The Nigeria FinTech Report assesses the rise of FinTech in Nigeria's Financial Services Industry,their potential impact on market players and the attitude of incumbents on the latest developments. It also offers strategic responses to these disruptions.
Some of the key messages from this survey include:
- Retail banking & Payments are the sectors most likely to be disrupted by FinTechs
- Up to 40% of FS businesses are at risk to stand-alone FinTechs
Additional Revenue and cost reduction are the top opportunities related to the rise of FinTechs
- Over 62% of Customers will use mobile applications to access financial services within the next 5 years
- Banks are the most active players in partnering with FinTech and rebranding purchased FinTech Services
- The key challenge with integrating FinTechs and FS companies is the differences in operational processes and regulatory uncertainty.