For years, Nigerian startup founders have built their business models around the assumption of a growing middle class. That assumption is now under siege.
The funding landscape remains heavily influenced by foreign investors, particularly from the United States and Europe, who accounted for nearly 70% of the total investment activity.
Filings from the Nigerian fintech unicorn disclose heavy spending on salaries and fees to pave the way for its acquisition of a regulated British payments firm.
A mix of established mini-grid operators, a family-run business, and a media giant's new energy venture are among the first to receive funding to build hundreds of solar mini-grids across Nigeria.
