Nigeria FinTech Landscape - Impact Assessment
Global FinTech Landscape Trends
There are 7 key trends shaping the global FinTech landscape, with key implications
for extension of finance in Nigeria (1/2)
Key Global Trends
Funding to
>>>Description
FinTech is
increasing
Modernization of
Payments
infrastructure
Big tech players
continue to
encroach
Rise of Super
Apps
SOURCE: Expert Interviews, Literature review
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FinTech funding is reaching record levels and expected to continue to grow.
Barring the Ant Financial deal in 2018, the $36bn invested in FinTech in 2019 was a record
Strong performance in card transactions in combination with innovations in payment solutions (e.g. real
time payments and mobile wallets), regulations (PSD2 and open banking) are driving strong shift from
cash payments
Similar trends are seen in emerging markets where payments is the entry point to FinTech
Big Tech players ('TechFin') such as Amazon, Google, Facebook & Apple with large customer bases
are making bold moves into financial services
Google and Facebook in particular are aggressively moving into emerging markets such as India
where Google Pay dominates the payment market
■ In China, two key ecosystem orchestrators have emerged e.g. Alibaba, Tencent, however many
FinTech providers globally are developing super apps and emulating the ecosystem players
This is being replicated in other Asian markets like India (PayTM) and Indonesia (Gojek, Grab)
■ Western players such as Uber are also making moves to build super-apps leveraging their core assets
EFINA
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