Nigerian fintech app users confident despite regulatory crackdown

Last week was a pretty rough week for Nigerian tech startups as they were dealt with a combo of regulatory punches.

First, the Nigerian Information and Technology Development Agency (NITDA) proposed amendments to its regulatory Act came with fines; then came the Central bank freezing the bank account of four wealth-tech platforms.

While the suspension affected four retail trading apps — Trove, Risevest, Bamboo, and Chaka, there is a tendency that such clampdown can result in contagion; a situation where a crisis affecting some companies spreads to other players in the industry.

So we reached out to customers of Nigerian fintech platforms to hear from them.

We found out that while some users took to social media to express their shock and others made moves to withdraw their funds, the majority of them held on.


“To be honest, I considered withdrawing my money. I remember logging into the app and checking when my next due date for withdrawal was. But then I just told myself that they would figure it out. I mean Nigerian startups almost always have a way of figuring things out,” Stephanie Osaji, a Cowrywise Customer said.

In this article a writer looks at how these customers are responding and why the majority of them have held on in the face of a regulatory crackdown.

No comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Got a Question & Need Immediate Answers??

Submit your Questions Here...We are always Ready to Take all you Enquiries..., pub-6786239817004364, DIRECT, f08c47fec0942fa0