Nigeria FinTech Landscape - Impact Assessment
Nigeria FinTech Landscape - Impact Assessment
કોમ
There are 4 key levers through which FinTech are driving financial inclusion (2/2)
Key Levers
Product
design/
innovation
i
Description
Design of financial
products that cater to
the needs of various
segments of the
population across
culture, religion,
gender, geography etc
Education
(perception)
Education of consumers
on the needs and
benefits of financial
products and services
FinTech Impact
☐
FinTech have led innovation in 3 out of 5 product areas, spurring imitation from
traditional players:
Savings & Wealth Management:
☐
Disciplined savings models through FinTech like Cowrywise
Digitization of Cooperative savings through FinTech like Riby
Digitization of Esusu models through FinTech like Bankly
Lending
Aggregation of smartphone data points to disburse documentation and
collateral free loans e.g. through Carbon
Payments
Online IVRs in various languages e.g. through Softcom
Migration of customers to wallets via lifestyle use cases e.g. Opay
A few FinTech are making modest efforts at consumer education, with significant
room for improvement:
Lending:
Free credit reports (e.g. on Carbon) educating consumers on credit health
Savings:
Educating consumers on maintaining financial health e.g. Piggyvest's
WAEC score enlightens users on their saving habits and how they can
improve
SOURCE: Company Websites, Press Search
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