Nigeria FinTech Landscape - Impact Assessment
Use cases and impact of fintech in Lagos
Profile of Lagos¹
Use of fintech in Lagos
Use
Cash in cash
out
Payments
Description
Send and receive money: for example, people are able to send money to family
and friends in rural areas through an agent
E-wallet service enabling deposit and withdrawals through an app or agent
Payment of goods and services using USSD and other digital channels to pay for
food delivery, Uber, Taxify, airtime and bills
Use of app to transfer funds locally and internationally
Access to credit facilities for individuals
Less stringent and faster application process
Budgeting tools and flexible savings products on a single platform mostly used
by millennials
Lending
Lagos is the commercial, financial and
maritime nerve centre of the nation with an
energetic start up and tech community
Saving
•
State with the highest Internally Generated
Revenue in the nation
88% of the population own a digital asset
Presence of young professionals with
Investing
economic power
Strong presence of recreation activities
Business
Services
APIs, invoicing and payouts for merchants, start ups and MSMEs
Access to local and global stock markets as well as flexible micro investment
options on a single platform mostly used by millennials
Players
paga
your cash, anywhere, anytime
Non-exhaustive
→Kudi
GTBank
paystack FlutterwaveⓇ
POPay
✓ carbon migorenmoney
→ piggyvest cowrywise
Wealth.ng
piggyvest
paystack
Interswitch
FlutterwaveⓇ
Impact
Increased financial
inclusion
1. Profile of Lagos relative to other regions in Nigeria
Source: Lagos Business School Digital Financial Service Lab, Team Analysis
Growth of
e-commerce
Democratisation of
investment
Increased efficiency and
access to loans for
MSMEs
EFINA
133View entire presentation