Two of Africa’s three $1b start-ups are Nigeria-based, while the third, Fawry, is Egyptian. The valuation of Flutterwave, a payments company, topped $1b after a $100m investment round last year, and Interswitch, Nigeria’s first major payments processing company, hit that mark with a $200m investment from Visa.
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Explosion in electronic payments powers start-up boom in Nigeria
“There are at least 20 bank branches near here, but still they come to me,” says proprietor Paulo Umunnabuike, showing off an array of point-of-sale machines from each of the companies that he uses. “At the bank, you wait in line — here, it is much faster.”
