Nigeria FinTech Landscape - Impact Assessment

Impact of FinTech - Innovation FinTechs have innovated in different product areas across pricing, product and delivery models Innovation Area Product Description Product Areas Examples Development of new products or changes to existing products that cater to the needs of the financially excluded Payments Platforms that offer key use cases for customer across transport, food etc. Easy to use stored value wallets ■ Transactions in languages people understand e.g. OPay in Hausa and Eyowo in Yoruba Players Ρ P: paga OPay your cash, anywhere, anytime eyowo Lending ■ Instant, unsecured loans requiring minimal documentation or collateral Savings ■ Automated discipline savings products for middle class youth Wealth Management Savings ▪ Access to trade in global stock markets ◉ Cheaper insurance fees in monthly payments Cashback on early loan repayments Leveraging smartphone distribution to aggregate data points in order to assess risk Digitization of cooperative savings Cash digitization by agents branch carbon 10) piggyvest CowryWise RISE chaka Reliance IMO carbon carbon branch GRIBY Bankly Pricing Development of pricing strategies Insurance that allows most income groups to use available products Lending ■ Delivery Models Development of new ways to deliver Lending already existing products in a way that reached previously excluded groups SOURCE: Company Website, Press Search EFINA 162

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