This report assesses the rise of FinTech (financial services technology) as a new chapter in the Nigerian Financial Services (FS) sector. One of the core objectives of this report is to throw light on the emergence of FinTech tools across new frontiers such as next generation payments, P2P lending, security and biometrics, Bank in a Box, blockchain, Robo-advisory and Financial Inclusion in Nigeria.
Alongside, we aim to capture a glimpse of the FinTech evolution in Nigeria and its adoption of the “fourth industrial revolution” by Nigeria’s financial and technology hubs. For this, we have taken an approach that learns from the best-in-class FinTech ecosystems of mature markets of the United Kingdom (UK), the United States(US), Singapore, Israel, Australia and HongKong.
We sincerely hope that the insights provided through this report prove to be useful for all stakeholders in the FinTech ecosystem.
This publication, by KPMG in Nigeria, is developed with a vision to chart the course for the country to become a key FinTech hub through global benchmarking and collaboration.The focus of our research is the Nigerian FinTech landscape with a view to identifying key growth drivers and assessing their maturity vis-à-vis mature markets globally.
We subsequently recommend actions for stakeholders in the ecosystem that we believe will enable Nigeria establish itself as a globally recognized FinTech hub.
© 2017 KPMG Professional Services in Nigeria, a limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (KPMG International), a Swiss entity. All rights reserved.