Press Releases

Lagos emerged as World’s top payments hub with 7% of all firms founded since 2022 – Report

The commercial city of Lagos, Nigeria, came in joint second with New York in terms of cities with the most cross-border payments startups founded since the start of 2022, a new report has confirmed.

According to the report compiled by FXC Intelligence, a leading cross-border payments data and intelligence firm, 7% of startups were founded in Lagos, underpinning its growing importance as a payments hub.

“Today, FXC Intelligence has published a deep-dive report looking at the trends in cross-border payments startups, focusing on new companies launched since the start of 2022.

Read:  Folorunsho Alakija, Emmanuel Uduaghan, others lead conversation as 'Inside Out with Agatha' celebrates 20th anniversary

“While the traditional dominance of the US and Western Europe remained, there was a stronger presence of emerging markets than among lists of larger, more established cross-border payments companies, such as our own Top 100.

“This was particularly notable in Africa, where the majority of new companies were located in West Africa, as opposed to South Africa, where more established players are based

“Among cities where cross-border payments startups were founded, Lagos, Nigeria, accounted for 7% of all companies founded since 2022. This puts it in joint second with New York, US, with only London, UK, ahead. This underpins Nigeria, and in particular Lagos, as having growing importance as a payments hub.

Read:  Amara Suites Supports Africa fashion Week Nigeria 2016.

“The high placement of Lagos reflects Nigeria’s growing importance in both Africa and the world. It’s clear that Lagos is emerging as a key global payments hub, indicating that the future of payments will become more geographically diverse outside of Europe and North America”, said Lucy Ingham, Editor-in-Chief and Head of Content at FXC Intelligence.

Read:  Introducing: MTN Digital Mobile Library

FXC intelligence found that of all payments startups across the globe, most served business customers. Many also focused on the use of cryptocurrencies in payments. Interestingly, crypto use varied by continent, with the majority of crypto-focused companies based outside of Europe and North America.

Related posts

Sterling Bank Bags the Innovative Bank of the Year Award

NigGal

NISEC Defence and Homeland Security Africa

NigGal

Free Entry to AFWL 2016 Exhibition.

NigGal

Morris Day & The Time to receive the ‘Legend’ Award At “Soul Train Awards” 2022 presented by BET.

NigGal

All Africa Horticultural Congress.

NigGal

Africa Finance Corporation’s (AFC) Lekela Power wins Equity Deal of the Year at the African Banker Awards.

NigGal

Leave a Comment