Nigeria FinTech Landscape - Impact Assessment

Nigeria FinTech Landscape - Consumer Survey I: FinTech adoption is highest in Lagos and growing in the South, however, adoption in the North remains nascent Adoption across Nigeria Lagos Adoption Lack of adoption Adoption across segments Index relative to middle/affluent segment Fast adoption of FinTech Adoption driven by close proximity to technologies, higher educational levels, better infrastructure and stronger economic power Mass BOP 3 products in mass customers as they become financially inclusive 70 South High digital adoption across customer segments with individuals using USSD, agents and cards at entry level Youth 87 are likely to explore Middle 100 38% of mass and youth FinTech users use savings products, 62% of whom are females Affluent 100 Adoption remains low due to lower education levels, income and limited access to financial services SME 60 North ° Across segments, lending products more commonly used by males but females focus on money transfer and wallet services FinTech offer the most products to middle segment customers who multiple products and have higher tech knowledge Adoption decreases with affluent and senior affluent individuals who are more likely to use their banks for financial services Senior О Source: Customer interview and survey (n=215), Nigeria - 49% females and 51% males South Abia, North Abuja, Kano, Jos, Kaduna, Maiduguri EFINA 50

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