Analysis of Fintech Services in Nigeria

Research Service Type :
Local Market Intelligence
Region :
Africa
Countries :
Nigeria
Industry :
Finance, Fintech

background & purpose

What is Fintech?

Fintech is a rapidly growing industry. Fintech (also known as financial technology) is the usage of technology to enhance traditional financial services. To elaborate, according to the Financial Stability Board, Fintech is technologically facilitated innovation within the financial services sector that has the potential to generate novel business models, applications, processes, or products that may significantly impact financial markets, institutions, and the delivery of financial services.

Fintech can be categorised as such:

– Transactions: Payments, clearing and settlement

– Management of funds: Lending, Trading, Investment management

– Insurance

This global revenue of Fintech is estimated to be $3,336.6 billion (US dollars). In the African region, Nigeria is one of the leading countries in African Fintech shares, along with South Africa and Kenya. Nigeria led the African Fintech market with 42% share of deals in 2023’s Q2.

Evidently, the Nigerian Fintech landscape is a consideration for investment. To carry out a part of the due diligence process of investee business, GLOBAL ANGLE conducted market research of Fintech in the Nigerian market. In this research, we had a comparison analysis of the products and services offered by Nigerian Fintech companies. What was compared:

– Usability

– Acceptability

– Superiority

project scope & action

For our local market intelligence, we conducted a Home Use Test (HST). We collated qualitative data such as:
- Brand recognition before use
- Service Impression after use

We also did the following service/product evaluation for market research:
- UX (User Experience)
- UI (User Interface)

Consequently, we also made an overview report. This included product/service features, prices, and screen transition diagrams using screenshots.

We also created a summary of Nigeria's Fintech service providers' company profiles.