The emergence of small and nimble digital banks, known as challenger banks in other climes, is disrupting the concept of banking and financial services. Interests from the average customer have been very strong, in particular among the millennials. However, most of these have been confined to Europe and North America save for two large digital banks in China; WeBank from TenCents and MyBank from Alibaba’s Ant Financials.
While nothing seems to be happening in Sub-Saharan Africa in general and Nigeria especially, does it mean the FinTech revolution would never reach us?
A study was done in November 2016 to gauge Nigerians’ perception of digital banks and if they are inclined to bank with one if it comes on the scene. A total of 2,000 recipients were surveyed out of which 326 responded. The target group was mostly middle-class professionals, the type typically targeted by challenger banks.
The result of the study has been condensed into the following easy to understand infographics.