Nigeria FinTech Landscape - Impact Assessment
The Nigeria FinTech Landscape
The Nigerian FinTech market is undergoing dynamic development
FinTech is a fast-growing
market
Traditional banks are reinventing
themselves in response
Description
■
Nigeria is home to 200+ FinTechs
FinTech activities are primarily focused on payments with increased
activities in the lending and savings space
Some banks have launched fintech solutions, through inhouse
innovations or collaboration opportunities with FinTechs
"
Key indicators
Emergence of 200+ FinTechs addressing
various consumer pain-points
The scope of FinTech investment
keeps growing
Nigeria is becoming an entry point
to Africa and a testing bed for
innovation
The regulator is pushing a
digital agenda
I
FinTech investments in Nigeria grew 197% over the past 3 years,
driven primarily by foreign investors, particularly Chinese investors
Foreign-backed fintechs have a pan-Africa expansion strategy, with
Nigeria as their entry point
Nigerian fintechs are increasingly exporting their business models to
other emerging markets
The regulator has proactively launched initiatives to drive financial
inclusion and push for a cashless economy
☐
First Bank's FirstMonie facilitated the
deployment of 200,000+ agents across
Nigeria
GTB's Quickcredit provides access to
loans up to N5 mn in 2 minutes
■ 2019 investments include OPay $170
mn and Interswitch $200 mn
Migo scaled its business to Brazil
◉
Paga is expanding to Mexico.
Creation of SANEF shared agent network
Issuance of PSB licenses to drive rural
penetration of financial services
Recent reduction in electronic payment
charges
SOURCE: Market research, expert interviews, team analysis
EFINA
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