Report on Perception of Digital Bank in Nigeria

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.

Author: Adedeji Olowe

Adédèjì is the founder of Lendsqr, the loan infrastructure fintech powering lenders at scale. Before this, he led Trium Limited, the corporate VC of the Coronation Group, which invested in Woven Finance, Sparkle Bank, Clane, and L1ght, amongst others. He has almost two decades of banking experience, including stints as the Divisional Head of Electronic Banking at Fidelity Bank Plc. He drove the turnaround of the bank’s digital business. He was previously responsible for United Bank for Africa Group’s payment card business across 19 countries. Alongside other industry veterans, he founded Open Banking Nigeria, the nonprofit driving the development and adoption of a common API standard for the Nigerian financial industry. Beyond open APIs, Adédèjì works deeply within the fintech ecosystem; he’s the board chairman at Paystack. Adédèjì is a renowned fintech pundit and has been blogging on technology and payments at dejiolowe.com since 2001.

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