Two Nigerian Fintech initiatives, Esusu and PaddyCover, have been selected to participate in the Luxembourg House of Financial Technology (LHoFT) bootcamp slated for March, 2020 in Luxembourg.
The LHoFT, is to host 11 African Fintech companies selected for its Catapult: Inclusion Africa fintech bootcamp, a fully funded week-long bootcamp aimed at building capacities for selected Fintech players.
The bootcamp, according to LHoFT, is part of its vision to contribute to the development of the Fintech ecosystem.
The initiative, which is sponsored by PWC and Luxembourg Aid and Development, will feature savings platform Esusu and another insurance service portal PaddyCover as initiatives with Nigerian origin.
While Esusu Africa Limited is tackling the problems of informal savings schemes across Africa through electronic mechanism, PaddyCover on the other hand offers insurance service as an aggregator powering affordable pay-as-you-go insurance in Nigeria and Africa.
The placement, no doubt, tells the world that there is a ray of hope for Nigerian techprenuers who are taking risks to establish/duplicate initiatives in spaces once left unexplored for a long time.
However, with the everyday emergence of new players in the Fintech space, existing players must therefore prepare to deal with consequences of a saturated market in near time when there will be noticeable rise in the competition, unpredictable lower market need and off putting obsolescence.
Then, it will no longer matter how visible the brand, is, but how well prepared it is, in meeting demands for its profitability.
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