Nigeria FinTech Landscape - Impact Assessment
Impact Assessment
In the long term (5-10 years), FinTechs can create impact on three broad
dimensions - economic impact, development goals, and multiplier effect
Unlock economic
impact
FinTech activity in Nigeria could impact the economy by:
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☐
Expanding the revenue pools by ~18% in additional retail revenues
Attracting up to $3bn in foreign direct investment from global investments in FinTech
Contributing to the Digital Financial Services GDP uplift of $50bn by 2025 driven by increased productivity,
increased capital and increased labor hours from digitization
Enabling increased consumer consumption and MSME growth through innovation on new lending models
Increase participation
& accessibility across
development goals
Digital financial inclusion can positively impact the livelihood of Nigerians by:
Providing financial service products to rural communities and unbanked populations.
Enabling digital and financial inclusion of women which drives increased spending
on education, healthcare and raised quality of human capital in the economy
Leveraging technology to increase coverage extension through pay-per-use and
lower cost solutions in education, healthcare, agriculture, etc.
M
Increased FinTech activity could indirectly impact the economy by:
Unlocking new business models beyond financial services (e.g.
logistics)
Fueling the growth of e-commerce
Source: MGI Digital Finance for all 2016, Literature review, team analysis
Multiplier effect
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Increasing job creation and STEM talent pipeline
EFINA
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