Nigeria FinTech Landscape - Impact Assessment
Nigeria FinTech Landscape - Consumer Survey
Trust in FinTechs in Nigeria is growing, although customer trust remains higher in
banks
Customers trust in FinTechs is growing...
Low trust
particularly amongst lower income segments
Percentage of FinTech users who trust same as or
more than banks, %
Increased trust is driven by 4 factors, primarily agent
relationships
1
Agents
Better experience
2
/ accessibility
Ease of money
withdrawal
People trust me because I am a
member of the community and they
know their money is safe
Agent, Lagos
It's convenient, fast, reliable, and the
occasional bonus N300 after every
Use
OPay user, Lagos
I know how much they charge me
unlike banks that will just be deducting
charges
Paga user, South
When we get paid for our goods, we
withdraw our money from the wallet
unless we have other agric. products
to buy
Cellulant user, North
High trust
51% of youth and mass customers trust FinTech
the same as banks
3
Pricing/
transparency
... and ~33% trust FinTech more than or
equal to banks for swift transactions
Percentage, %
Trust bank more
Same as bank
26
SME owners trust FinTech due to fast settlements
More than bank
7
Source: Customer interview and survey (n=215), Nigeria - 49% females and 51% males
EFINA
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