The Nigerian Financial Services Market Report: Industry insights and figures

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June 22, 2023
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2 min read

My tweet last year about Nigeria having upwards of 250 active fintech startups was based on our record of the Financial Services industry at the time; it turned out my tweet was off by a few tens.

With a Tier 1 Unit Microfinance Bank (MFB) licence, the country's lowest MFB licence, startups are offering people living in Nigeria banking services almost on the same scale as commercial banks. More than ten fintech startups in Nigeria use this licence to serve their users, individuals, and businesses.

Apart from digital banks, there are over 250 other fintech startups providing services ranging from credit to payments, remittances, and insurance, among others, with the Tier 1 Unit MFB licence.

The report, The Nigerian Financial Services Market: the industry, its companies, and its people, looks at the country's Financial Services space from the perspective of major players — end users and industry stakeholders.

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Moniepoint (formerly TeamApt) partnered with Intelpoint, the data and research arm of Techpremier Media Ltd (publishers of Techpoint Africa), for the report.

Key chapters

  • Nigerian fintech Industry

This looks at industry trends over the years, comparing some metrics in Nigeria with other top developing countries in the world by population. It highlights industry figures, regulatory frameworks, policies, and Sustainable Development Goals (SDG) related to financial services access.

One key figure: ₦5.1 trillion was transacted on mobile money platforms in 2019.

  • The People

From interviewing over 4,000 people in Nigeria, this chapter provides comprehensive insights into the type of people with access to financial products and services and those who don't. It examines variables responsible for people's absence from the formal Financial Services space. It also looks at users' pain points with a focus on the products and services they use and others they are interested in.

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One key figure: 83.2% of people with bank or mobile money accounts claimed to have had a challenge with their banking institution.

  • The Players

This chapter breaks down the companies in Nigeria's Financial Services space by sub-sector. It also has a geographical breakdown of the country's commercial bank branches and agency banking networks. The chapter highlights some opportunities in the industry too.

One key figure: Taraba State has only 20 commercial bank branches compared to Abuja's 344.

  • Industry Insights

Interesting insights from some of the stakeholders in Nigeria's Fintech space.

Other highlights from the report:

  • $2 billion+ raised by fintech startups
  • Breakdown of 4k+ commercial bank branches across the country
  • Correlation between account ownership and phone type, proximity to a banking institution, and income level, among others
  • Pointers to whether there are too many fintech startups in Nigeria

You can get the report here.

Mobile & African Tech Enthusiast │ Data Analyst │ Music
Mobile & African Tech Enthusiast │ Data Analyst │ Music
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