Fintech Innovation is an important driver of financial inclusion and very useful in providing access to financial services, especially in underserved/unserved areas.
In 2018, EFInA embarked on a journey to study the Nigerian fintech space because we understand the importance of innovative DFS for financial inclusion, this led to us conducting a foundational fintech study to understand the landscape and determine success factors for Fintechs to thrive.
Now, in 2020, we decided to update this study to reflect current trends (considering how quickly the market changes), capture the impact of fintech on financial services in Nigeria and provide interventions that EFInA & other partners can take to maximise the growth of an inclusive Nigerian financial sector through fintechs.
This Fintech study aims to accomplish the following:
Global Fintech Landscape
- Understanding what the global FinTech landscape looks like and what areas FinTechs play in
- Reveal how funding to FinTech evolved globally and the factors that are driving it
- Identify the key trends shaping FinTech activity globally are
- Outline the key enablers for a successful FinTech ecosystem based on learnings from global markets
Nigerian Fintech Landscape
- Understand what is driving the growth of FinTech in Nigeria (size of the market, unmet needs)
- Identify the key FinTech in the market and where they play
- Capture how funding to the FinTech space in Nigeria has evolved and what the key considerations are
- Reveal how FinTech evolve over time to take advantage of the opportunity that may arise
Impact assessment of FinTech in Nigeria
- Outline the areas that FinTech can make an impact in Nigeria
- Estimate the potential direct impact that FinTech can make on financial services
- Identify what ways FinTech can contribute to capturing the overall opportunity from digital financial services
Recommendations for stakeholders
- Outline the key imperatives for stakeholders in Nigeria’s FinTech landscape