Nigeria FinTech Landscape - Impact Assessment

Nigerian FinTech landscape - key messages (1/2) The Nigerian financial services space represents significant opportunity for FinTech FinTech in Nigeria are gaining traction by addressing customer pain points across the value chain and attracting significant funding in the process leading to an increasing focus on driving. financial inclusion The financial services landscape is attractive with banking in Nigeria accounting for over $9bn in value pools However, most consumers today face with significant pain points: - - Access to services Affordability Ease of use and products and user experience A combination of unmet needs and increased tech penetration creates opportunities for FinTech to grow in Nigeria FinTech activity is concentrated in consumer segments particularly payments and lending with increasing activity in savings & wealth management. However, gaps exist in MSME lending, insurance and pensions. FinTech are mainly located in Lagos with limited presence in Abuja with most employing B2C models FinTech in Nigeria have evolved from the early players- FinTech 1.0 focused on B2B to the emergence of FinTech 2.0 players focused on niches and the recent emergence of FinTech 3.0 players orchestrating ecosystems These FinTech are addressing critical customer pain points around access, affordability and ease of use of financial services which have historically hindered financial inclusion Investors have been attracted to the growing innovation in FinTech with over $1bn invested over the last 3 years Customers are also increasingly adopting FinTech products particularly the youth & affluent segment 26 EFINA

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