Nigeria FinTech Landscape - Impact Assessment
Nigeria FinTech Landscape
As the Nigerian financial services market evolves, banks are adopting new
strategies to remain competitive
■ Build partnerships with FinTechs, opening
up their infrastructure for FinTechs to
integrate and drive innovation
E.g. Ecobank hosts an annual fintech
challenge, Access bank's Fintech
Foundry which funds and accelerate the
growth of Fintech startups
Ecobank
Fintech
Challenge
AF
AFRICA
FINTECH
FOUNDRY
Sterling Bank
■ Reinvent themselves leveraging.
digital technologies to change
operating model and deliver new
proposition to the market distinct
from existing mode
E.g. Wema Bank built ALAT, the first
digital bank in Nigeria
A
ALAT
A Build partnership
D Compete
■Compete with different FinTech
players as well as industry peers.
with Fintech propositions
E.g. First Bank's FirstMonie to drive
agent banking and GTB's Quickcredit
for loans in just 2 minutes
Firstmonie
...close and simple
Agent
QuickCredit
Strategic options
for incumbents
by WEMA
Reinvent yourself B
Acquire C
Acquire/merge with FinTechs
as a means to capture synergies
and drive scale
E.g. some banks are making
equity investments in Fintechs
EFINA
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