Today, we celebrate World Fintech Day, a global recognition of the innovations and advancements in financial technology that are reshaping economies worldwide. Nigeria stands out as a key player in this transformation, boasting one of Africa’s most dynamic fintech ecosystems. With a youthful population, rising internet penetration, widespread mobile phone usage, and a vast unbanked population, Nigeria presents a fertile ground for fintech solutions to thrive.
Over the years, Nigeria has drawn significant attention from investors, especially as Africa becomes a hotbed for fintech innovation. The continent is home to over 400 fintech firms, with Nigeria leading the charge, hosting 32% of these companies. Startups like Paystack, Flutterwave, and Paga have revolutionized digital payments, transforming how Nigerians send and receive money. In 2019, Nigeria celebrated its first fintech unicorn, with Interswitch reaching a $1 billion valuation following a $200 million investment from Visa. Shortly after, in 2020, Stripe, a U.S.-based financial services company, acquired Paystack in a landmark $200 million deal.
However, the journey to widespread fintech adoption in Nigeria has not been without challenges. Issues such as financial literacy, trust in digital platforms, and the deeply ingrained habit of relying on cash have posed significant barriers. Also, the COVID-19 pandemic impacted the fintech landscape in Africa, with global fintech funding declining to $6 billion by Q1 2020 due to a significant drop in corporate VC-led investments.
In light of these challenges, the conversation shifts to how fintech companies can continue to drive growth, adoption, and profitability in Nigeria and across Africa. On this World Fintech Day, we celebrate not only the technological advancements but also acknowledge all facets strengthening the industry, from engineering to product development, to marketing. We turn our focus to the role of data-driven marketing in accelerating fintech growth.
Key marketing leaders in financial technology, Efe Uduigwomen and Jemima Adegoke, share valuable insights and perspectives on how leveraging data-driven strategies can overcome barriers, foster adoption, and drive profitability.
Efe Uduigwomen, Head of Marketing at Risevest and leading figure in the Nigerian marketing and fintech ecosystem emphasizes the value of data-driven marketing strategies in fostering profitable and sustainable growth within the fintech industry. With a proven track record from her previous role at Paga to her current position at Risevest, Efe has been at the forefront of utilizing data to drive key marketing outcomes, including customer acquisition, retention, and overall profitability in an increasingly competitive landscape.
“Nigeria’s fintech market is incredibly diverse,” Efe explains. “It encompasses a wide range of customer segments, each with varying levels of digital literacy, trust in financial institutions, and unique financial needs. To effectively engage these segments, fintech companies must move beyond traditional marketing approaches and embrace data-driven strategies that allow for targeted and personalized outreach.”
Efe developed a comprehensive marketing strategy that played a crucial role in the successful launch of Risevest and its two additional products, Fixed Income and Stocks, complementing its existing Real Estate offering. She leveraged data analytics to gain actionable insights into customer behavior, which informed the development of highly targeted marketing initiatives. Efe firmly believes that a well-rounded marketing team, encompassing product, brand, and growth expertise, is essential for early-stage fintech startups like Risevest to drive growth, attract investment, and contribute meaningfully to the broader ecosystem.
Efe’s success in promoting a niche fintech product like Risevest in a low-trust environment like Nigeria is particularly noteworthy. As Head of Marketing of Rise, she developed and launched an Affiliate Marketing program, a pioneering initiative in the Nigerian tech space. This program involved building a digital platform and collaborating with a select group of trusted thought leaders in personal finance who amplified Risevest’s value proposition and the importance of personal finance management while earning commissions.
Efe strategically leveraged user research data, which revealed that 85% of people preferred using financial services recommended by friends and family. “This is a targeted, organic marketing approach,” she explains. “It’s designed to maintain constant customer engagement and encourage word-of-mouth promotion while keeping customer acquisition costs low, which is important for early-stage companies aiming to drive revenue. This strategy wasn’t just implemented because it sounded appealing; it was a result of what our users resonated with most. The data showed that while many of our customers signed up organically, they also expressed a strong preference for financial services recommended by someone they trust, given the risks associated with finance.”
Efe highlights the Affiliate program as vital in breaking through the trust barriers that have long hindered fintech adoption in Nigeria. “Building trust is essential to driving fintech adoption, and data empowers us to segment our audience and connect with them in ways that genuinely resonate,” she says. This program has significantly enhanced product awareness, user acquisition, and trust in the Nigerian fintech space. It increased user acquisition for Risevest by over 150% within just three months, supporting the company’s growth and setting a trend that many other tech and non-tech companies in Nigeria have since adopted in their marketing strategies.
Looking to the future, Efe is optimistic about the potential of fintech in Nigeria. She believes that as more companies embrace data-driven marketing strategies, the sector will continue to experience growth, not only in terms of customer acquisition but also in profitability and long-term sustainability. “The potential for fintech in Nigeria is enormous,” she concludes. “By harnessing the power of data, we can unlock that potential and drive profitable growth that benefits both the industry and the broader Nigerian economy.”
Jemima Adegoke, Head of Marketing and Communications at Fincra, a payment infrastructure provider for fintech platforms also offers a unique perspective on how strategic data-driven marketing can scale fintech for growth in Nigeria. With her extensive experience in the fintech and communications landscape, Jemima has been instrumental in positioning Fincra as a vital player in Nigeria’s growing fintech ecosystem.
According to Jemima, one of the primary challenges in Nigeria’s fintech sector is the need for robust and reliable payment infrastructure that can support the diverse needs of fintech platforms and their users. “The fintech industry in Nigeria is growing rapidly, but without the right infrastructure, it’s difficult for these platforms to scale effectively,” she explains. “At Fincra, our focus has been on providing the foundational payment solutions that enable fintech companies to expand their reach and improve their service offerings.”
Jemima emphasizes the critical role that data-driven marketing plays in both understanding the market and communicating Fincra’s value proposition to potential clients. “For a B2B company like Fincra, our marketing strategy is heavily reliant on data,” she says. “We use data to identify gaps in the market, understand the specific pain points of fintech platforms, and tailor our messaging to address those needs effectively.”
One of the key strategies Jemima has implemented at Fincra is the use of data to segment the company’s target audience and develop highly personalized marketing campaigns. “Our clients range from small fintech startups to large financial institutions, each with unique needs and challenges,” she notes. “By leveraging data, we can create targeted campaigns that speak directly to the specific requirements of each segment, whether it’s faster transaction processing, lower fees, or improved security features.”
Jemima also highlights the importance of building strong relationships with clients through data-driven communications. “In the B2B space, trust is everything,” she says. “Our marketing and communications efforts are designed to build and maintain that trust by providing clear, transparent information about our services and how they can solve our clients’ problems. Data helps us track the effectiveness of our communications and make adjustments in real time to ensure we’re always meeting our clients’ needs.”
Jemima is confident that as more fintech platforms in Nigeria adopt data-driven marketing strategies, the entire ecosystem will benefit from increased efficiency, better customer experiences, and sustainable growth. “The future of fintech in Nigeria is bright and by using data to guide our decisions, we can build stronger, more resilient platforms that not only meet the needs of today’s customers but also drive the industry forward in the years to come.”
Jemima Adegoke’s insights reinforce the importance of a strategic, data-driven approach to marketing in the fintech sector. Her work at Fincra highlights how understanding and addressing the specific needs of fintech platforms through targeted, data-informed strategies can lead to significant growth and success in Nigeria’s evolving fintech landscape.
The Future of Fintech in Nigeria
It is clear that data-driven marketing will continue to be a cornerstone of fintech growth in Nigeria. However, navigating this landscape requires more than just cutting-edge technology; it demands strategic, data-driven approaches to marketing that can drive growth, build trust, and ensure long-term sustainability.
Efe Uduigwomen and Jemima Adegoke, offer invaluable insights into how these strategies can be effectively implemented. Their work serves as a reminder that the future of fintech in Nigeria—and indeed across the globe—will be shaped by those who can effectively harness the power of data to meet the evolving needs of the market. By doing so, they are not only driving the growth of their respective companies but also contributing to the broader vision of a more inclusive and resilient financial system for all.
As Nigeria’s fintech sector continues to expand, the perspectives shared by Efe and Jemima emphasize the importance of embracing data-driven marketing strategies. These strategies not only enhance customer engagement and profitability but also contribute to the broader goals of financial technology and economic development in Nigeria.
