Nigeria FinTech Landscape - Impact Assessment

The Nigeria FinTech Landscape The Nigerian FinTech market is undergoing dynamic development FinTech is a fast-growing market Traditional banks are reinventing themselves in response Description ■ Nigeria is home to 200+ FinTechs FinTech activities are primarily focused on payments with increased activities in the lending and savings space Some banks have launched fintech solutions, through inhouse innovations or collaboration opportunities with FinTechs " Key indicators Emergence of 200+ FinTechs addressing various scustomer pain-points The scope of FinTech investment keeps growing Nigeria is becoming an entry point to Africa and a testing bed for innovation The regulator is pushing a digital agenda I FinTech investments in Nigeria grew 197% over the past 3 years, driven primarily by foreign investors, particularly Chinese investors Foreign-backed fintechs have a pan-Africa expansion strategy, with Nigeria as their entry point Nigerian fintechs are increasingly exporting their business models to other emerging markets The regulator has proactively launched initiatives to drive financial inclusion and push for a cashless economy ☐ First Bank's FirstMonie facilitated the deployment of 200,000+ agents across Nigeria GTB's Quickcredit provides access to loans up to N5 mn in 2 minutes ■ 2019 investments include OPay $170 mn and Interswitch $200 mn Flutterwave attracted $35 mn funding in its Series B round in 2020 Migo scaled its business to Brazil Creation of SANEF shared agent network Issuance of PSB licenses to drive rural penetration of financial services Recent reduction in electronic payment charges SOURCE: Market research, expert interviews, team analysis EFINA 35

View entire presentation