Nigeria FinTech Landscape - Impact Assessment
The Nigeria FinTech Landscape
Consumers are facing challenges across the financial service value chain that are
currently unmet by incumbents...
NOT EXHAUSTIVE
Customer pain-points across financial services
Segment
BOP and
mass
■
Lack of limited access to financial services products
Youth
Affluent
SME owner
2
Pricing of products is greatest barrier to adoption
Lack of tailored, products to cater to needs of population (account
benefits, saving)
Unaffordable rates for financial services products (lending, insurance)
Poor user experience on various platforms
Limited availability of value added service such as advisory / estate
planning
Limited access to lending products at favourable rates.
Limited access to POS terminals due to high volume requirements
Fintech offerings to address
customer pain points
Fast, affordable
payments
Cash in, cash out
Flexible savings
& investments
Quick loans
Source: McKinsey Africa Retail Banking report, Team Analysis
EFINA
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