Fintech is booming in Nigeria, despite a weak economy. Can that last?

Nigerian investors worry that the excitement is overdone. The buzz about fintech in Lagos, the commercial capital of Nigeria, is so loud that even those without access to the internet cannot miss it.

Hello!

The Nigeria healthcare sector is still underdeveloped.

A report by Oxford Business Group suggests that the Nigerian Sovereign Investment Authority (NSIA) in partnership with the Federal Ministry of Health (MoH), signed a series of agreements to modernize and expand healthcare services through private sector participation.

How has this agreement faired?

Comparing South Africa's & Nigeria’s healthcare infrastructure; while SA has the most advanced on the continent, the Nigerian medical system is still underdeveloped and lacks modern facilities. 

There is a lack of qualified medical professionals due to massive migration overseas of healthcare workers searching for better opportunities - environment & money. The country has 35,000 doctors despite needing 237,000, according to WHO.

As a result of this underdevelopment of healthcare, Nigeria loses at least 1.5 billion dollars every year to medical tourism, alleged by the Nigerian Medical Association (NMA). 

The government have plans to amend the National Health Act to address gaps in accessing healthcare, including funding. Will this help?

Dive into this weeks Africa Tech Memo.

Samson Omamuzo (LINKEDIN)

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Fintech is booming, despite a weak economy. Can that last?

Source: Economist

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Healthcare in Nigeria - Still Underdeveloped

Source: ITA

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Africa Prize: Loughborough student named One to Watch for low-cost ventilator design

Source: Iboro

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Cloud technology in Africa: who is doing what, where? Teraco, Raxio, Rack Centre…

Source: The Africa Report

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Overworked staff, mass exits: The inside story of GTBank’s mobile app and USSD transaction failures

Source: Tech Cabal

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Building Africa’s Tesla: Can JET Motor Company accelerate the adoption of electric vehicles in Africa?

Source: Tech Point

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Burnout, mental fatigue and talent drain are a threat to Nigerian startups

Source: Quartz

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Can These Three (3) Sectors Help Deepen Insurance Penetration in Nigeria?

Source: Proshare

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Here’s why Nigeria’s central bank is banning forex sales to money changers

Source: Tech Cabal

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Is West Africa ready for a single currency?

Source: Brookings

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Airtel Africa gets an extra $200M for its mobile money business from QIA

Source: Tech Crunch

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Maliyo Games sets up game dev boot camp with Google in Africa

Source: Venture Beat

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African startups join global funding boom as fintech shines

Source: Tech Crunch

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