Nigeria FinTech Landscape - Impact Assessment
Nigeria FinTech Landscape - Impact Assessment
પે
There are 4 key levers through which FinTech are driving financial inclusion (1/2)
Key Levers
Access
Pricing
Description
Financial products
and services within
easy reach of all
segments of the
population
Financial affordability
and ability of products to
accommodate various
income/economic
groups
FinTech Impact
FinTech have increased access through new savings and lending models:
Access to Savings
Over 1 million customers saving on platforms like Piggyvest & Cowrywise with
60%-70% being first time savers
Access to Lending
Over 3 million customers with increased access to lending through FinTech
such as Carbon and Migo
Over N50 billion loans disbursed annually through FinTech such as Carbon
and Migo
FinTech have increased product affordability through reduced charges and cheaper
transfer fees:
FinTech tend to be 50%-80% cheaper than traditional players in transfers, bill
payments and airtime purchase.
- FinTech are offering 2-3X the interest rates on savings compared to traditional
players
SOURCE: Company Websites, Press Search
EFINA
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