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According to a recent study, the FinTechs in Nigeria are demonstrating that the technology-driven financial industry, primarily propels the current financial and banking initiative. Because of this, any new startup with an extraordinary idea of streamlining financial services opens up a level-playing space to assemble the flourishing FinTech bandwagon in Nigeria. To launch a FinTech startup in Nigeria, one needs capital, and searching for a goldmine can be tedious. Rather, you must go through a complicated procedure about a lot of ifs, but, and circumstances. But before stressing your brain on where to uncover funds for your FinTech startup, it is crucial to take a closer review of your startup idea and the core success metrics. In this article, I point out factors that propel VC capitalists to look towards Nigeria to invest their money in Nigerian startups.
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- Feasibility: Is the idea behind your fintech business really feasible, and are the business objectives and goals conceivable? This is the first thing you need to ask.
- Demand: Is there a large market for your product? Does the FinTech service you provide have a sufficient, recurring demand? Whether it is popular or sought-after enough, founders must analyze the length, breadth and depth of the demand frequency of their product.
- Defined Audience: The founder must have a great idea about the user audience who will use his FinTech solution. The founder must learn to define the user audience clearly for the Solon or service.
- A Future-proof Business Model: A founder must know if his FinTech solution is rooted in an endurable and fully future-proof business model. It should be substantiated against developing business challenges.
- Define the Short-term & Long-term Objectives: In the world of FinTech, the founder should have clear short-term and long-term goals. In the absence of a clear and time-specific business goal, no business survives.
- Dependable Business Network: In the FinTech industry, the founder must have an established business network for running her startup. A network is crucial for Fintech’s durable industry, as fintech solutions and services are principally interdependent.
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Concluding RemarksIn this article, 6 key factors that propel frequent investment in Nigerian FinTech startups have been identified. They include the feasibility of the startup; the market demand; the defined audience; a future-proof business model; define the short-term & long-term goals; and a dependable business network. With these factors in place, a founder has created a business that can attract funding. Featured Image Source: Tekedia
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