Nigeria FinTech Landscape - Impact Assessment
Emeka - Informal mass
42 years, Married, 3 children
Illustrative
☐
Small scale business owner in the informal
trading sector (e.g., sells fabircs and second-
hand clothes in markets in Lagos)
■Religious leader in local church
■ Looking to make 'enough' money to support his
family
☐
Has been operating his kiosk for 20 years
Income
Low
Tech knowledge
<N 1M p.a.
+
Lifestyle overview
Trader in Yaba
market, Lagos, and
lives in a rented two
apartment in Akoka,
Lagos
Runs a makeshift shop
where he sells
secondhand clothes
to customers at the
market
Goes for family and
religious meetings,
frequently in his
hometown
Financial goals
Current banking
Earn enough
money to provide
basic necessities for
his family, such as
food and clothing
Send his children to ▪
good affordable
schools
Has a single GTB
Bank savings
account, that he uses
for personal and
business transactions
Makes use of USSD
and mobile banking
for his business
transactions
■ Uses a trusted agent
close to his house, to
send money to his
relatives in his
hometown
Needs
Access to credit
facilities for:
his clothing business
expansion, and
payment of
children's school
fees
Devices
SOURCE: Customer interviews (n=215), team analysis
McKinsey & Company
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