Nigeria FinTech Landscape - Impact Assessment
Nigeria FinTech Landscape
The FinTech space is expected to continue to grow, particularly across 5 sectors
(1/2)
Growing
sectors
Online
payments
Retail lending
Wealth
Early bets
management
Why
Digital economy is expected to
continue to grow with many
merchants accepting online
payments and other
commercial use cases
emerging
Despite growth, there's still
significant under-penetration of
retail lending
Could be the entry point for
mass & BOP segments into
digital financial services
With payments becoming
seamless and information
being democratized,
consumers have more control
over their money and will start
to look for higher returns
SOURCE: Expert interviews, Stakeholder interviews, web search, Team analysis
Early indicators
Online payments have grown at 28%
CAGR over last 3 years
Flutterwave is processing over $5bn in
transaction volumes after 3 years
Paystack processes over 25% of all
online payments in Nigeria daily
8 out of the top 10 financial apps in the
Google Play store in Nigeria are
lending apps
Online lenders continue to record 80-
100% annual growth in credit disbursed
In the last 6 months, 6-8 players have
entered the wealth management space
Crowd funding platforms have raised
$10M+ from retail investors.
Opportunities
Escrow services for e-commerce
Vertical solutions e.g. for health,
education
Non-cash lending (e.g. POS
lending)
P2P lending (e.g. via
cooperatives)
■
Lending infrastructure (e.g.
☐
central credit score)
Lending analytics for
BOP/mass and non-salaried
individuals
Robo-advisory to help people
make investment decisions
Alternative investment platforms
(e.g. real estate, SME
financing)
EFINA
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