Nigeria FinTech Landscape - Impact Assessment
Despite the progress made in the Nigerian FinTech ecosystem, there are
that stakeholders need to make concerted efforts to address (3/9)
2 Regulator-
Market Structure
& Competition
品
Progress
■
SOURCE: Expert Interviews, Press Search
Opening up of critical
payment APIs such as NIP
and the Mastercard Payment
Gateway enabled many
payment players like
Flutterwave & Paystack to
build innovative payment
solutions
This payment solutions in turn
enabled lending & savings
players to easily serve their
customers through instant
payouts and collections
Current gaps
&
Limited Sharing of useful
Customer Data between
FinTech and other
ecosystem
players e.g. banks, telcos
No standardization of APIs
across players
Difficulty in integrating with
players' APIs seamlessly due
to various API standards
No incentives for players to
share useful customer data
with FinTech
Expensive and difficult to obtain
licenses that are barriers to
entry for FinTech
Similar license requirements
for FinTech and Banks which
does not necessarily match
the scale of activity of
FinTech
Opportunities
Data Sharing Framework
still
gaps
Support for API standardization by relevant stakeholders
e.g. CBN, NIBSS
Regulation that enables customer ownership of data
sharing authorization e.g. through open banking
Market opportunity for data aggregator
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2==
Opportunity for market player to be data aggregator in
which FinTech could plug into to get relevant customer data
This helps to reduce cost and time to market for FinTech
Opportunity for banks, telcos & FinTech to differentiate based
on open
APIs and data sharing
Banks, Telcos & FinTech can make their platforms more
valuable to customers by allowing customers share their
data with other platforms who can build value add services
leveraging the data e.g. financial wellness advisory etc.
Ease of obtaining licenses
Unbundling expensive licenses into smaller parts that are
more affordable for FinTech e.g. licenses around digital
banking, lending, asset management, insurance etc
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