The Nigerian Financial Services Market 23-06-2023 15 - 09 - 01 - 674

THE NIGERIAN
FINANCIAL SERVICES
MARKET
...the industry, its companies, and its people
Powered by
Intelpoint
ACKNOWLEDGEMENT
W e want to thank the Moniepoint team for partnering with Techpoint

Africa on behalf of Intelpoint to deliver The Nigerian Financial Services
Market report. Special recognition also goes to the following people who
contributed to the success of the report:
84 NYSC members who administered the questionnaires across the country and
the locals who did the translations.
4,698 respondents.
PAGE 2
PREFACE
G
years.
lobally, access to and delivery of
financial services has evolved over the
Delivery has transcended
Financial Services in Nigeria using figures.
In examining the sector, this report

considered players across all sub-sectors,
conventional banking and other financial
their current state, and opportunities, among
institutions, with startups playing a huge role
other factors.
and traditional players adopting technology
and the Internet to serve their customers We worked with 84 people across the
better. country who interviewed over 4,600
Nigerians across various occupations,
Based on our records, as of May 2022, there
religious beliefs, educational backgrounds,
were over 250 active fintech startups in
etc.
Nigeria. Interestingly, new data reveals the
number of active fintech startups in Nigeria to While these people were on the field,
be upwards of 290. Abiodun Adenle, Research Analyst at
Intelpoint, was gathering information about
This report examines Nigeria's Financial
companies in the Financial Services space. I
Services industry and tells the story of
THE NIGERIAN FINANCIAL SERVICES MARKET PAGE 3

PREFACE
focused on getting industry figures, among industry figures for this report.
other things. Techpoint Africa’s Managing
It was an interesting experience working on
Editor, Emmanuel Paul, also contributed by
this research project, every bit of which we
interviewing stakeholders in the Nigerian
hope you find insightful.
Financial Services space to get their opinions
about the industry. Yinka Awosanya
Research Lead, Intelpoint
Another key contributor to the project was
Precious Mogoli, Techpoint Africa's Sub-
editor, who looked at the report a couple of
times. Special recognition goes to Didi
Uwem, Moniepoint’s Global Marketing Lead,
for her contributions throughout the project. I
also have to thank Ihechukwu Ibeji, Shared
Agent Network Expansion Facilities’ (SANEF)
Chief Marketing Communications & Product
Development Officer, for sharing the agency
banking’s figures with us within a short time.
Special recognition also goes to the

stakeholders who shared their thoughts and

INTRODUCTION
F inancial services in Nigeria have come a
long way, from trade by barter to using
cowries to coins, and, much later, paper
play a key role in the industry, having evolved
tremendously and no longer at the mercy of
the banks.
currency. The country’s first commercial
The increase in people online also means
bank, the Bank of British West Africa (now
more opportunities for current and future
First Bank of Nigeria) started operations in
players in the digital payments space.
1894.
Fintechs rise north of 290 startups
There were 89 commercial banks in Nigeria
as of 2004 before the consolidation of the The number of startups playing in the
banking system, which saw this number drop Financial Services space has increased over
to 24 in 2005 through mergers and the years, with one of the biggest
acquisitions following the increase of the conversations recently being whether there
banking sector’s capital base. As of 2022, are too many of them. In 2018 alone, 54
there were 33 banks with various banking startups were founded.
licences in the country. Financial services still

INTRODUCTION
Startups in the space have collectively raised urban communities. Some of these banking
over $2 billion in investment, most of which agents are also empowered to create bank
came between 2019 and 2022. accounts for people.
This is besides the fact that one in every two The people part of the story
fintech startups in the country is
Working with members of the National Youth
bootstrapped.
Service Corps across the country, we
Agency banking as a key channel interviewed over 4,600 people to find out
about their access to financial services and
There are over one million banking agents what they think they need, among others.
across the country offering deposit and
withdrawal services. These agents play It's interesting to know that people with
important roles in the financial inclusion smartphones and smart feature phones are
drive, serving the unserved and underserved likelier to own a bank or mobile money
communities, including people in the cities. account than those without phones.
Proximity to a financial institution also plays a
They do not only bring banking services to role in bank account ownership. Also, most
the unbanked, they also serve the banked. people without bank accounts are yet to hear
These agents are the first points of contact of mobile money.
for physical banking services in rural and

01 02
Preface Introduction
PAGE 3 PAGE 5
03 04
Methodology The Industry
TABLE OF PAGE 8 PAGE 12
CONTENTS 05
The People
06
The Players
PAGE 38 PAGE 72
07
Other Industry
Insights
PAGE 103

METHODOLOGY
T he information used in this report was
sourced from publicly available
information, with some of them supplied by
The questionnaire was in English, but some
of the administrators used locals to translate
it into their local languages for respondents
companies. Of the figures provided, this who don’t understand the English language.
report only revealed what we were
The financial services platforms referenced
authorised to share.
in this report were grouped according to
The sample size was 200 respondents per their major product/service or the sub-
state, including the Federal Capital Territory. sectors the startups positioned themselves
Eventually, only 4,698 respondents were in.
interviewed, which was 63.5% of the
planned sample size. Some states had
significantly higher respondents than others.

KEY
FINDINGS
KEY FINDINGS
563k
OPay has the largest 4,437
agency banking network Commercial bank
with 563k agents branches
[OPay]
1.5m 291
Banking agents Active fintech
[SANEF]
startups
₦1.67 $2.94
quadrillion Total e-payment
billion
Raised by fintech startups to
transactions in 2021 date
[CBN]

YOU’LL BE IN GOOD COMPANY
one million
Over
businesses use
Banking | Payments | Credit | Business management tools

Get started on moniepoint.com/ng
THE
INDUSTRY
Nigeria vs selected countries KEY INDUSTRY FIGURES
Top developing countries in
the world by population
(Excluding countries with populations above one billion)
Population
Population
Population (aged 15 and Mobile phone
(aged 15 and
Country Population (aged 15 and above) with a above) with access (aged 15
above) access to the and above)
bank account Internet
Indonesia 276,361,788 205,554,554 106,395,037 104,092,826 150,404,267
Pakistan 225,199,929 147,212,637 30,885,211 44,325,725 92,729,240
Brazil 213,993,441 170,230,471 143,061,688 133,290,459 144,117,117
Nigeria 211,400,704 121,028,351 54,314,017 29,793,611 87,918,717
Bangladesh 166,303,494 122,547,131 64,717,140 32,928,414 96,738,705
All figures are as of 2020, except account ownership and mobile phone access, which are from 2017.
Sources: World Bank staff estimates using the World Bank's total population and age/sex distributions of the United Nations Population Division's World Population Prospects: 2019
Revision, Global Findex Database, International Telecommunication Union (ITU) World Telecommunication/ICT Indicators Database

Top African countries by population
Population
Population
Population (aged 15 and Mobile phone
(aged 15 and
Country Population (aged 15 and above) with access (aged 15
above) with
above) access to the and above)
bank account Internet
Nigeria 211,400,704 121,028,351 54,314,017 29,793,611 87,918,717
Ethiopia* 117,876,226 71,241,704 21,771,922 16,577,481 28,279,976
Egypt 104,258,327 68,989,614 18,930,750 25,988,388 55,819,497
Dem. Rep. of 92,377,986 50,241,666 11,294,063 6,602,336 20,493,932

Congo*
Tanzania 61,498,438 34,875,131 18,285,031 7,062,214 23,634,876
South Africa 60,041,996 42,874,515 36,606,261 27,538,301 37,626,674
Kenya 54,985,702 34,098,449 27,005,972 16,176,304 28,837,058
All figures are as of 2021.

NB: Kenya was included because of the mobile payment penetration in the country.
*Account ownership and mobile phone access figures are as of 2017.
Revision, Global Findex Database, International Telecommunication Union (ITU) World Telecommunication/ICT Indicators Database

Top developing countries in Top African countries
the world by population & by population
(Excluding countries with populations above one billion)
143.1m
Brazil 133.3m
144.1m
106.4m
Indonesia 104.1m
150.4m
64.7m
Bangladesh 32.9m
96.7m
54.3m
Nigeria 29.8m
87.9m
36.6m
Account holders (15+)
South Africa 37.6m
27.5m
30.9m
Pakistan 92.7m
44.3m
27m
Kenya 28.8m
16.2m Mobile phone access (15+)
21.8m
Ethiopia* 28.3m
16.6m
18.9m
Egypt 55.8m
26m
Tanzania
18.3m
23.6m Internet access (15+)
7.1m
11.3m
DR Congo* 6.6m
20.5m
All figures are as of 2021.

*Account ownership figures (2017), mobile phone access (2017), and Internet access (2020).
Revision, International Telecommunication Union (ITU) World Telecommunication/ICT Indicators Database

Nigeria’s outward vs migrant inward
remittances over the years
$25b
Migrant remittance flows
$20b
$15b
Outward remittances
Inward remittances
$10b
$5b
$0b
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Source: KNOMAD/World Bank, 2022

The Nigerian
INDUSTRY FIGURESFinancial Services space INDUSTRY FIGURES
887
Microfinance bank
133.5
million active bank accounts
licences as of Dec. 2022 as of Dec. 2021
44.5
million active BVNs
58
Insurance companies
25
deposit money
as of Dec. 2021 as of Dec. 2022 banks as of Dec. 2022
291
Active fintech startups
325 33
Fintech platforms
Banks with various banking
as of Dec. 2022 licences as of Dec. 2022
as of Dec. 2022
Sources: Central Bank of Nigeria, Nigeria Inter-Bank Settlement System, National Insurance Commission

The Nigerian Financial Services space OTHER FIGURES
121m 0.92%
The population of Nigerians
aged 15 and above as of
2021
Insurance penetration
was at 0.92% as of 2021 191.4m
vs
15.3m 122.3m
122.3 133.5m
Mobile money Active individual bank
vs
customers as of 2019 customers as of December
2021
122.3m
9.954m 89,327 191.4 million bank accounts vs
Members on the Contributory Participants on the Micro 133.5 million active bank
Pension Scheme as of Pension Plan as of accounts vs 122.3 million active
December 2022 December 2022 individual bank accounts.
All figures are as of December 2021.
Sources: National Pension Commission, Nigeria Inter-Bank Settlement System, Global Findex Database

The Nigerian Financial Services space OTHER FIGURES
55.45% 34.96%
Of Nigerian males aged 15 and above Of Nigerian females aged 15 and above
own an account at a financial institution own an account at a financial institution
or with a mobile money service or with a mobile money service provider
provider
45.32% 51.9m
vs
54m+
Of the Nigerian population aged
15 and above own an account at a 44.5m Nigerians have accounts with a
financial institution or a mobile
financial institution or with a 51.9 million BVN enrolments money service provider
mobile money service provider vs 44.5 million active BVNs
as of December 2021
Sources: Nigeria Inter-Bank Settlement System, Global Findex Database

eBillsPay transaction volume and value
over the years OTHER FIGURES
₦2.2t
Volume Value
₦1.5t
1.2m
1.1m 1.1m
1m 1.1m
1m
0.9m
0.6m ₦0.7t
₦0.6t ₦0.5t
₦0.3t
₦0.2t
₦0.0t
2014 2015 2016 2017 2018 2019 2020 2021
NB: eBillsPay is an electronic bill payment platform that facilitates the payment of bills, fees, levies, premiums,
subscriptions, etc. by the banking public through electronic payment channels provided and managed by banks.
Source: Central Bank of Nigeria

Point of Sale (POS) transaction volume
and value over the years OTHER FIGURES
₦6.4t
Volume Value
₦4.7t
982.8m
₦3.2t
₦2.38t
655.7m
₦1.41t
438.6m
₦0.76t 295.9m
₦0.16t ₦0.45t
₦0.31t 63.7m
₦0.05t 9.4m 33.7m 146.3m
2.6m 20.8m
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Mobile money transaction volume
and value over the years OTHER FIGURES
₦5.1t
Volume Value
377.3m
₦1.83t
₦1.1t
₦0.76t
₦0.44t 87.1m
₦0.14t ₦0.34t 47.1m 47.8m
₦0.03t 27.7m 43.9m
2.3m 15.9m
2012 2013 2014 2015 2016 2017 2018 2019


Comparison of transaction value across eBillsPay,
POS, and mobile money over the years. OTHER FIGURES
₦6t
₦5.1t
eBillsPay POS MoMo
₦4t
₦2t ₦1.83t
₦0t
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Mobile money transaction value in 2019 was ₦5.1t, 178% higher than 2018's figure. eBillsPay was the only other
channel that saw more than 100% increase between 2017 and 2021, recording 130% growth in 2020.

Cheque transaction volume and
value over the years OTHER FIGURES
Volume Value
15.3m
14.2m
13.5m
12.2m
11.7m
10.8m
9m
₦7.7t 7.8m
₦7.5t ₦7.3t
₦6.2t 4.9m
₦5.8t ₦5.4t ₦5t 4.4m
₦4.5t
₦3.2t ₦3.2t
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

NIBSS Electronic Funds Transfer (NEFT)
transaction volume and value over the years OTHER FIGURES
Volume Value
31m
29.8m 29.7m 29.8m
28.9m 28.9m
26.8m
23m
21.3m
20m
₦16.9t
₦13.8t ₦14.4t ₦14.6t ₦14.6t ₦15t ₦13.5t
₦13.1t ₦12.8t
₦11t
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

NIBSS Instant Payments (NIP) transaction
volume and value over the years OTHER FIGURES
₦271.9t
Volume Value
₦158.1t
₦105.2t
3.4b
₦80.4t
2b
₦56.2t
₦38.1t 1.1b
₦19.9t ₦25.5t 663.1m
₦10.9t 370.9m
₦3.9t 153.6m
17.1m 40.8m 71.2m
4.5m
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
NB: NIBSS Instant Payments (NIP) is an efficient person-to-person, person-to-business, business-to-business
funds transfer service that guarantees instant value to beneficiaries.

Comparison of transaction value across NEFT,
NIP, and cheque over the years. OTHER FIGURES
₦300t
NEFT NIP Cheque
₦200t
₦100t
₦0t
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Central Bank of Nigeria’s e-Payment
figures for 2021 OTHER FIGURES
₦338.89t
Central Bank of Nigeria’s e-Payment

₦235.62t
figures for 2021
₦172.54t
Transaction Transaction
3432.7m Value Volume
968.4m
449.7m
₦19.38t ₦2.81t
125.3m ₦12.00t ₦9.43t ₦9.11t ₦2.98t
11.1m 249.1m ₦1.77t
RTGS Online NEFT *Mobile App ATM Mobile Cheques USSD POS Direct Debits
Transfers Transfers Transfers Transfers Transactions money 11.6m Transfers Transactions 1.8m
293.0m 382.8m
Real Time Gross Settlement (RTGS) System, a product of CBN re-engineering and restructuring processes, provides an online payment system in
which processing and settlement take place continuously in real-time (that is, without deferral) and gross (i.e. transaction by transaction).
The NIBSS Electronic Fund Transfer (NEFT) and NIBSS Instant Payment (NIP) are both electronic transfer channels but they differ in the
processing timeline. NIP, as the name suggests, is instant while the receiver in the case of NEFT gets the funds the next day, typically within 24
hours.
*Excluding mobile money

REGULATORY
AUTHORITIES
REGULATORY AUTHORITIES
Federal Ministry Central Bank National Pension

of Finance of Nigeria Commission
Nigeria Deposit SECURITIES National

Insurance AND EXCHANGE Insurance
Corporation COMMISSION, Commission
NIGERIA

Some fintech-related regulatory
frameworks and policies REGULATION
Central Bank of Nigeria (CBN)

Banks and Other Financial Institutions Act Regulatory Framework for Open Banking in Nigeria,
2021
Cessation of Non-Permissible Activities by Microfinance
Banks Regulatory for Quick Response (QR) Code Payments in
Nigeria, 2021
Guidelines for Licensing and Regulation of Payment
Service Banks in Nigeria, 2020 Guidelines on Operations of Electronic Payment
Channels in Nigeria, 2016
Exposure Draft of the Guidelines for the Regulation and
Supervision of Microfinance Banks in Nigeria Framework for Regulatory Sandbox Operations, 2021
Guide to Charges by Banks and Other Financial and New Licence Categorisations for the Nigerian Payments
Non-Bank Financial Institutions System, 2020
Guidelines for Licensing and Regulation of Payment Guidelines on Operations of Electronic Payment
Service Banks in Nigeria, 2020 Channels in Nigeria, 2020
Guidelines on Mobile Money Services in Nigeria, 2015 Revised Standards on Nigerian Uniform Bank Account
Number (NUBAN) for Banks and other Financial
Regulatory Framework for the Use of Unstructured Institutions, 2019
Supplementary Service Data (USD) Financial Services in
Nigeria, 2018 Regulation for the Operation of Indirect Participants in
the Payments System, 2019
Regulation for Bill Payments in Nigeria, 2018
Regulation on Instant (Inter-Bank) Electronic Funds
Regulatory Framework for Mobile Money Services in Transfer Services in Nigeria, 2018
Nigeria, 2021

Some fintech-related regulatory
frameworks and policies
REGULATION
Securities and Exchange

Commission (SEC), Nigeria
New Rules on Issuance, Offering Platforms and Custody
of Digital Assets, 2021
Rule on Crowdfunding & Rule on Regulation of Fund

Management Products
National Insurance
Commission (NAICOM)
National Insurance Commission Act 1997
The Investments and Securities Act (ISA), 2019

Other resources
The Securities and Exchange Commission
Guidelines for Microinsurance Operation in Nigeria, 2018 (SEC) of Nigeria’s Innovation and FinTech Portal

SDGs
The Sustainable Development Goals are the blueprint for achieving a
better and more sustainable future for all. They address global
challenges, including poverty, inequality, climate change, environmental
degradation, peace, and justice.
Sustainable Development Goals (SDG)
related to access to financial services
SDG
GOAL
1 GOAL
2
End poverty in all its forms
everywhere.
End hunger, achieve food security
Target 1.4
and improved nutrition, and
By 2030, ensure that all men and women, in particular the
poor and the vulnerable, have equal rights to economic
promote sustainable agriculture.
resources, as well as access to basic services, ownership Target 2.3
and control over land and other forms of property,
By 2030, double the agricultural productivity and incomes of
inheritance, natural resources, appropriate new technology
small-scale food producers, in particular women, indigenous
and financial services, including microfinance.
peoples, family farmers, pastoralists and fishers, including
through secure and equal access to land, other productive
resources and inputs, knowledge, financial services, markets
and opportunities for value addition and non-farm employment.

SDG
GOAL
3
Ensure healthy lives and
promote well-being for all at
all ages.
GOAL
5
Target 3.8 Achieve gender equality and
Achieve universal health coverage, including financial risk empower all women and girls.
protection, access to quality essential health-care services
and access to safe, effective, quality and affordable essential Target 5.3
medicines and vaccines for all.
Undertake reforms to give women equal rights to
economic resources, as well as access to ownership
and control over land and other forms of property,
financial services, inheritance and natural resources, in
accordance with national laws.

SDG
GOAL
8 GOAL
9
Promote sustained, inclusive and Build resilient infrastructure,
sustainable economic growth, full and promote inclusive and
productive employment and decent sustainable industrialization
work for all. and foster innovation.
Target 8.3 Target 9.3
Promote development-oriented policies that support productive activities, Increase the access of small-scale industrial and other
decent job creation, entrepreneurship, creativity and innovation, and enterprises, in particular in developing countries, to
encourage the formalization and growth of micro-, small- and medium- financial services, including affordable credit, and
sized enterprises, including through access to financial services. their integration into value chains and markets.
Target 8.10
Strengthen the capacity of domestic financial institutions to encourage

and expand access to banking, insurance and financial services for all.

SDG
GOAL
10
Reduce inequality within and
among countries.
Target 10.5 Target 10.c
Improve the regulation and monitoring of global financial By 2030, reduce to less than 3 per cent the
markets and institutions and strengthen the implementation transaction costs of migrant remittances and eliminate
of such regulations. remittance corridors with costs higher than 5 per cent.
Target 10.6
Ensure enhanced representation and voice for developing

countries in decision-making in global international economic
and financial institutions in order to deliver more effective,
credible, accountable and legitimate institutions.

THE
PEOPLE

THE PEOPLE
4,698
8 4 People were inte
rviewed
survey
across 34 states,
and the
inis trators Federal Capital T
erritory
adm
Source: Intelpoint Survey, 2022

Demography of survey respondents THE PEOPLE
43.2%
Female
1.6%
3.4% Divorced
Widowed
50.1%
Single
Gender
56.8%
Male
Marital Status
44.9%
Married

Locations
SO
203
KT
215
YO
KN BO
KE 303
5
344
112
KD BA GO
167 105 2
NI
53 AD
PL 2
KW FC
40 NA 242
OY 245 TA
119
KO
238
OS EK
114 248 BE 209
224
OG ON 111 115
181
116 EN
LA ED AN 11 EB CR
95 128 207
108
DE IM AB
104 107 6
AK
BY RI 104
NB: Circle sizes do not represent respondent
numbers.
2 113

Demography
Demographyofof
survey
survey
respondents
respondents THE PEOPLE
Languages
marpa
ijaw beriberi etulo mada
kakeri etsako torok tiv ngizim bolawa
goemai ibibio
gbo
kamabali itigidi shua bolanci jukun
gwarri fon berom
babur
eleme
adara
ika
ghanaian bini
bariba
efik igbo ishibori

kanuri kabawa
french
eggon fulani
ebira idoma
c'lela
ngas
ogua defaka ijesha
jagham
margi igede
badai
nupe ninzo
etilo
yagba
ikwere english
urhobo
isoko
kuteb
boze
yoruba hausa boko
esan
ogbia
gwoza ogba
izere
ikwerre
karekere
pidgin englishijebu humono sign language
zulu
igala

Age range and
religious beliefs African Traditional
Religion (1.70%)
Eckankar (0.13%)
Atheism (0.11%)
1,089 Islam
1,023 38.5% Christianity
59.6%
648
474 464
319
247
188
132 114
18-20 21-25 26-30 31-35 36-40 41-45 46-50 51-55 56-60 61+

Education
Postgraduate
No formal Degree
education
4.6%
6.2%
Primary
education
7.2%
37.4% BSc/HND
1,755
ND/NCE 18.1%
1,252
848
26.6%
SSCE/WAEC
289 340
214
No formal Primary SSCE/WAEC ND/NCE Bachelor’s Postgraduate

education education Degree/HND Degree

Occupation
Student 1,019
Business Owner 859
Civil Servant 688
Trader 579
Farmer 398
Unemployed 389
Artisan 322
Teacher 96
Youth Corper 60
Employee 54
Commercial Motorist 49
Retiree 22
Health Worker 20
Factory Worker 16
Clergyman 12
Engineer 11
Housewife 11
NB: None of the occupations in ‘Other
IT Professional 11
occupations’ had up to ten entries.
Other occupations 82

Income and
phone ownership 4.7%
Don’t own
a phone
8.1%
Smart feature
phone
1,306
996
20.6%
909
Feature
phone 66.6%
Smartphone
805
392
175
115
Unemployed Less than ₦35,001- ₦50,001- ₦100,001- ₦150,001- Above

₦35,000 ₦50,000 ₦100,000 ₦150,000 ₦200,000 ₦200,000

Respondents’ location
72.44% 86.63%
27.56%
13.37%
Yes No Yes No
Financial Account
Bank Proximity Ownership
1,984
Urban
1,741
Rural
973
Suburb

Age range of account and non-account holders

18-20 290 184
21-25 914 109
26-30 1,011 78
31-35 578 70
36-40 430 34
41-45 287 32
46-50 223 24
Own an account
51-55 162 26
Don’t own an account
56-60 97 35
61+ 78 36
Age range

Highest education level and account ownership
No formal
education 54.7% 45.3%
Primary
education 57.1% 42.9%
SSCE/
WAEC 77.2% 22.8%
ND/NCE 95.2% 4.8%
Bachelor’s
Degree/HND 98.6% 1.4%
Postgraduate
Degree 100%
Don’t own Own an

an account account

Income level and account ownership
Less than ₦35,000 1,042 264
₦35,001 - ₦50,000 893 103
₦50,001 - ₦100,000 846 63
₦100,001 - ₦150,000 381 11

Own an account
₦150,001 - ₦200,000 173 2
Don’t own an account
Above ₦200,001 112 3
Income level
Income and education level play an important role in determining account
ownership with a financial institution.

Location and account ownership
95.11% 4.89%
Urban
74.96% 25.04%
Rural
90.24% 9.76%
Suburb
Own an account Don’t own an account
Where people live determines if they own an account with a bank.

Phone type and account ownership
Don’t own
a phone 29.5% 70.5%
Feature
Own an
phone 69.2% 30.8% account
Smart feature
phone 87.6% 12.4%
Don’t own
Smartphone 95.9% 4.1% an account
People with smartphones and smart feature phones are more likely
to own a bank or mobile money account than those without phones.

Religious beliefs and account ownership
Atheism 100%
Christianity 86.2% 13.8%

Own an
account
Eckankar 100%
Islam 88% 12%

Don’t own
African Traditional an account
68.8% 31.2%
Religion

Proximity to a banking institution

and account ownership
There’s no financial institution close by
66.3% 33.7%
Own an
account
There’s a financial institution close by
94.4% 5.6%
Don’t own
an account

People without bank or mobile money accounts THE PEOPLE
Suburb
15.1%
184
Best
15.4%
Urban description
of residence
59% of respondents without bank
109 accounts are below 31, thus becoming
financial institutions' potential customers.
78
70
69.4%
Rural
34 35 36
32
24 26
18-20 21-25 26-30 31-35 36-40 41-45 46-50 51-55 56-60 61+
Age distribution

285 SSCE/ Farmer 165

WAEC
Student 154
146 Primary
education
Trader 124
131 No formal
education Unemployed 73
Artisan 52
41 ND/NCE
Occupation
Highest Business Owner 30
25
Bachelor’s Education
Degree/HND
Civil Servant 8 Farmers and traders combined
are responsible for 44.3% of the
Forty-five per cent (45%) of respondents with no respondents with no account with
account with a financial institution claimed to have Housewife 6
a bank or mobile money platform.
SSCE as their highest qualification while another
23.3% only went to primary school.

7.5%
Smart
feature phone
Unemployed 182
Less than
264 20.4%
₦35,000 Smartphone
₦35,001-
47.5%
₦50,000 103 Feature phone
₦50,001-
₦100,000 63 Type of phone
owned
₦100,001- 24.7%
₦150,000 11 Don’t own a phone
₦150,001-
₦200,000 2 THE QUESTION
Repondents’ Where should financial services
More than income providers concentrate their efforts to
₦200,000 3 meet potential customers?

pidgin english
esan
igala english ogba margi
tiv idoma
barbu
fulani igede
igbo eggon yoruba kuteb

hausa
nupe
kanuri ishibori
ngas
gwarri
bolawa beribeci
agbo itigidi
ijaw Respondents without

Source: Intelpoint Survey, 2022 accounts are fluent in
these languages.

Accessing banking services
*Are there
banking agents in 45.54% 31.85% 22.61%
your community?
Is there a physical
bank branch in 30.57% 69.43%
your community?
Yes No Not sure
*The question explicitly stated the meaning of banking agents

as “agents that can help you open and fund bank accounts.”

Awareness of banking agents' functions
Ever heard of mobile

money? 19.58% 73.73% 6.69%
Ever heard of 11.15% 88.85%

neobanks?
Yes
Aware that you can
open an account 24.20% 75.80%
without visiting a bank?
No
Ever been compelled by
a bank agent or anyone 28.82% 71.18%
to open an account?
Not sure
Have you ever used a
banking agent (POS or 77.55% 22.45%
mobile money agent)?
Do you know that some

of these agents open 29.94% 70.06%
accounts for people?

Reasons why people don’t have an

account with a financial institution
There is no financial 272
institution in my area
I don’t earn
enough income 238
I don’t see the need for
an account with a bank 140
It requires too much
documentation 100
I don’t have any government

identity document 96
I don’t know how 84

to start
I can’t trust financial Note: Respondents could
institutions with my money 69
choose more than one reason.
It’s expensive to open and 50
maintain an account
Not enough income as one of the top reasons for not owning an account aligns with the income range of the
respondents with no bank account: 42% with no bank or mobile money account earn less than ₦35,000 while 28.98%
are unemployed.

How do these people send/receive money

to/from people outside their community?
I don’t send
Cash or receive
4.5% 0.3%
How often do they send/receive money

to/from people outside their community
47.3% 47.9%
Rarely 184
Through Through a family
POS agents At least once 168
member's or friend's monthly
account
Once weekly 117
A few times a 116

year
Never 21
At least once 20
daily
Thrice weekly 1
Thrice monthly 1

Periodic
contributions 329
Piggy banks 200

Community
associations 76
Age-grade
associations/clubs 75
Cooperatives 54
How they keep
I don’t save 34 their extra income
Accounts of family
and friends 15 Note: Respondents could choose more than one reason.

Ever used a banking agent (POS

or mobile money agent)?
Why they use banking services

22.5% No
2.9% 2.5%
Pay bills Buy airtime
(PHCN, DStv, etc.)
Yes 77.5%
50.3%
Receive money
44.4%
Send money

The financial services they need
Savings account 442

Debit card 124
(ATM card)
Loans 119
Non-interest
banking services 54
Note: Respondents could choose more
than one reason.
None 42
Mobile money
wallet 41
Mortgage finance 2

People with bank or mobile money accounts THE PEOPLE
Use of banking products and services by

people with bank or mobile money accounts
96.44% 15.38% 11.11% 7.94%

Debit card Current account Fixed deposit Mortgage
8.26% 10.25% 16.31% 8.40%

Overdraft Non-interest banking Loan Domiciliary account
service
13.56% 64.28% 21.03% 50.52%

Mobile money USSD Internet banking Banking app

On what platforms do
people have accounts?
Only commercial
banks 3,407
Commercial bank,
neobank, mobile 593
money or PSB
Only mobile money, 70
neobank, or PSB
7.1% 4.5%
Cost of product/
Recommendation service maintenance
from friends/family
9.3%
Branch
What people consider when proximity
choosing a banking/financial
institution 49.6%
Safety of funds
Most people with bank accounts consider the
safety of funds before choosing a banking partner.
29.6%
Ease of
access to funds

Payment options most used by respondents

with bank or mobile money accounts
Mobile money 4.0%
12.9%
USSD
38.4%
Cash
20.7%
Bank app
Debit Card 23.9%


How people rate the banking

services that they use
Debit card 69.5% 29.6% 0.9%
Credit card 30.7% 52% 17.3%
Current account 39.5% 46.8% 13.7%
Fixed deposit 27.4% 53.1% 19.5%

Great
Mortgage 9.3% 59.1% 31.6%
Overdraft 11% 55.7% 33.3%
Non-interest banking 21.1% 47.7% 31.2% Average

Loan 19.4% 51.5% 29.1%
Domiciliary account 21.1% 48.8% 30.1%

Mobile money 39% 48.9% 12.1% Poor
USSD 53.2% 43.2% 3.6%
Internet banking 48.3% 46.8% 4.9%
Banking app 59.9% 37.1% 3.0%

Pain points of using banking institutions
High charges 3,136
and fees
Unauthorised
deductions 1,886
Inability to 1,756
access funds
None 257
Failed transactions 15
Restricted/blocked
account 14
Network issues 10
83.2% 16.8%
Customer service 8 Yes No
Long queues
People with bank or mobile money
4
accounts who have had a challenge with
Security men at the gate 1 their banking institution.
Note: Respondents could choose more than one reason. This aligns with the daily complaints of Nigerian
commercial banks’ customers on social media.

Other financial services wanted by

respondents with bank accounts
8.6% 4.2%
Insurance and
Insurance investment
only
14.5%
Investment
only
72.8%
None

THE
PLAYERS
Players in some sectors of the Financial
Services space

Players in some sectors of the
Financial Services space THE PLAYERS
887
Microfinance
4,437 58
Insurance
Commercial Bank
Bank Licences Branches Companies
[CBN] [NAICOM]
2,991
Bureau
325
Fintech
106
Finance
de Changes Platforms Companies
[CBN] [CBN]
5 1,515,000 22
Payment Banking Pension Fund
Service Banks Agents Administrators
[CBN] [SANEF] [PenCom]

The Nigerian Fintech Market THE PLAYERS
OTHERS CREDIT
SERVICES
CRYPTO
CURRENCIES
SAVINGS &
INVESTMENT
INFRASTRUCTURE
REMITTANCES
INSURANCE
PAYMENTS
BANKING/
NEO BANK
Payluk
PAGE 74
Founding years timeline THE PLAYERS
All
Still active
Most inactive fintech startups were
founded between 2016 and 2018
1982 1992 1993 1994 1996 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Geographical breakdown of
Nigeria’s commercial banks branches THE PLAYERS
SO
50
KT
ZA 45
JI YO On average, a commercial
KN 29 BO
KE 29 24
38
bank branch serves 28,424
31 144 Nigerians aged 15 and above.
KD BA GO
139 38 30
NI
NORTH
56 AD WEST
1,291 PL 467
KW
FC 56 NORTH
73 EAST
OY 60
344 NA 206
42 TA NORTH
189 CENTRAL
OS
EK KO 65 20 699
48 BE
83
OG 150 88 59 SOUTH
WEST
ON EN 1,849
145
ED AN 112 EB SOUTH
SOUTH
EAST
LA 1,291 181 23 CR SOUTH
715
501
DE IM AB 68
175 78 107
20 RI AK NB: Circle sizes do not represent the number of
BY commercial bank branches.
29 229 69

Commercial banks with 100+ branches THE PLAYERS
First Bank 591
Access Bank 583
United Bank for Africa 460
Zenith Bank 393
Ecobank 273
Polaris Bank 252
Fidelity Bank 244
Union Bank 240
Guaranty Trust Bank 235
Unity Bank 210
Keystone Bank 156
Stanbic IBTC Bank 148
First City Monument Bank 145
Sterling Bank 141
Wema Bank 140
Heritage Bank 126


Top states by commercial bank branches THE PLAYERS
LAGOS 1,291
ABUJA 344
RIVERS 229 No other state in Nigeria has up to 100 commercial

bank branches. Taraba has the least number of
OYO 189
commercial bank branches with only 20.
ANAMBRA 181
DELTA 175
OGUN 150 States with the

least commercial
EDO 145 bank branches
KANO 144 TARABA 20
EBONYI 23
KADUNA 139 YOBE 24
BAYELSA 29
ENUGU 112 JIGAWA 29
ABIA 107
ZAMFARA 29

Geographical breakdown of Nigeria’s
agency banking network THE PLAYERS
SO
16,508
KT
ZA JI YO On average, a banking agent
BO
16,136 10,654 branch serves 78 Nigerians
KE KN
15,027 9,373 aged 15 and above.
59,754 17,441
3,464
KD GO
BA
16,591
NI 36,505 17,849
NORTH
22,891
AD WEST
178,854
NORTH
KW FC PL 18,657 EAST
95,006
NA 23,102 NORTH
101,167 CENTRAL
OY 29,442
TA 232,666
20,387
SOUTH
76,192 15,095 WEST
322.3k OS 15,210 KO 565,892
35,198
EK 17,760 BE 17,917 SOUTH
SOUTH
EAST
198,102
OG SOUTH
244,480
88,035 ON
28,991 57,833 28,336
LA ED AN EN EB
322,266 CR
10,802
49,065
DE 31,701 AB
54,439 78,198 19,847
IM NB: Circle sizes do not represent the number of banking agents.
RI AK
9.4k BY
14,649 27,431
70,281
Source: SANEF Limited

Top companies by agency banking
network in Nigeria THE PLAYERS
OPay 563,252
Moniepoint 303,946
First Bank 160,740
Quickteller 35,490
Access Bank 26,013
Ecobank 18,879
Union Bank 2,936
First City Monument Bank 2,028
Keystone Bank 1,163


Top states by agency banking network THE PLAYERS
LAGOS 322,266
ABUJA 101,167
No other state has up to 40,000 banking
OGUN 88,035 agents. Yobe has 9,373 banking agents, the
least in the country.
ABIA 78,198
OYO 76,192
RIVERS 70,281
States with the
KANO 59,754 least agency
banking network
EDO 57,833
YOBE 9,373
DELTA 54,439 JIGAWA 10,654
KADUNA 49,752 EBONYI 10,802
KEBBI 11,023
ANAMBRA 49,065
BAYELSA 14,649
Source: SANEF Limited

THE PLAYERS
How has the agency banking space evolved
over the years?
The emergence of agency banking as a strategy to improve
financial inclusion in Nigeria has continued to deepen access
to financial services in a largely poor mass market, thereby
solving problems for the millions of unbanked people,
especially in rural areas.
The key factors that have fuelled this growth include:
The relative ease in becoming an agent: The low barrier to

entry required for agency banking has seen anyone with a
shop or a mobile phone set-up serve as an agent for a bank
or financial services company like ours. Some studies have
also shown that 60% of Nigerian agent outlets operate
agency businesses alongside their regular business.
Furthermore, one agent can work with the POS machines of
different companies because they do not have exclusive
agreements with anyone.
High cost of traditional banking: The cost of building a new

bank branch in Nigeria and the monthly expenses, including
ATM, security, electricity, etc., are vast and unsustainable for
any business. Therefore, agency banking services have been
Tayo Oviosu used to serve the unbanked in rural areas. This has been a
Founder/CEO, Paga

THE PLAYERS
key factor in the growth of the agency banking business in $1.62 compared to $0.09 in India), and there are still
Nigeria. significant populations that are not digitally savvy or on the
Internet. Data from the International Telecommunications
The transformative impact of technology: This has provided Union suggests that approximately 75% of sub-Saharan
strong incentives for the growing spread and adoption of Africa still cannot access or use the Internet.
agency banking in Nigeria. Payment providers like us can
leverage technology to innovate and deliver financial Insecurity also remains a challenge; however, in some areas,
services and products that offer a robust and seamless agents have informal security plans to keep their businesses
experience to consumers. safe.
What were the challenges then compared to Will attaining a high level of financial
now? inclusion phase out banking agents in
Nigeria?
At the inception of the agency banking business in Nigeria,
industry pioneers like us faced the challenge of believability No, it won’t. There are still many underserved areas where
and convincing Nigerians that agency banking wasn’t a flash agent banking will be valuable. Also, financial inclusion
in the pan. Also, the skeletal presence of agents and the low means meeting the needs of as many people as possible,
level of awareness presented deep-seated hurdles. There and agent banking is an important way to do that.
were also limited transactions customers could perform at
agent locations. These challenges aren't as prevalent now Our agent network is a critical part of the ecosystem we are
because technology has opened up the space and allowed building to make life possible and make it simple for one
agents to provide more services. billion people to use and access their money. Our 140,000
agent points nationwide are critical channels for us to reach
There are still challenges with unstable Internet connections, more consumers and provide them with access to financial
especially in rural areas with limited access. In today’s Africa, services. We're growing the network even more and
investing resources in boosting our aggregators, increasing
smartphone penetration remains low (20% in Nigeria), data
our targets, and strengthening our drive toward reaching as
costs are very high (1Gb of mobile data costs as much as
many consumers as possible. One way we’re investing more

THE PLAYERS
in our agent network is via the free POS withdrawal expansion and help create more jobs in communities.
transactions we’ve offered our agents from this October to We’re continually adding more billers to our platform for
December (2022) — this makes it clear that our agent added ease and convenience for customers.
network is vital to our consumer growth. We have also built a Save-As-You-Go feature that allows
agents to decide what percentage of their POS bulk
Our partnership with Untapped Global also indicates the commissions they receive on the first day of each month.
importance we place on our agent network. The partnership Our agents will be essential distributors for our upcoming
helps with financing point-of-sale (POS) devices for physical cards. They’ll help improve the access and use of
merchants in Nigeria and empowers small businesses to the cards for customers.
accept digital payments and bring financial services to the
masses. The financing is structured to lower the overall cost Also, in the near future, there will be the addition of more
of entry for merchants to acquire a handheld POS terminal services to POS machines. There is the possibility of POS
and other digital tools for their businesses, making it easy for machines being used for transactions such as loan and credit
them to buy, sell, and get paid. card and payments.
Where do you see the agency banking There will still be the need for agency banking to reach more
customers and penetrate underserved populations more
space heading in the near future? deeply. There is an opportunity in those areas, and for the
agent banking space to grow, there needs to be a wider pool
For us, impacting the future of agent banking means not
of customers.
operating in a typical way. It means continuing to give value
to agents and customers. We're partnering with our agents to
There will be the emergence of cheaper and more
drive various transaction types and empower consumers to
technologically advanced POS devices, making industry
do more. We also see our agents as businesses, and we're
players reevaluate their value to agency banking and ensure
creating tools to boost those businesses via our merchant
they still provide effective services to their customers.
solution, Doroki.
Additionally:
We‘ve reduced our terminal costs for our agents to
improve the ease of doing business, which can also aid

Adult population, commercial banks,
and banking agents. THE PLAYERS
SO
3.4m
50
16.5k KT 4m YO
KE ZA 5.3m JI 29 BO
KN 1.9m
2.9m 3m 45
16.1k 8.2m 10.7k 24 3.3m
31 29
11k 15k 144 9.4k 38
59.8k
17.4k
GO
4.9m 4.3m 2.1m
BA 38
NI KD 139 30
49.8k 17.8k 16.6k
3.6m
56
AD
22.9k 2.7m
2.6m 56
KW FC 1.9m PL 73
2m 1.6m 18.7k
344 23.1k
5m 60 101.2k NA 42 TA
OY 189 29.4k 20.4k 2m
EK 76.2k 20
2.3m OS EK 2.4m 15.1k
48 2.8m KO 65 3.3m
15.2k 4m
83
35.2k 17.8k
BE 59
150 OG ON 3m 17.9k
88k 3.3m 145 EB
88
LA 29k ED 57.8k 1.9m
EN EB EN 23
9.1m 1,291 AN AN 3m 10.8k
322.3k 3.8m
3.5m
CR 112 KEYS
AB
181 175 DE IM AB 2.7m 28.3k
49.1k 68 2.7m
54.4k
107 15+ population as of 2021 (estimate)
RI AK
19.8k
BY 1.6m 3.1m 78.2k Commercial bank branches as of 2021
29 14.6k 69 27.4k
RI Banking agents as of Feb. 2023
IM 4.8m
Sources: World Bank, SANEF Limited 3.5m 229
78 70.3k
THE NIGERIAN FINANCIAL SERVICES MARKET 31.7k PAGE 85
THE STARTUPS THE PLAYERS
Players in some sectors

of the Fintech space

The Nigerian Fintech Market THE PLAYERS
291 /325 46 /54

325 active fintech platforms, 46 of the 54 startups founded in
291 of which can be 2018 — the year with most
considered startups fintech startup establishments —
are still active
$2.94b 55%
of all active fintech
raised by fintech startups
companies are bootstrapped

Share of the amount raised by fintech startups THE PLAYERS
$1,040.1m
$926.6m
$686.5m
Startups accounted for 73.92% of amount

raised by fintech platforms in the country
over the years.
$107.1m
$61.7m $49.7m $41.5m
$21.1m $0.9m
Banking/ Payment Credit Cryptocurrency Infrastructure Services Savings & Insurance Remittance
Neobank Investments

Funding raised by Financial Services
startups over the years THE PLAYERS
$1,012.1m
$858m
$658.7m
2010-2022
Nigerian fintech startups raised $2.94
billion between 2010 and 2022 with most of
the fund coming in within the last four years.
$179.4m
$14.9m $120.7m
$36.6m
$12m $11m $18m $13.2m
$0.7m $0m
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Are there ₦
really too
many fintech
startups in 291
Nigeria? Active Fintech
startups as of
December 2022

Only 12.5% of Nigerians
Are there really too 12.5% aged 15 and above saved
many fintech startups in for old age as of 2017
Nigeria?
9,954,278 people on the
>9.9m Contributory Pension Scheme
as of December 2022
89,327 registered participants

>89k of the Micro Pension Plan as of
December 2022
RETIREMENT 60.5m
An estimated 60.5 million
Nigerians were employed as of
SAVINGS 2021
National Pension Commission’s Industry strategic objective is to cover 30% of
the Nigerian working population under the CPS by the end of 2024. Only 8%
of Nigerians working population have an RSA.
THE NIGERIAN FINANCIAL SERVICES MARKET
Source: National Pension Commission PAGE 91
Are there really too many fintech startups in Nigeria? THE PLAYERS
Retirement Savings Account
9,954,278 Retirement Savings Accounts as of December
2022 vs the 124.6m Nigerians working population as of 2019 8.0%
Have an RSA
3.629m 3.606m
1.824m
92.0%
0.723m Don’t have an RSA
0.068m 0.105m
Less than 30 30-39 40-49 50-59 60-65 65 +
Share of Nigerian working
AGE RANGE
population with an RSA
RSA by age range as of December 2022
Source: National Pension Commission

Retirement Savings Account figures
Less than 30 1,180,224 2,448,524
30 - 39 1,087,276 2,518,469
40 - 49 526,212 1,298,177
4.8% 11.2%
Have an RSA Have an RSA
50 - 59 168,721 553,876
60 - 65 8,368 59,797
95.2% 88.8%
Don’t have an RSA
65 + 36,841 67,793 Don’t have an RSA
Female Male
Female Male
Breakdown of RSA holders 9,954,278 RSA holders as of December 2022

by age range 89,327 micro pension contributors as of December 2022

Share of RSA holders by gender
NB: There's no breakdown by gender or age range for Micro Pension Contributors

121 million Nigerians aged 15
121m and above as of 2021.
Are there really too 54.3 million Nigerians aged 15
many fintech startups in 54.3m and above with bank/mobile
Nigeria?
money accounts as of 2021.
45% of Nigerians aged 15

45% and above with bank/mobile
money accounts as of 2021.
56.2 million BVNs
56.2m as of 2022.
BANKING 44.5m
44.5 million active
BVNs as of 2021.
15.3 million mobile money

15.3m
customers as of 2019.
Sources: World Bank, Nigeria Inter-Bank Settlement System PAGE 95
THE NIGERIAN FINANCIAL SERVICES MARKET
41.5m vs 8.9m
41.5 million micro, small, and medium
enterprises (MSMEs) according to the National
44.5m vs 121m Policy on MSMEs vs 8.9 million corporate
bank accounts
44.5 million active BVNs as against 121 OPPORTUNITIES
million Nigerians aged 15 and above as
of December 2021. Opportunities for banks and neobanks
Hundreds of thousands of one-man businesses
on social media
OPPORTUNITIES
MSMEs classification according to Small and Medium
Opportunities for banks Enterprises Development Agency of Nigeria (SMEDAN)
and neobanks
Name Employees Assets (excluding land and buildings)
Micro enterprises Less than 10 less than ₦10m
Small enterprises 10 - 49 between ₦10m and less ₦99.99m
Medium enterprises 50 - 199 between ₦100m to ₦999.99m

Sources: World Bank, Nigeria Inter-Bank Settlement System, National Pension Commission

Age range of people with no bank Savings accounts lead the list of
or mobile money accounts (from the financial services needed by
survey) people without bank or mobile
Opportunities for banks and neobanks money accounts
5.0%
5.7% 5.1%
Mobile money
wallets 0.3%
Mortgage Finance
61+ years
None
9.7% 6.6%
51-60 years
Non-interest
29.3% banking services
18-20 years
8.9%
41-50 years
14.4% 53.6%
Loans
Savings
accounts
16.6%
31-40 years
29.8%
21-30 years
15.0%
Debit cards
More than half of the survey respondents
without bank accounts are less than 31.
Source: Intelpoint survey, 2022

Population projection of Nigerians above

15 against active BVNs
As of 2021, there were 44.5 million active BVNs which can be translated as 36.7% of the
population of Nigerians aged 15 and above owning a bank account. Working with the
assumption that this group will have a BVN by 2050, we can project that 96.3 million
Nigerians will have accounts with a bank.
259.4m
230.3m
Population (15 and above)
203.2m
Active BVNs 192.9m

198.0m
187.9m
183.0m
178.3m
173.5m
168.8m
164.2m
159.7m
155.4m
150.9m
146.6m
142.4m
138.4m
134.5m
126.9m 130.6m
123.3m
119.8m
96.3m
85.5m
75.5m
71.6m 73.5m
68.0m 69.8m
64.4m 66.2m
61.0m 62.7m
57.7m 59.3m
52.9m 54.4m 56.0m
48.5m 49.9m 51.4m
44.5m 45.8m 47.1m
2021 2022* 2023* 2024* 2025* 2026* 2027* 2028* 2029* 2030* 2031* 2032* 2033* 2034* 2035* 2036* 2037* 2038* 2039* 2040* 2045* 2050*
*Projections
Source: World Bank, Nigeria Inter-Bank Settlement System

Only 31% of MSMEs surveyed
Are there really too in 2017 have obtained loans
many fintech startups in 31% from deposit money or
Nigeria? microfinance banks.
Only 13.9% of Nigerian adults

13.9% were listed in a private credit
registry (credit bureau) as of 2019.
Only 4.8% of Nigerian adults were

4.8% listed in a public credit registry
CREDIT (credit bureau) as of 2019.

THE PLAYERS
To what extent is Nigeria prepared for a credit
economy? Are startups prepared to leverage
this growth?
Nigeria is not prepared for a credit economy. Despite the
number of banks and, of recent, digital lenders, the average
Nigerian doesn’t have access to credit. Even when they do with
digital lenders, the amount they could get is significantly
inconsequential beyond meeting immediate minor needs.
Nigerians cannot reach their potential because there is no credit
to fund ideas and businesses. Many intelligent kids have their
futures mortgaged because their parents can’t get loans to fund
their education.
Lendsqr believes these challenges can be overcome with

technology and the emergence of an interconnected ecosystem
of data players, technologies, and smart algorithms.
What are the key infrastructures needed for a

credit economy?
Nigeria needs several critical but non-physical infrastructures to
support the emergence of a credit economy.
Data infrastructure – There needs to be a data ecosystem that
Adedeji Olowe is up-to-date, fast, cheap, and has high integrity so that lenders
and banks can make underwriting decisions quickly and
Founder/CEO, Lendsqr accurately.

THE PLAYERS
Legal infrastructure – Lenders need speedy, severe, and to a few lenders behaving irresponsibly just to recover their
assured ways to hold chronic debtors accountable. The loans. This has also led to more regulations not addressing
country needs a consequence infrastructure that is fast, the fundamental issues.
smart, and objective but with enough failsafe to protect those
who genuinely can't repay. Furthermore, data providers such as credit bureaus and API
providers are shortsighted. They are more interested in
Insurance infrastructure – Borrowers and lenders need a immediate and severe billing of lenders, which makes the
mechanism to protect them when things go awry. expansion of data usage limited.
The informal economy has barely any credit

history; can tech solve this issue, or does it
require more from policymakers?
This is the easiest and the most difficult to solve. It’s easy
because digital lenders don’t need a credit history to
advance you a loan; using your bank transactions and other
data can be a solid decision framework. However, getting
access to quality data is difficult. We need the CBN to
conclude the open banking regime to make this easier for
lenders.
What are the huge challenges in the lending

space so far? Are there others we're yet to
see?
The lack of consequence has made a few Nigerians
bastardise credit and take advantage of lenders. This has led

2.1 million Nigerian
2.1m adults have insurance.
Are there really too
many fintech startups in
Nigeria? 619,000 adults in Nigeria
619k have microinsurance.
According to the Nigerian

Insurance Industry Database,
3.4m only 3.4 of the 12 million
vehicles in Nigeria are
insured.
INSURANCE Insurance and investment top the list of what

people with bank accounts need.
Insurance penetration is currently less than 1%.

OTHER
INDUSTRY
INSIGHTS
OTHER INDUSTRY INSIGHTS
Considering the awesome numbers
Moniepoint is doing without too much online
fanfare, should Nigerian fintech solutions
focus more on the offline market?
Moniepoint’s offline growth speaks to our recognition of our
unique market. Many businesses that use our products do most
of their business offline. This offline market has been both
overlooked and underserved by traditional systems, which are
understandably primed for businesses that meet certain criteria.
Hence, it makes sense for a lot of our efforts to be focused on
supporting these businesses in the offline markets where they
exist.
But the Nigerian market is unique and diverse. Some solutions

are more suited to some segments than others are, and
understanding this is important for Nigerian fintech solutions.
Rather than an either/or approach to the Nigerian market, one
that considers the unique pain points of the market and how
best we can solve them can advise where the focus should be.
It's arguable that most agency banking helps

to move cash. What's the natural evolution for
this sector in the future?
Tosin Eniolorunda Agency banking has so far helped to bridge the gap between
Founder/CEO, Moniepoint the formal banking system, and the informal markets where the
bulk of transactions happen. By adding additional steps

between banks and the people using cash, it has helped advancement. Policies meant to foster these opportunities
introduce a form of digitisation to these markets. have also inevitably led to the growth of the Nigerian
payments space.
With the right incentives and structure, this system can serve
as a foundation for fully transitioning into digital payment
Are we going to see companies like
acceptance for these informal businesses. They become the
“agents” in charge of their finances, transitioning into more Moniepoint develop infrastructure for
direct transactions, without middlemen. This is evident in the fintech services in Nigeria?
rise of businesses of all sizes that now use POS terminals to
accept payments from their customers digitally, without Moniepoint started out building infrastructure for financial
needing a third-party agent. services providers. Part of our drive is seeing that the African
economy becomes digitised, and from inception, we’ve tried
Nigeria's payments space has witnessed to achieve this. We built backend infrastructure that was used
by nearly every major bank in the country. Even some of the
growth in recent years; how are you thinking earliest digital banking platforms were also built by our team.
about the growth of this subsector?
While we cannot say right now if we’re going to go back
Payment is the basis for tech products to succeed. If you have there, we are focused on the unmet needs of businesses.
an edutech product, for example, and people cannot pay for We’re empowering businesses to experience the full banking
it, you don’t have a business. Thus, as countries move experience, with appropriate support to grow. This is the path
towards digitalisation — and technology remains central to we’re on, and are committed to.
that — makes sense that payment companies will lead the
way since they enable transacting in the digital space.
Recent regulations in Nigeria have also further highlighted

the importance of digital payment solutions. Countries like
Nigeria recognise that digital payments unlock more
opportunities for business, economic growth, and general

Flutterwave has grown rapidly across Africa in
recent years. How would you rate the African
market in terms of opportunities for growth in
the payment sector?
We founded Flutterwave in 2016 because we saw the need to
enable easy payments across borders. We knew that if a
customer in Lagos, Nigeria, could pay a business in Nairobi and
a customer in California pay a business in Lagos, Nairobi, and
Johannesburg seamlessly through Flutterwave, we would
create lots of value and opportunities for the economy. We have
enabled these possibilities, processing $16bn worth of
transactions in that period, but we still see even more
opportunities for growth in the African market.
McKinsey’s 2022 report on the future of payments in Africa

predicts a 20% annual domestic revenue growth compared to
7% in the global market. Africa is a continent of opportunities
and talents, and this is evident in the participation of foreign
investors in local businesses and multinationals setting up here.
We’re well positioned to support this growth with our suite of
Flutterwave for business payment solutions: Gateway, Store,
Market, Collections and Payouts.
Africa also has a growing diaspora community. Remittance

inflows to sub-Saharan Africa increased by 14.1% to $49 billion in
Olugbenga GB Agboola 2021, following an8.1% decline in 2020. Nigeria was the largest
Co-founder/CEO, Flutterwave recipient in the region, with an 11.2% increase. We have Send by
Flutterwave, our remittance solution, positioned to tap into this
growth.

Cross-border payment in Africa is multi-layered and digital channels are a major growth opportunity on the
fragmented, and facilitating seamless commerce among the continent. E-payments are predicted to grow to about 30% by
countries will position the continent for individual and 2025, representing just about 5% to 7% of payment
collective economic prosperity. We are enabling this through transactions in Africa. This is a good thing, and we are right at
our multiple payment modes, including local and the centre of powering the continent’s online and offline
international cards, mobile wallets, and partnerships with the growth.
likes of Google Pay.
What’s the next frontier for B2B payments in
Do we create more offline solutions or Nigeria?
consolidate on the digital market?
The key objective of B2B payments is to collect payments
Why do one when we can do both? Our mission is to simplify from wherever their customers are and in whatever method
payments for endless possibilities. We have a suite of offline they choose, quickly, easily and at a low cost. The payments
solutions, including agency banking services enabling quick industry still has many opportunities to explore the digital
cashless offline transactions. This payment method has been payments sector across Nigeria. The tap-and-pay method,
on the rise across Nigeria. which has become mainstream in countries like the UK, can
also become a mainstay in Nigeria. Payment by e-Naira via
Nigeria recorded ₦6.43 trillion as POS transactions in 2021, QR codes can grow even more. Instore payment through
hitting the highest levels on record. Similarly, the volume of Google Pay and Apple Pay can become even more popular
POS transactions in the country skyrocketed by 50% to in Nigeria. We’ve recently announced the integration of
₦982.8 million in 2021 compared to ₦655.8 million eNaira and Google Pay on Flutterwave. We also got our
transactions recorded in the previous year, according to Switching and Processing License which allows us to process
NIBBS. payments between institutions, banks, fintechs, and
businesses. We’re already exploring the next frontiers of
We have also seen an increase in digitalisation in Africa as business payments in Nigeria.
people are encouraged by seamless, easy, and secure online
payment systems. We’re positioned to support offline and
online commerce, seeing that electronic payments using

T he credit-led neobanking model and neobanking, in general,

are still in their infancy in Africa. Despite this, it shows great
potential for the future and is already revolutionising Africa's
financial landscape.
The heavy leverage on technology has helped increase the

reach and adoption of neobanks remarkably. In the next decade,
it is almost predictable that a neobank will be among Nigeria's
top five banks in terms of customer base and transaction
volume.
Similar trends will also be seen across Africa.
With increased Internet and smartphone penetration, the

potential for neobanks to grow increases. The major challenge
is that financial institutions are far from the people, but
neobanks close the distance in ways traditional banks with
brick-and-mortar structures cannot.
FairMoney is one of the first African fintechs to adopt the credit-

led neobanking model, moving from just providing micro-loans
to a full-fledged credit-led neobank. We are striving to exploit
this banking model further to solve emerging markets' finance-
related problems.
Laurin Hainy
CEO, FairMoney

Financial technology companies must deal Building for the globe or staying hyperlocal?
with fraud and security issues; what's the What's the ideal approach for African
practical way to handle that? neobanks?
Fraud is a significant global challenge threatening the This depends on the goal. For us, it is definitely hyperlocal.
financial ecosystem, commercial and digital banks alike. Every market has its peculiarities, so staying hyperlocal helps
Dealing with fraud is a collaborative effort of the various to focus on the continent's problems while proffering
stakeholders. We emphasise technology, talent and customised solutions that will enable easy and fast adoption.
customer education, and awareness because they have
proven to curb fraud. At FairMoney, we want to close the financial inclusion gap, so
we embarked on building the neobank for the next two
We ensure that we use the best standard practice and billion. To achieve this, we stay hyperlocal to solve real
updated technology to deal with external fraud threats and problems and remove the barriers hindering people in this
attacks. We have an effective transaction monitoring system, market from benefiting from the financial system.
put all the necessary controls in place, and continuously
monitor and update.
We also prioritise having the right hands on board. We

globally source talents that fit our values and set up a fraud
team to identify, prevent, and deter fraudulent acts and those
who engage in them.
Lastly, we believe that to handle fraud, we must carry our

people along. Customers and staff are regularly and
aggressively educated on basic or complicated tactics that
fraudulent players may utilise and how to reduce the
likelihood of users falling victim to such acts, either through
negligence or ignorance.

How can Africa’s Fintech space maintain its
current pace?
The African Fintech space has recorded significant growth in the
past five years. We have seen the growth of old players and the
emergence of new players across the value chain, including
increased investment and regulations to support them.
According to data from NIBSS, more than N286.45trn (US$682
billion) was processed in digital payments in 2021, representing a
71.9% growth in digital transactions (via NIP) when compared to
2020.
Investors’ interest in the region has also increased over the past
years, with the Nigerian Fintech space recording an FDI of
US$741.6 million in 2021, a significant YoY increase compared to
2020. The industry is growing astronomically, and some factors
that can empower the industry to continue its present trajectory
include:
Innovation: Many innovative ingenuities have been launched in the
past decade and are the major fuel for the ecosystem's growth.
Products have been created around payments, crypto & DEFI,
insurtech, mobile money, remittances/cross-border exchanges,
digital savings/credit, investments, etc., and companies have
evolved to cater to the products.
The innovations have enabled African countries to transition from
Deremi Atanda physical retail banking to online payments, simplified remittances,
Managing Director, trans-border solutions, and deepen financial inclusion. Innovation
Remita Payment Services Limited will continue to play a major part in redefining and repositioning the
industry's future.

Regulation: Innovation comes with its downside and always Remita Payment Services Limited (RPSL) and other firms are
poses new challenges to regulators. While innovators are also investing in building technology awareness amongst
moving at the speed of light to develop new customer children via its Children's Day Essay Competition and
propositions, regulators, on the other hand, are moving at a Summer Bootcamp, also employing NYSC members and
slow pace to issue guidelines governing the space. young graduates and empowering them with on-the-job
training to create value within the ecosystem.
Though the regulators have continued to be positive and
endearing towards innovation, we believe that more Collaboration: Collaboration is the new fintech model. The
engagement between regulators and innovators (whether finance industry is rapidly evolving, and the fintechs and
regulator or innovator-led) will go a long way in maintaining banks that recognise the changes are cultivating
the industry's current pace. Examples of regulatory strategies relationships based on each organisation’s core
that have helped include the Central Bank of Nigeria’s competencies. Instead of each organisation competing for a
approach to engaging market operators and players via slice of the old pie, they’re working together to make the new
exposure drafts before releasing final circulars to regulate pie bigger, and it is expected to result in a win-win for all
certain spaces. parties involved.
Talent development: With funding out of the way, talent may Collaborations between banks and fintechs have played a
become the next challenge for the continent. The growth of huge role in the ecosystem's growth, and more collaboration
the fintech space is largely built on the back of talent; will lead to further growth.
however, with entrenched globalisation and the proliferation
Firms must leverage their strengths, platforms, and resources
of remote work, global firms have begun to poach African
to maintain the ecosystem's growth. For instance,
talent, offering them competitive compensation packages
collaborations between banks and fintechs to issue virtual
that are difficult for most African fintechs to match. To mitigate
accounts to customers and the collaborative efforts that
this, African fintechs must deliberately build a talent pipeline
result in white-labelled payment gateways etc. One such is
to ensure adequate technical and non-technical resources
the collaboration between Remita and MTN to make Remita’s
for their operations.
unique set of billers available to customers on the Y’ello
To boost this initiative, efforts from companies like Andela, Digital Financial Services platform or the availability of
AltSchool by TalentQL, and Decagon have been key in Remita’s API to various aggregators. Simply put, fintech's
feeding the fintech talent pipeline by collaborating with firms future is integrated.
to offer their graduates a head start in their tech careers.

How do we maintain the balance between Innovation must be encouraged, but it needs to be tested
and trusted. It has to balance trust and risk. This way,
innovation and regulation in Nigeria’s regulation gives way to innovation.
payment space?
Should payments companies bring in
There has always been a clash between innovation and
regulation. However, the goal of regulation is not to quell underserved businesses or consolidate on
innovation but to protect users and create an enabling digital native businesses?
environment for good actors to thrive while stifling out the
bad ones. The roles of payment companies in businesses are multi-
layered. They range from digital transformation to
Innovation must happen, but it needs to be tied within the underserved businesses and digital acceleration to digital
context of the regulatory framework. That means innovation native businesses.
and regulation have to be in proper balance, or else nothing
will work. Underserved businesses usually have little or no digital
exposure and/or technical expertise. Payments companies
While it is evident that innovation is always ahead of need to support them by providing solutions that cater to
regulation, maintaining the balance between innovation and their needs, increase their total serviceable market, and
regulation will involve the innovators’ constant engagement expand the market through payment solutions.
with regulatory bodies and other relevant stakeholders to
empower them with the necessary information required to They should also consolidate on already digital native
make informed decisions and adequately regulate certain businesses by finding new ways to innovate around existing
fields. business problems and simplifying the payment process.
The Central Bank of Nigeria’s Framework for Regulatory The underserved businesses are strategic to payments
Sandbox Operations is a clear example. Fintechs seeking to because they could eventually grow and graduate to
launch products and services can pilot these services in a becoming digital native businesses and benefit from the
controlled environment under the regulator's watch to enable innovations being served to such businesses.
it to understand and better regulate these services. More payment companies now offer collection links/portals
Firms like Remita and other fintechs play a large role in to businesses that are technically incapable of maintaining
working with regulators to provide insights that help them websites and digital touchpoints. At the same time, some
craft well-informed regulatory frameworks. provide physical payment terminals to allow merchants to

collect payments digitally. Some also offer digital native Companies should also consistently invest in building
businesses payment gateways on their digital touchpoints security features that make perpetrating fraud difficult. For
and/or websites along with other payment solutions. instance, Remita’s multi-approval systems, the multi-level
financial audit trail that gives point-by-point information on
Payments companies should equally serve the digital
users’ financial transactions, instant access to account
migrants and digital-native businesses, but with different
balances for real-time feedback on balances, and a dynamic
product strategies.
authentication system that makes impersonation almost
How do we instil confidence in the public impossible are all security features that make it difficult to
execute fraud.
with the constant fraud reports in the
Fintech space?
Building resilient fraud monitoring, detection, and prevention How can Africa benefit from financial
systems will play a large role in reducing the reports of fraud
prevalent in the payments ecosystem and build public
technologies compared to other markets
confidence in new-age payment solutions. Companies, such as the US, Europe, or Asia?
however, have a responsibility to educate their users on how
Fintechs accounted for nearly two-thirds of the investment
to spot and avoid fraud, while creating quick and reliable
realised in 2021 in Africa. The Fintech industry has a
avenues for the resolution of fraud-related occurrences.
pronounced effect on the African landscape. Like the United
Making these avenues well-known to the public will play a
States, Europe, and other developed markets, fintechs have
large role in strengthening the public’s perception and
transformed businesses and attracted more players into the
confidence in these solutions.
digital ecosystem.
Engaging in and embracing industry forums that encourage
Fintech has opened up a world of possibilities across Africa,
knowledge sharing between fintech operators also plays a
boosted financial inclusion, reshaped our payments
large role in curbing the growth of fraud and instilling users’
ecosystem, provided employment, enhanced partnerships
confidence in the ecosystem. The NEFF (Nigerian Electronic
worldwide, and deepened mobile phone usage and Internet
Fraud Forum), which consists of all relevant stakeholders,
penetration through capital injection.
including fintech operators like Remita, plays a large role in
creating sanity and control in the industry. Some benefits of financial technologies to Africa include:

Growth in credit issuance: In developed markets like the African countries to transact and pay/receive in their local
United States, many transactions occur via digital platforms. currencies. Through PAPPS, Remita will enable African
This creates transparency in the financial ecosystem and businesses to grow their trans-border transactions simply
allows for other financial benefits like credit. Fintechs can and seamlessly, thus further opening African businesses to
empower African firms to properly validate borrowers' Africa and the rest of the world.
creditworthiness, enabling them to offer less risky loans to
While we believe this is the early stage of fintech in Africa, the
customers on their platforms.
future is limitless.
An economy built on the transparency that comes from digital
payments can be stimulated via safe credit, ultimately leading
to improvements in consumer spending and overall
improvement of the economy.
Provision of financial infrastructure: Financial infrastructure
is the backbone of commerce, and therefore, the growth of
fintechs in Africa creates the foundation for other industries
and ecosystems to thrive. The African e-commerce sector is
mainly dependent on financial technologies to power its
operations.
Increased financial inclusion: According to a report from The
Fintech Times, about 57% of Africa’s population (95 million
people) do not have a traditional bank account. Fintechs can
bring more people into the financial ecosystem. This
empowers more people by giving them access to many
financial and non-financial services such as pensions,
insurance, investments, etc., thereby bettering the lives of
more Africans.
Inter-border trade enablement: Financial technology can
also boost inter-trade between African countries. It enables

Can you tell us about the current state of
vehicle insurance in Nigeria and the
challenges for consumers in accessing
coverage?
The Nigerian vehicle insurance market is relatively small and
underdeveloped, with low penetration levels and limited
consumer options. Nigeria's National Insurance Commission
(NAICOM) estimates that motor insurance makes up only 15% of
the country's overall insurance premiums. One of the main
challenges for consumers is pricing. Most of the insurance
coverages are too expensive for an average Nigerian, which
speaks to why 10 out of 12 million vehicles are uninsured.
Lack of trust in the insurance industry is another major challenge

for consumers when accessing insurance coverage because of
a history of fraud and nonpayment of claims. It is also difficult to
increase demand for vehicle insurance because there is limited
awareness and understanding of its benefits among Nigerians.
Moreover, insurance company practices are not regulated and

overseen adequately to ensure fairness and transparency, and
adequate coverage options are unavailable. Lastly, poor
infrastructure and road conditions also pose challenges to
developing the Nigerian vehicle insurance market.
Temitope Adeyemi
CEO, Pay-U

How does your insurtech company aim to What are your thoughts on the future of the
address these challenges and make vehicle Nigerian insurtech market, and how do you
insurance more accessible to a wider range see your company evolving to meet the
of people in Nigeria? changing needs of consumers in the space?
Pay-U was built with users in mind and provides solutions to There is a huge potential in the Nigerian insurtech market. It
critical problems like trust, pricing, and fast claim settlement. is the future of insurance and an untapped goldmine. With
Our mission is to make vehicle insurance affordable, the increasing adoption rate of mobile technology and the
accessible, and available to every Nigerian vehicle owner. Internet in Nigeria, new digital distribution channels will be
developed, and traditional insurance processes will be
Talking about the pricing, which is an uttermost concern for further automated, contributing to the growth of the Nigerian
Nigerians, users have the opportunity to pay as they use their insurtech market. This, in turn, will make it easier for
insurance coverage on the Pay-U App. Users can pay per consumers to purchase and manage their insurance policies
minute and use it whenever they want. For the first time in the and for insurers to underwrite and process claims.
insurtech space, users are free to turn their insurance Additionally, insurtechs will be able to develop more
coverage on or off and also enjoy per-minute billing. For a ₦3 personalised and targeted insurance products by leveraging
million vehicle, for instance, a user will pay as little as ₦2 per data analytics and machine learning in the Nigerian insurtech
minute to enjoy full insurance coverage. market.
The process of logging claims is very transparent and The growing popularity of micro-insurance products is
straightforward. Users can submit a claim in the app within another factor driving growth in the Nigerian market. Low
three minutes. We process claim settlement within 72 hours premiums and simple claims processes are typical features of
with no paperwork; the process is automated from end to these products, typically delivered via mobile platforms like
end. what Pay-U is building. We are positioning Pay-U as a leader
in the Nigerian Insurtech space. We will be rolling out more
innovative products to meet the needs of our users and
Nigerians in the coming years.

REFERENCES
Account ownership: Global Findex Database, World Bank
Aged 15 and above population: World Bank staff estimates using the World Bank's total population and
age/sex distributions of the United Nations Population Division's World Population Prospects: 2019 Revision
Bank Verification Number (BVN) figures: Nigeria Inter-Bank Settlement System Plc (NIBSS)
Banking agent figures: Shared Agent Network Expansion Facilities (SANEF) Limited
Credit Bureau figures: World Bank, Doing Business project
E-Payment figures: Central Bank of Nigeria
Individuals using the Internet (% of population): International Telecommunication Union (ITU) World
Telecommunication/ICT Indicators Database
Mobile ownership: Global Findex database
MSMEs Credit figures: Nigeria Financial Literacy Baseline Survey Report
Outward and migrant inward remittance: KNOMAD/World Bank, 2022
Pension figures: National Pension Commission
Population: United Nations Population Division
Working population: International Labour Organization

Credits
Abiodun Adenle
Research Associate
Intelpoint is the data and research arm of
Techpremier Media Limited (publishers of Techpoint Emmanuel Paul
Africa) that offers research consultancy services to Stakeholder Interviewer
businesses and institutes. Joe Olayinka

Graphics Designer
Intelpoint helps investors, businesses,
entrepreneurs, and policymakers make informed Precious Mogoli
Lead Sub-editor
decisions by providing in-depth analysis and reports
on various industries. It also offers market research Yinka Awosanya
and analysis as a service to corporate clients. Research Lead

Intelpoint
@TheIntelpoint intelligence@techpoint.africa
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THE NIGERIAN

W e want to thank the Moniepoint team for partnering with Techpoint

In examining the sector, this report

THE NIGERIAN FINANCIAL SERVICES MARKET PAGE 3

Special recognition also goes to the

THE NIGERIAN FINANCIAL SERVICES MARKET PAGE 4

THE NIGERIAN FINANCIAL SERVICES MARKET PAGE 5

THE NIGERIAN FINANCIAL SERVICES MARKET PAGE 6

THE NIGERIAN FINANCIAL SERVICES MARKET PAGE 7

THE NIGERIAN FINANCIAL SERVICES MARKET PAGE 8

THE NIGERIAN FINANCIAL SERVICES MARKET PAGE 10

Banking | Payments | Credit | Business management tools

Indonesia 276,361,788 205,554,554 106,395,037 104,092,826 150,404,267

Pakistan 225,199,929 147,212,637 30,885,211 44,325,725 92,729,240

Brazil 213,993,441 170,230,471 143,061,688 133,290,459 144,117,117

Nigeria 211,400,704 121,028,351 54,314,017 29,793,611 87,918,717

Bangladesh 166,303,494 122,547,131 64,717,140 32,928,414 96,738,705

THE NIGERIAN FINANCIAL SERVICES MARKET PAGE 13

Nigeria 211,400,704 121,028,351 54,314,017 29,793,611 87,918,717

Ethiopia* 117,876,226 71,241,704 21,771,922 16,577,481 28,279,976

Egypt 104,258,327 68,989,614 18,930,750 25,988,388 55,819,497

Dem. Rep. of 92,377,986 50,241,666 11,294,063 6,602,336 20,493,932

Tanzania 61,498,438 34,875,131 18,285,031 7,062,214 23,634,876

South Africa 60,041,996 42,874,515 36,606,261 27,538,301 37,626,674

Kenya 54,985,702 34,098,449 27,005,972 16,176,304 28,837,058

All figures are as of 2021.

THE NIGERIAN FINANCIAL SERVICES MARKET PAGE 14

All figures are as of 2021.

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Source: KNOMAD/World Bank, 2022

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Sources: Nigeria Inter-Bank Settlement System, Global Findex Database

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2014 2015 2016 2017 2018 2019 2020 2021

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2012 2013 2014 2015 2016 2017 2018 2019

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NEFT NIP Cheque

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Central Bank of Nigeria’s e-Payment

THE NIGERIAN FINANCIAL SERVICES MARKET PAGE 28

Federal Ministry Central Bank National Pension

Nigeria Deposit SECURITIES National

THE NIGERIAN FINANCIAL SERVICES MARKET PAGE 30

Central Bank of Nigeria (CBN)

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Securities and Exchange

Rule on Crowdfunding & Rule on Regulation of Fund

The Investments and Securities Act (ISA), 2019

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Strengthen the capacity of domestic financial institutions to encourage

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Ensure enhanced representation and voice for developing

THE NIGERIAN FINANCIAL SERVICES MARKET PAGE 37