Nigeria FinTech Landscape - Impact Assessment
Nigeria FinTech Landscape
FinTechs are developing innovative value propositions across the financial services
value chain (1/2)
NOT EXHAUSTIVE
Products
Sub-category
Core value proposition
Payments
Wallets
Processors
Remittances
Merchant service
providers
Savings
Savings
Wealth
management
Easy to sign up, easy to use stored value wallets
using mobile phones and incorporating key use
cases for customers across transportation, food &
digital services
Simplified channels to allow MSMEs and
corporates receive online payments from
customers
Easy, instant cross-border transfers at a fraction of
cost & time of conventional players- often
leveraging cryptocurrency
Merchant terminal providers allowing merchants
receive offline payments
Automated, disciplined and high return savings for
middle class customers & millennials
Offer customers investment options in diverse
industries on online platform at attractive rates
(significantly higher than banks savings accounts)
Example players
Ppaga
OPay
your cash, anywhere, anytime.
cellulant
life is mobile
Paystack Interswitch
Flutterwave
etranzact
Bit
Pesa
SureRemit
CHIPPER
MAKINE
Itex @TOP
PAYMENT
Global
CITISERVE
Accelerex
CowryWise
piggyvest
RISE
Wealth.ng
↑trove
investing, simplified.
chaka
Indication of traction
OPay processes ~ $10m of transactions
daily
Paga processed $2bn of transactions in
2019
Flutterwave processed over $5bn of
transactions in 2019
Paystack processes over NGN 10bn of
transactions monthly
ChipperCash has over 600 thousand
active customers and 3 million transactions
monthly
PTSPs serve over 120 thousand merchants
in Nigeria, though merchants are mainly
acquired by banks
Piggyvest has acquired ~1 million
customers, saving over NGN 1 bn monthly
Crowdfunding platforms particularly in
agriculture have raised over $25mn from
retail investors in last 3 years
40
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