Nigeria FinTech Landscape - Impact Assessment
Use cases and impact of fintech in Northern Nigeria²
Profile of Northern Nigeria'
Agriculture is the primary economic activity;
most farmers are subsistence farmers
Use of fintech in the North
Use
Cash in cash
out
Description
People in remote areas are able to deposit and withdraw funds from their
account through an agent
Players
Non-exhaustive
paga Opay
your cash, anywhere, anytime
GTBank
Payments
Low economic activity and high poverty
levels due to insecurity and insurgency
Lowest primary school enrolment, attendance
Access to
financing
and completion rates in the country
Lowest digital penetration in the nation
Home to 70% of Nigeria's unbanked
population
Facilitating P2P transfers to pay for equipment, raw materials and agriculture
produce
OPay
Kudi Quickteller
Access to credit facilities with less stringent requirements for individuals
Use of e-wallet to disburse government subsidies to farmers
Crowdfunding platforms pool funds from investors to fund small scale farmers and
provide insurance coverage
Budgeting tools and savings products on a single platform primarily used by
cellulant*
life is mobile
thrive
caric
farmcr wdy
piggyvest cowrywise
women
Saving
Impact
Increased financial
inclusion
ప
Increased access to
finance and input for
farmers
1. Profile of Northern Nigeria relative to other regions in Nigeria 2. Excluding major cities such as Abuja, Kano and Kaduna
Source: Lagos Business School Digital Financial Service Lab, Multiple Indicator Cluster Survey Nigeria 2016-2017, Team Analysis
D
Empowerment of
women
Tol
137
EFINAView entire presentation