Digital Financial Services in Nigeria – State of the Market Report 2020

Categories : Ecosystem & Interoperability, Technology and Operational Enablers


Author: Cleo Turner

This 2020 State of the Market Report explores the state of digital financial services and financial inclusion, providing insights about consumers, providers and regulatory issues in Nigeria.
This year’s report focuses on product-market fit across three highly underserved and largely under-represented customer segments – rural dwellers, women and youth. The 2018 National Financial Inclusion Strategy (NFIS)
identified these three segments among the most disproportionately excluded groups. It includes a deep dive into the financial habits and behaviours of the three critical target segments. Through these consumer segment profiles, we show financial habits across product categories (savings, loans, remittances, payments, emergency, pension and investments).

The supply-side (financial services providers) section, examines the product development practices in action, comparing extant approaches with global best practices, and subsequently benchmarking alongside fast moving consumer goods (FMCG) companies that are already serving the mass market.