Nigeria FinTech Landscape - Impact Assessment

Deep dive -Bisi's pain points from the financial sector Pain points Accounts Inability to access forex with bank Difficulty with cross border payment with foreign suppliers Daily transaction limits which inhibit bulk buying Quotes 6655 " I always exceed the limit on my daily transactions. I don't know if there's is a way it can be adjusted I can't send money directly to my suppliers so we now have to find other ways to get them their money through Western Union or sometimes through our informal networks Savings ■Low returns on savings, due to low interest rates 66 99 Lower savings rates, so minimal loyalty to banks for savings Loans ■ Tedious loan application process with requirements for collaterals High interest rates for repayments 6655 SOURCE: Customer interviews (n=215), team analysis The interest rates on my savings is so low. I'll switch if I see a bank that can give me a higher rate I have heard of bad tales from those that took bank loans from the stress of meeting the requirements, to the pains of paying high interest on the loans, and because of this, I don't think I will ever take a bank loan EFINA 129

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