Nigeria FinTech Landscape - Impact Assessment

The Nigeria FinTech Landscape - Evolution Looking forward, we expect all three fintech archetypes to co-exist in Nigeria..... B2B enablers (Fintech 1.0) Mid-sized niche players (Fintech 2.0) Ecosystem orchestrators (Fintech 3.0) Description FinTech focused on enabling traditional players/incumbents to improve their offering Could start out as B2B or have pivoted from a B2C model with a great product but limited traction and challenging economics, Most valuable B2B players will likely focus on providing infrastructure to market participants Global examples include Mbiz in in Indonesia and Red Carpet in India Longer tail of medium sized businesses who are focused on executing individual verticals in products (e.g. payments, savings) or geographies (e.g. Northern Nigeria) or segments (e.g. SMEs) • Experience in other markets suggest, these type of players thrive in their domain of expertise, solve distinctly local problems and are often acquisition targets for the larger players Global examples include Transferwise . Large, deeply funded players, operating as a platform/superapp that acts as a gateway for customers to a wide range of services beyond financial services (e.g. transportation) These type of players could also be 'TechFin'- technology companies with existing customer bases that offer financial services as an add-on offering Global examples include Alibaba and Tencent in China Nigerian examples eTranzact»>>> Interswitch cellulant life is mobile paga your cash, anywhere, anytime FlutterwaveⓇ CowryWise palmpay P piggyVest Bankly paystack carbon ρ OPay JUMIA OONE Source: Expert interviews, Web search EFINA 13

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