Finance

Fintech Farm plans to launch a neobank in Nigeria by 2024

Fintech Farm plans to launch a neobank in Nigeria by 2024
Thursday, 13 January 2022 19:07

After a first digital banking experience in Azerbaijan last November, the British company Fintech Farm plans to launch such an initiative in Nigeria over the next two years.

“Our next market is going to be Nigeria, we have visited Nigeria a couple of times already and it is one of our favorite countries,” Dmytro Dubilet, co-founder of Fintech Farm, said. To fund its plans, Fintech Farm raised $7.4 million in a deal led by investment firms Flyer One Ventures and Solid. Several other investors participated.

The company seeks partnerships with authorized local banking institutions. “Usually it’s a 50-50 partnership with a local bank,” Dmytro Dubilet said, explaining that his company "is responsible for the business side of things – the app and credit decision processes. With its local knowledge, the partner bank holds the license and the capital, as both parties invest in the business together equally.”

In November 2021, the British fintech launched a digital bank -Leobank- in its first market, Azerbaijan. It plans to continue its development in eight other emerging markets. In Nigeria, Fintech Farm will offer "fair" interest rates compared to those charged by traditional banks. The company is also thinking of launching mass-market credit cards that will be accessible to low-income populations. This will boost competition in a market already operated by companies such as Fairmoney, Sparkle (which raised $3.1 million last October), and Kuda.

Chamberline Moko

On the same topic
• IFC teams up with AfDB and Nigeria’s EbonyLife to assess a new fund for African cinema• Sector could grow to $20 bln annually and create 20 mln...
• BRICS plans a guarantee fund to reduce political and financial risks in developing countries.• The fund will be managed by the New Development Bank...
BEAC granted Afreximbank the first-ever foreign access to the CEMAC public securities market. Cameroon raised $359.3 million via a...
(EBID) - The Board of Directors of the ECOWAS Bank for Investment and Development (EBID) held its 92nd Ordinary Session on June 30, 2025. The Board...
Most Read
01

• Global coffee consumption projected to hit a record 169.4 million 60-kg bags in 2025/2026, up from...

Coffee: Global Consumption Expected to Reach Record Level in 2025/2026
02

In a West African financial landscape marked by tighter regulation of the fintech sector, digital fi...

In Five Years, Francophone Africa Will be A Major Force in African Tech –Régis Bamba
03

• BOAD releases CFA10 billion ($17.8 million) to support Boungou and Wahgnion gold mines.• Burkina F...

BOAD Grants CFA10 Billion to Revive Boungou and Wahgnion Gold Mines in Burkina Faso
04

Transport and food prices have been climbing steadily across Africa in recent years. In Côte d’Ivoir...

Côte d’Ivoire’s Fuel Price Cuts Haven’t Slashed Transport Costs–Yet
05

• Burkina Faso-based financial group, Vista Group Holding, has acquired a majority stake in Société ...

Burkina Faso: Vista Group Acquires Controlling Stake in Société Générale
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

Benjamin FLAUX
bf@agenceecofin.com 
Téls: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.