Nigeria FinTech Landscape - Impact Assessment
Nigeria FinTech Landscape - Consumer Survey
Key messages from customer adoption of FinTech products
①Highest adoption in Lagos among middle
and affluent customers, early traction in the
South and nascent activity in the North
✓ 1 Successful players leverage use cases such
M
as transport, food & bills
III Referrals driving adoption especially for
women
M Trust in FinTech is growing
✓ Customers value accessibility and
convenience
Customers across segments have the highest FinTech adoption in
Lagos, driven by increased awareness, proximity to technology
and access
Quickteller and OPay are most widely known & used products
and have successfully grown their customer base through use
cases integrated with customers lifestyles like transport, food & bill
payments
Even with minimal marketing, women play a critical role in driving
FinTech adoption through referral programs, particularly savings
Customers are increasingly trusting to FinTech and 40% of lower
income and underbanked customers trust FinTech and/or agents
the same as or more than banks
FinTech adoption is largely driven by convenience and access to
products/services which address specific unmet needs
EFINA
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