Nigeria FinTech Landscape - Impact Assessment
Use cases and impact of fintech in South-West Nigeria²
Use of fintech in the South West
Use
Description
Cash in cash
out
Payments
Non-exhaustive
Send and receive money: students are able to receive money sent from family
through an agent
E-wallet service enabling deposit and withdrawals through an app or agent
Facilitating P2P transfers between suppliers and farmers
Payment for goods, transportation, airtime and bills
Use of e-wallet to disburse government subsidies to farmers
Players
paga Opay
GTBank
your cash, anywhere, anytime
OPay
Crowdfunding platforms pool funds from investors to fund small scale farmers and cellulant
provide insurance coverage
Interswitch Quickteller
farmcrwdy
life is mobile
thrive
agric
Profile of South-West Nigeria'
Economic activities include agriculture and
tourism
Access to
financing
•
The South West is the academic hub of the
nation
Saving
Budgeting tools and savings products on a single platform mostly used by
women and young people
piggyvest cowrywise
88% of the population own a digital asset
Presence of young professionals with
Investing
Access to local and global stock markets as well as unconventional investment
opportunities on a single platform mostly used by millennials
Wealth.ng
→ piggyvest
economic power
Only about 11% of the unbanked
population in Nigeria is in the South West
Impact
Increased financial
inclusion
anh
1. Profile of South-West relative to other regions in Nigeria 2. Excluding Lagos State
Source: Lagos Business School Digital Financial Service Lab; Team analysis
Job creation
Increased access to
finance and input for
farmers
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