Nigeria FinTech Landscape - Impact Assessment
Nigeria FinTech Landscape
The combination of unmet needs and the growing penetration of smartphones creates an opportunity for
FinTechs to grow; which can help drive the extension of Financial services
There is an increase in smartphone penetration and customer comfort
with mobile technology...
Number of smartphones, Millions.
18
+14% p.a.
23
21
Mobile payment transaction volumes, Million
252
2017
1. Extrapolated based on mid-year 2019 data
+79% p.a.
8061
576
18
2019
and FinTech are leveraging
technology to innovate address unmet
customer needs
☐
FinTech are creating new products
leveraging the data that smartphones
provide e.g. multiple FinTech are using
BVN and phone number verification to
provide loans to customers - using
algorithms on the customer's mobile
transactions to determine credit risk e.g.
Quickteller
Mobile data and UX have allowed FinTech
to develop products and go to market
directly, leveraging app stores² as a
distribution platform to reach over 23
million smartphone users
Digital onboarding is becoming easier as
banks and FinTech invest in customer
education and leverage agents for one-on-
one guidance to drive financial inclusion
2. Dependence on app stores for distribution also has implications/risks for FinTech (e.g. Playstore's recent policy on lending apps)
SOURCE: e-marketer, CBN, NIBSS
EFINA
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