Nigerian Fintechs Expand: Targeting Francophone Africa
Nigeria’s flourishing fintech sector, already the largest in Africa, is strategically expanding its reach to the French-speaking regions of the continent. This move signifies a shift towards untapped markets, with Nigerian fintech giants like Flutterwave, Paystack (now under Stripe), and PalmPay leading the charge into countries such as Côte d’Ivoire, Senegal, and Cameroon. This expansion is driven by a combination of factors, including market saturation within Nigeria and the impact of domestic currency volatility.
Drivers of Expansion and Market Opportunities
Nigeria’s fintech ecosystem, a hub of innovation, has witnessed significant growth, from approximately 74 startups in 2017 to over 430 in early 2025. This massive increase highlights the competitive nature of the Nigerian market, prompting firms to explore opportunities beyond their borders. The instability of the Nigerian Naira has also played a role in the push for international expansion, as companies seek to diversify their revenue streams and mitigate risks associated with currency fluctuations. As Flutterwave CEO GB Agboola stated, the goal is to make payments seamless throughout Africa, highlighting the vast business opportunities present, particularly in nations like Senegal, which can significantly contribute to the continent’s digital economy.
This targeted expansion into Francophone Africa reflects a strategic move by Nigerian fintech companies to capitalize on new growth opportunities and contribute to the broader development of Africa’s digital economy.
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