Managing Software Project Risks in Nigerian Fintech Startups: A Case Study of Lagos-Based Firms

Software project risk management is a critical professional competency for technology managers in Nigerian fintech startups, where high-growth environments generate complex delivery pressures. This study examines how Lagos-based fintech companies identify, assess, and mitigate software project risks within the South West geopolitical zone. Using a qualitative case study design, data was collected through semi-structured interviews with 20 project managers and engineering leads at six fintech firms in Lagos Island and Victoria Island. Thematic analysis reveals that the most frequently encountered risks include scope creep, third-party API dependencies, regulatory compliance changes, and staff turnover. Findings show that only 40 percent of firms maintain formal risk registers, and risk response strategies are largely reactive rather than proactive. The study maps current practices against the PMI Risk Management framework and ISO 31000 standard, identifying significant gaps in risk monitoring and residual risk review. Professional recommendations include establishing structured risk review cadences within sprint cycles and embedding risk ownership roles in agile teams. The research also highlights the compounding effect of Nigeria's volatile regulatory environment on software delivery timelines, particularly as the Central Bank of Nigeria frequently updates fintech licensing requirements. This study contributes a context-specific risk management framework applicable to Nigerian fintech product teams at the PGD professional development level. Keywords: risk management, fintech, software project, Lagos, agile