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ARTICLE · 22 DECEMBER 2020

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Future Trends In Fintech In Nigeria

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Notwithstanding the challenges posed by the COVID-19 crisis, the Nigerian FinTech industry is positioned for growth in the coming years.

NigeriaTechnology
Olayanju Phillips
Olayanju Phillips
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FUTURE TRENDS IN FINTECH IN NIGERIA1

Notwithstanding the challenges posed by the COVID-19 crisis, the Nigerian FinTech industry is positioned for growth in the coming years. In fact, the circumstances created by the crisis have accelerated digital adoption and consequently, the use of technology for financial services.

The value proposition offered by FinTechs across the financial services value chain includes payments, savings and investment, lending, and wealth management. In the last decade, the payments sub-sector has experienced the fastest growth accounting for about 38% of market solutions2 and 15% of banking revenue pools in the country.3 The consumer-lending sector has also experienced tremendous activity following the COVID-19 crisis.4 However, what lies ahead for the Nigerian FinTech industry beyond payments and consumer lending?

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