Remittance revolution or revolving door? The state of Nigerian fintech

Emergence of Remittance Startups: Nigeria's remittance sector is rapidly growing, with projections of inflows reaching $26 billion by 2025, driven by a surge in fintech startups that are attempting to address the challenges of high fees, limited access, and lack of differentiation among services.

Challenges in the Market: Despite the increase in startups, issues such as high transaction costs, inadequate rural access, technical glitches, and a crowded market with similar offerings persist, indicating a need for more innovative solutions rather than just an influx of new companies.