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 Central Securities Clearing System (CSCS) Plc has declared the first interim dividend in its history after posting its financial results for the first half of 2026, reflecting robust earnings growth, improved operating efficiency and stronger capital market activity.
The board approved an interim dividend of N1.00 per ordinary share for the six months ended June 30, 2026, citing the company’s strong cash generation, resilient balance sheet and confidence in the sustainability of its earnings.
The interim payout represents about 56 per cent of the total dividend of N1.78 per share paid for the 2025 financial year, underscoring its strong earnings momentum while preserving financial flexibility to invest in technology, innovation and future growth.
CSCS recorded one of the strongest financial performances in its history during the review period, with total operating income rising by 92 per cent to N18.51 billion from the corresponding period of 2025.
The growth was driven by higher transaction fee income as capital market activity strengthened, continued expansion in depository services, increased collateral management revenues and stronger contributions from data and technology-enabled services. Investment income also improved as the company optimised its investment portfolio.
Despite the sharp rise in revenue, operating expenses increased by only 38 per cent, reflecting disciplined cost management and the scalability of the company’s business model.
As a result, operating profit surged by 186 per cent to N10.11 billion, while profit before tax climbed by 115 per cent to N13.21 billion. Earnings per share also rose significantly to 190.1 kobo from 109.1 kobo in the corresponding period of 2025.
The organisation also recorded improvements in operating efficiency. Its cost-to-income ratio declined to 45.4 per cent from 63.2 per cent a year earlier, while operating profit margin improved to 54.6 per cent from 36.8 per cent.
According to the company, the results demonstrate not only the benefits of stronger market activity but also the resilience of its operating model and its ability to convert revenue growth into higher profitability, improved shareholder returns and sustainable long-term value creation.
Commenting on the interim dividend, the Chairman of CSCS Plc, Mr Temi Popoola, said the board’s decision reflected confidence in the firm’s financial strength, earnings quality and long-term strategic direction.
He said the strong performance was driven not only by increased market activity but also by sustained improvements in operational efficiency, disciplined cost management and the continued diversification of revenue streams.
Mr Popoola noted that the Board remained committed to balancing shareholder returns with investments in technology, innovation, resilience and new growth opportunities that would strengthen CSCS’ position as Nigeria’s leading financial market infrastructure and one of Africa’s foremost post-trade institutions.
The chief executive of CSCS Plc, Mr Shehu Yahaya Shantali, attributed the strong performance to the resilience of the entity’s business model, the dedication of its workforce and the confidence of market participants.
He said the first-ever interim dividend demonstrated the company’s ability to translate strong earnings growth and improved operating efficiency into enhanced shareholder value.
Mr Shantali added that CSCS would continue to strengthen its core market infrastructure, invest in technology and innovation, diversify its revenue base and enhance value creation for stakeholders while supporting the development of Nigeria’s capital market.
By Aduragbemi Omiyale
The national scale long-term issuer rating of Axxela Limited has been upgraded by GCR Rating to A+(NG), just as its short-term issuer rating was affirmed with a stable outlook.
The rating firm upgraded the long-term issue rating for Axxela Funding 1 Plc’s N16.4 billion series 1 senior unsecured bond to A+(NG), while the N11.5 billion series 1 senior secured bond was lifted to A+(NG)(EL).
GCR noted in a note that the actions reflect the leading gas and power portfolio company’s robust business model, strong earnings performance, and sustained financial profile, reinforcing its ability to deliver long-term value while maintaining financial discipline.
Axxela’s recent achievements have been driven by its continued focus on responsible growth, customer satisfaction, and creating lasting value for national development.
“The ratings upgrade by GCR is a strong endorsement of Axxela’s disciplined approach to business. Beyond recognising our financial strength, it reflects the resilience of our business model and the confidence in our strategic direction.
“Over the past few years, we have continued to make significant strides across the business by expanding our natural gas infrastructure, strengthening our operational footprint, advancing our sustainability agenda, and maintaining an unwavering commitment to operational excellence and safety,” the chief executive of Axxela, Mr Moshood Olajide, commented on the development.
As the company continues to advance its long-term growth strategy, the upgraded ratings reinforce confidence in Axxela’s credit profile, financial resilience, and ability to create enduring value for investors, customers and other stakeholders.
By Adedapo Adesanya
The Ministry of Solid Minerals Development and the National Identity Management Commission (NIMC) have strengthened their partnership to deploy digital identity technology, aiming to combat illegal mining and enhance security in Nigeria’s mining sector.
Speaking while receiving the Director-General and management of NIMC on a courtesy visit to his office in Abuja, the Minister of Solid Minerals Development, Mr Dele Alake, described the commission as a critical institution in Nigeria’s development architecture, stressing that effective governance could not be achieved without a credible identity management system.
“NIMC occupies a critical position in translating policy into reality. It is pivotal to the development of any nation because governance today is driven by data, technology and credible identity systems,” he added.
He noted that inadequate identification systems had weakened enforcement efforts over the years, allowing illegal mining activities to flourish in mineral-rich communities.
“Without identification, we cannot trace or track, and insecurity will flourish. In the solid minerals sector, we need effective monitoring of both legal and illegal operations.
“A credible identity ecosystem will strengthen regulation, improve enforcement and support our efforts to sanitise the sector,” Mr Alake said.
The minister identified technology, statistics, data gathering and digital identity as critical enablers for evidence-based policymaking, improved regulatory oversight, efficient licensing, investment promotion and national development.
On her part, the DG of NIMC, Mrs Abisoye Coker-Odusote, highlighted several opportunities for collaboration between both institutions, noting that the newly enacted NIMC Act has positioned Nigeria to fully embrace a digital governance ecosystem.
She explained that deeper integration of identity management into the solid minerals sector would facilitate database integration across government institutions, enhance regulatory compliance, strengthen security and law enforcement, improve monitoring of operators, and provide stronger support for the implementation of Community Development Agreements (CDAs) in mining host communities.
Mrs Coker-Odusote added that NIMC’s upgraded digital infrastructure is capable of supporting government institutions in building reliable databases, improving transparency and delivering more efficient public services.
Both institutions said they would immediately begin implementing technology-driven initiatives under the partnership, expressing confidence that expanding access to trusted digital identities for miners and other eligible residents would enhance accountability and strengthen governance in the solid minerals sector.
