Economy
Driving Fintech Success in Nigeria: A Deep Dive into Growth Marketing Strategies with Okwuchukwu Udeh
Okwuchukwu Udeh is a product and growth expert with about a decade of experience in the financial industry and has significantly contributed to leading traditional and disruptive financial organisations in the country, including Lloyds Banking Group in the UK. She strongly focuses on leveraging technology for financial inclusion and has guided fintech startups, including digital banks, towards sustainable growth and market success. Okwuchukwu shares her expertise through thought leadership pieces tailored for growth marketers and industry stakeholders. She also participates in talk shows to amplify discussions on pertinent industry topics. Her active participation in digital tech events reflects her dedication to inspiring the next generation of fintech innovators, both locally and globally.
Excerpts.
Can you elaborate on the unique characteristics of the Nigerian market that fintech startups should consider when formulating their growth marketing strategies?
The Nigerian market’s unique characteristics present both opportunities and challenges for fintech startups. With over 200 million people, Nigeria provides a vast and untapped market for financial innovation. However, it is crucial to consider the impact of economic disparities and cultural dynamics on consumer behaviour.
Nigerians rely heavily on peer recommendations and community validation, meaning social proof is essential in their decision-making process. Therefore, fintech startups should use user testimonials, ratings, and reviews to establish trust and credibility among their Nigerian consumers.
Also, Nigerian consumers are known for their price sensitivity and preference for convenience. Many are hesitant to adopt new financial technologies if they are expensive or cumbersome to use. So, fintech startups should tailor their marketing strategies to offer affordable solutions that prioritise simplicity and accessibility, aligning with the consumers’ preferences.
I believe Fintech startups can develop effective growth marketing strategies that resonate with their target market by leveraging these unique characteristics, fostering long-term success.
In your experience, what role do digital channels play in driving growth for fintech startups in Nigeria?
Digital channels are indispensable for fintech startups seeking to effectively reach and engage Nigerian consumers. These channels significantly influence growth marketing within the country’s fintech ecosystem. Social media platforms such as Facebook, Twitter, TikTok, and Instagram are viral among Nigerians, who spend many hours daily engaging with content and connecting with peers.
Fintech startups can use these platforms to disseminate targeted messaging, engage with potential customers, and drive conversions. However, it is important to understand the cultural nuances of each platform and create relevant content that resonates with Nigerian audiences. For instance, humorous and culturally relevant content usually performs better on social media in Nigeria, building deeper connections with users.
What about influencer marketing? It has gained traction in recent years. What are some practical ways fintech startups can harness the power of influencers in Nigeria?
Oh yes! Influencer marketing is a powerful opportunity for fintech startups in Nigeria to increase their brand visibility and reach a larger audience. In a market where trust and credibility are crucial, collaborating with influencers who have established genuine connections with their followers can significantly improve a fintech startup’s credibility and engagement.
One effective way fintech startups can harness the power of influencers in Nigeria is by carefully selecting influencers whose values and audience demographics align with their target market. Rather than focusing solely on influencers with the largest following, startups should prioritise those with a genuine interest in finance and technology and who resonate with their target audience. For instance, collaborating with influencers specialising in personal finance, budgeting tips, or investment advice can help fintech startups operating in those areas establish credibility and relevance among their target audience.
Additionally, Fintech startups should focus on authenticity and transparency when collaborating with influencers. By encouraging influencers to share their genuine experiences with the fintech product or service, startups can establish trust with their audience and create a stronger bond. Also, partnering with influencers to offer exclusive promotions or discounts can motivate their followers to take action and boost conversions.
One other effective way that fintech startups can leverage the power of influencers is to use influencer-generated content across various channels to achieve maximum impact and reach. They can do this via sponsored posts, video testimonials, or live demonstrations. By repurposing influencer content, fintech brands can expand their reach and reinforce their key messaging among different audience segments.
Mobile optimisation is crucial in a market like Nigeria, where mobile usage surpasses traditional desktop access. How can fintech startups ensure effective mobile marketing?
Optimising for mobile is imperative for fintech startups that want to capture the Nigerian market. Due to the widespread availability of affordable smartphones and internet access, mobile devices have become the primary means of accessing digital services in Nigeria. Therefore, fintech startups must ensure that their websites and apps are mobile-friendly and optimised for slow internet connections and varying screen sizes. For instance, adopting a Progressive Web App (PWA) approach can offer a smooth mobile experience to users, even in low-bandwidth situations. Additionally, using mobile-first ad placements on social media platforms such as Instagram can increase visibility and engagement among mobile users in Nigeria.
Building trust and credibility is paramount in the financial sector. How can fintech startups establish trust with Nigerian consumers?
Thank you for asking me that question. Trust is foundational in finance, especially in emerging markets like Nigeria. Building trust is a crucial aspect of growth for fintech startups in Nigeria. It involves being transparent, reliable, and responsive in multiple ways. To gain trust, fintech startups should deliver on their promises. They should clearly communicate fees, offer transparent pricing and clear terms and conditions, and provide excellent customer service and responsive customer support. Also, creating a culture of openness and accountability both internally and externally can reinforce trust and credibility with the company’s target audience.
Furthermore, fintech startups can establish trust by leveraging local partnerships and affiliations with reputable financial institutions. For instance, partnering with well-known banks or payment processors can lend credibility to a fintech startup’s brand and reassure consumers about the safety and security of their financial transactions. But ultimately, gaining trust requires consistent actions and a demonstrated commitment to meeting user needs and expectations.
Lastly, how can fintech startups leverage data-driven insights to refine their growth marketing strategies in Nigeria?
Hmmm. Data is the lifeblood of effective growth marketing. In Nigeria, where consumer behaviour can vary significantly across regions and demographics, data-driven insights are invaluable for understanding market trends and optimising marketing strategies accordingly. For example, digital bank startups can analyse user engagement metrics on their mobile app to identify patterns and preferences among Nigerian users. This allows them to personalise messaging and promotions for maximum impact.
Also, predictive analytics can help fintech startups anticipate customer needs and personalise marketing campaigns to drive conversions. In essence, adopting a data-driven approach enables fintech startups to stay agile in Nigeria’s dynamic market, driving sustainable growth and fostering long-term customer relationships.
What advice would you give to fintech startups that want to grow rapidly in Nigeria’s competitive market?
I recommend embracing agility, innovation, and a relentless focus on the customer. Success in Nigeria’s fintech market requires staying ahead of the curve, anticipating trends, and adapting quickly to changing consumer preferences. I’d also advise fintech startups to cultivate a culture of experimentation and learning, where failures are seen as opportunities for growth and improvement. By staying true to their mission, values, and vision, fintech startups can create a distinct competitive advantage for themselves and drive sustainable development in Nigeria’s dynamic fintech ecosystem.
By Adedapo Adesanya
The United Kingdom via the British High Commission in Abuja has launched two flagship economic reform programmes – the Nigeria Economic Stability & Transformation (NEST) programme and the Nigeria Public Finance Facility (NPFF) -as part of efforts to support Nigeria’s economic reform and growth agenda.
Backed by a £12.4 million UK investment, NEST and NPFF sit at the centre of the UK-Nigeria mutual growth partnership and support Nigeria’s efforts to strengthen macroeconomic stability, improve fiscal resilience, and create a more competitive environment for investment and private-sector growth.
Speaking at the launch, Cynthia Rowe, Head of Development Cooperation at the British High Commission in Abuja, said, “These two programmes sit at the heart of our economic development cooperation with Nigeria. They reflect a shared commitment to strengthening the fundamentals that matter most for our stability, confidence, and long-term growth.”
The launch followed the inaugural meeting of the Joint UK-Nigeria Steering Committee, which endorsed the approach of both programmes and confirmed strong alignment between the UK and Nigeria on priority areas for delivery.
Representing the Government of Nigeria, Special Adviser to the President of Nigeria on Finance and the Economy, Mrs Sanyade Okoli, welcomed the collaboration, touting it as crucial to current, critical reforms.
“We welcome the United Kingdom’s support through these new programmes as a strong demonstration of our shared commitment to Nigeria’s economic stability and long-term prosperity. At a time when we are implementing critical reforms to strengthen fiscal resilience, improve macroeconomic stability, and unlock inclusive growth, this partnership will provide valuable technical support. Together, we are laying the foundation for a more resilient economy that delivers sustainable development and improved livelihoods for all Nigerians.”
On his part, Mr Jonny Baxter, British Deputy High Commissioner in Lagos, highlighted the significance of the programmes within the wider UK-Nigeria mutual growth partnership.
“NEST and NPFF are central to our shared approach to strengthening the foundations that underpin long-term economic prosperity. They sit firmly within the UK-Nigeria mutual growth partnership.”
By Aduragbemi Omiyale
A strategic partnership aimed at accelerating the growth, digital capacity, and sustainability of Nigeria’s 40 million Micro, Small and Medium Enterprises (MSMEs) has been signed by MTN Nigeria and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
The collaboration will feature joint initiatives focused on digital inclusion, financial access, capacity building, and providing verified information for MSMEs.
With millions of small businesses depending on accurate guidance and easy-to-access support, MTN and SMEDAN say their shared platform will address gaps in communication, misinformation, and access to opportunities.
At the formal signing of the Memorandum of Understanding (MoU) on Thursday, November 27, 2025, in Lagos, the stage was set for the immediate roll-out of tools, content, and resources that will support MSMEs nationwide.
The chief operating officer of MTN Nigeria, Mr Ayham Moussa, reiterated the company’s commitment to supporting Nigeria’s economic development, stating that MSMEs are the lifeline of Nigeria’s economy.
“SMEs are the backbone of the economy and the backbone of employment in Nigeria. We are delighted to power SMEDAN’s platform and provide tools that help MSMEs reach customers, obtain funding, and access wider markets. This collaboration serves both our business and social development objectives,” he stated.
Also, the Chief Enterprise Business Officer of MTN Nigeria, Ms Lynda Saint-Nwafor, described the MoU as a tool to “meet SMEs at the point of their needs,” noting that nano, micro, small, and medium businesses each require different resources to scale.
“Some SMEs need guidance, some need resources; others need opportunities or workforce support. This platform allows them to access whatever they need. We are committed to identifying opportunities across financial inclusion, digital inclusion, and capacity building that help SMEs to scale,” she noted.
Also commenting, the Director General of SMEDAN, Mr Charles Odii, emphasised the significance of the collaboration, noting that the agency cannot meet its mandate without leveraging technology and private-sector expertise.
“We have approximately 40 million MSMEs in Nigeria, and only about 400 SMEDAN staff. We cannot fulfil our mandate without technology, data, and strong partners.
“MTN already has the infrastructure and tools to support MSMEs from payments to identity, hosting, learning, and more. With this partnership, we are confident we can achieve in a short time what would have taken years,” he disclosed.
Mr Odii highlighted that the SMEDAN-MTN collaboration would support businesses across their growth needs, guided by their four-point GROW model – Guidance, Resources, Opportunities, and Workforce Development.
He added that SMEDAN has already created over 100,000 jobs within its two-year administration and expects the partnership to significantly boost job creation, business expansion, and nationwide enterprise modernisation.
By Adedapo Adesanya
The Nigerian Exchange (NGX) Limited is seeking review of the controversial Capital Gains Tax increase, fearing it will chase away foreign investors from the country’s capital market.
Nigeria’s new tax regime, which takes effect from January 1, 2026, represents one of the most significant changes to Nigeria’s tax system in recent years.
Under the new rules, the flat 10 per cent Capital Gains Tax rate has been replaced by progressive income tax rates ranging from zero to 30 per cent, depending on an investor’s overall income or profit level while large corporate investors will see the top rate reduced to 25 per cent as part of a wider corporate tax reform.
The chief executive of NGX, Mr Jude Chiemeka, said in a Bloomberg interview in Kigali, Rwanda that there should be a “removal of the capital gains tax completely, or perhaps deferring it for five years.”
According to him, Nigeria, having a higher Capital Gains Tax, will make investors redirect asset allocation to frontier markets and “countries that have less tax.”
“From a capital flow perspective, we should be concerned because all these international portfolio managers that invest across frontier markets will certainly go to where the cost of investing is not so burdensome,” the CEO said, as per Bloomberg. “That is really the angle one will look at it from.”
Meanwhile, the policy has been defended by the chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, who noted that the new tax will make investing in the capital market more attractive by reducing risks, promoting fairness, and simplifying compliance.
He noted that the framework allows investors to deduct legitimate costs such as brokerage fees, regulatory charges, realised capital losses, margin interest, and foreign exchange losses directly tied to investments, thereby ensuring that they are not taxed when operating at a loss.
Mr Oyedele also said the reforms introduced a more inclusive approach to taxation by exempting several categories of investors and transactions.
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