Nigeria FinTech Landscape - Impact Assessment
Nigeria FinTech Landscape
Nigeria has a large population of ~200M people, ~60% are financially included which we
have broken into 8 profiles
Methodology
To assess FinTech adoption across Nigeria, we
segmented populations into clusters based on
common factors that influence FinTech usage
Segmentation
Age
18-25
25-40
40-55
55+
Segment
1
1. We used a 5 step segmentation process to
segment the population into clusters
SME
8
SME
Age
Gender
✓ Location
Income
Affluent
6 Young affluent
7 Senior affluent
☑ Occupation
Middle
Formal
4
5
Middle
youth
3
Mass¹
Informal youth
2
2. Per cluster, we determined the likelihood
of FinTech usage using education level
and tech knowledge as primary filters
2
Formal mass
Informal mass
BOP2
1
BOP
1.
2.
Formal mass separated from informal mass despite similar income levels based occupation and educational level, Informal mass and informal youth combined as both earnings and tech knowledge
BOP combined across ages group due to similar income level
SOURCE: CBN financial inclusion
are similar
EFINA
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