report, senior investment associate, Quona Capital, Kofoworola Agbaje, said: “There is much to celebrate about the tech ecosystem in Nigeria. Despite the macroeconomic headwinds and numerous regulatory hurdles, the special breed of entrepreneurs, investors, and operators working in Nigeria have continued to succeed and rake up achievements. Nigeria remains the top VC market on the continent with startups having raised over US$3.7 billion since 2019.  

“In Nigeria (and even on the continent), fintech remains the top industry both in terms of the number of deals and funding amount. This year alone, fintech startups (excluding fintech adjacencies and enablers) account for more than 60% of the total funding amount raised by startups in Nigeria. The impact of these achievements on the market has been enormous,” she added.  

Source: Nairametric 

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TECHDIGEST – The latest report by Disrupt Africa has revealed that a total of 238 tech startups in Nigeria had raised $2.068 billion in the last 7 years. This, it said, is far higher than what any other African country received in the period, adding that Nigeria is the most popular investment destination on the continent.

The report, which captures funding in the tech startup ecosystem from January 2015 to August 2022, further disclosed that 107 Nigerian startups have raised funding in the last 8 months accounting for around one third of the continent’s funded startups so far this year.

According to the ‘Nigerian Startup Ecosystem Report 2022, the Nigerian startups have so far raised a total of $747.9 million this year.

Commenting on the report, co-founder of Disrupt Africa, Gabriella Mulligan, said: “Nigeria has long been a pioneering startup ecosystem on the African continent, leading the way in various sectors and increasingly becoming a focus for investment. It is high time we dug deeper into its growth, and this report does just that. We hope it serves as a valuable resource for both those already active in Nigeria and those looking to start doing business there soon.”

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Co-founder of Disrupt Africa, Tom Jackson, also said: “It is core to our identity as a company that we offer entrepreneurs – both active and aspiring – access to pivotal information, resources and opportunities with which to take their businesses to scale. The democratisation of data, and the release of detailed industry reports free of charge, is central to that, and with that in mind we hugely appreciate the assistance of all our partners, who are doing their bit to ensure this report reaches as many people as possible.”

“As a venture capital firm firmly invested in the success of African startups, Quona is pleased to support Disrupt Africa’s endeavour to make this informative report freely available to the broader ecosystem. “Nigeria’s fintech startup scene is responsible for some of the most interesting innovations on the continent, and we’re delighted to help shine a light on its progress,” added Kofoworola Agbaje, senior investment associate at Quona Capital in Lagos.

Source: Nairametric 

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