Nigeria FinTech Landscape - Impact Assessment
The Nigeria FinTech Landscape - Evolution
As the Nigerian financial services market evolves, banks are adopting new
strategies to remain competitive
■ Build partnerships with FinTechs, opening
up their infrastructure for FinTechs to
integrate and drive innovation
E.g. Ecobank hosts an annual fintech
challenge; Access bank's Fintech Foundry
funds and accelerates the growth of Fintech
startups
Ecobank
Fintech
Challenge
AF
AFRICA
FINTECH
FOUNDRY
Sterling Bank
Reinvent themselves leveraging digital
technologies to change operating
model and deliver new proposition to
the market distinct from existing mode
E.g. Wema Bank built ALAT, the first
digital bank in Nigeria
ΔΙ
ALAT
by WEMA
A Build partnerships
D Compete
■Compete with different FinTech.
players as well as industry peers.
with Fintech propositions
E.g. First Bank's FirstMonie to drive
agent banking and GTB's
Quickcredit for loans in just 2
minutes
Firstmonie
Agent
QuickCredit
Strategic options
for incumbents
Reinvent yourself B
Acquire C
Acquire merge with FinTechs as a
means to capture synergies and
drive scale
...close and simple
15
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