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
Pathway Advisors Limited has announced its role as Lead Issuing House to a N300 billion Commercial Paper Programme for Pivot Integrated Energy Services Limited, reinforcing its leadership in capital market advisory and energy sector finance.
The transaction was formally concluded with the execution of programme documentation at Capital Club, Victoria Island, Lagos, following the completion of all regulatory and programme clearances. The signing ceremony marked a defining milestone in mobilising large-scale short-term capital for Nigeria’s downstream petroleum sector.
Speaking at the event, the chief executive of Pathway Advisors Limited, Mr Adekunle Alade, emphasised the strategic significance of the Commercial Paper issuance in financing working capital, thereby enabling high-growth energy businesses to scale efficiently and sustainably.
“Nigeria’s downstream energy sector is undergoing a profound transformation, accelerated by the removal of fuel subsidies, the emergence of domestic refining capacity, and rising demand for reliable product supply across the country and the broader West African region.
“Companies like Pivot Integrated Energy Services Limited with a vertically integrated model, a strong track record, and a clear growth mandate are exactly the kind of issuers that the capital markets should be financing,” Mr Alade stated.
“Commercial paper, when structured appropriately, gives operationally strong businesses access to a deep and diverse pool of institutional investors, at tenors and costs that support the working capital intensity of petroleum trading and distribution. This transaction is a testament to what is achievable when credible issuers partner with experienced advisers to access the markets,” he added.
“The successful execution of this programme further affirms Pathway Advisors’ position as a trusted financial advisory and investment banking firm in complex, large-scale capital market transactions,” he stated.
In his comments, the chief executive of Pivot Integrated Energy Services Limited, Mr Babajide Babatope, described the commercial paper programme as a pivotal step in the company’s strategy to expand its supply capacity and strengthen its position as a leading integrated energy provider in Nigeria and West Africa.
“Nigeria’s downstream energy market demands scale, speed, and the right capital structure to compete effectively. This commercial paper programme gives us the financial firepower to support our growing volumes, reinforce our supply chain, and serve our customers with greater reliability across the regions we operate in,” Mr Babatope disclosed.
He noted that Pivot is one of the 20 approved off-takers in the Dangote Refinery PMS Consortium, with a target volume of 300 million litres per quarter, a position that underscores the company’s standing in Nigeria’s post-subsidy energy supply architecture. He added that the CP Programme would also support the company’s accelerating regional push, including active operations in Ghana, where Pivot has delivered over 100,000 MT since April 2025, and a planned entry into Tanzania with deliveries targeted in Q3 of 2026.
Mr Babatope further expressed appreciation to Pathway Advisors and other transaction parties for their professionalism, rigour, and commitment throughout the programme’s execution, and signalled his intention to continue deepening these partnerships as Pivot advances to subsequent phases of growth and financing.
By Adedapo Adesanya
The Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) has secured a $12 billion commitment from South Korea to establish a Skills Acquisition Centre in Abuja, as part of efforts to strengthen entrepreneurship and boost small businesses across Nigeria.
The chief executive of SMEDAN, Mr Charles Odii, disclosed this over the weekend during a road walk and sensitisation campaign at Utako Market in Abuja to commemorate the 2026 World MSME Day.
According to Mr Odii, the proposed facility will provide vocational and entrepreneurial training to young Nigerians and enhance the capacity of Micro, Small and Medium Enterprises (MSMEs).
He said the agency is awaiting the allocation of land by the Federal Capital Territory (FCT) Administration for the project.
“We need land in the FCT to build the Skills Acquisition Centre. If the FCT Administration is unable to provide one, we will use our office premises in Idu, Abuja, because we do not want Nigeria to miss this opportunity offered by the Korean Government to support skills and vocational training,” he said.
As part of activities marking the World MSME Day, Mr Odii also announced the launch of SMEDAN’s N500 million GROW Fund, a zero-interest financing intervention designed to support small businesses across the country.
He explained that the fund would be disbursed to members of registered cooperative societies and business associations to strengthen their enterprises.
According to him, beneficiaries are expected to utilise the funds strictly for business purposes, including expanding working capital, acquiring workspaces and purchasing equipment.
“The funding is meant to support and improve their businesses. It should be used for working capital, workspaces, tools and other productive business needs. Any use outside these objectives will not be encouraged,” he said.
Mr Odii further disclosed that entrepreneurs trained by SMEDAN in Abuja would receive vocational equipment, including washing machines, barbing kits, shoemaking tools and sewing machines, to enable them to become self-reliant.
“We have identified these tools as essential to the businesses of our trainees based on the skills programmes they have undergone,” he added.
The SMEDAN boss stressed that the agency’s interventions are driven by the critical role MSMEs play in Nigeria’s economy.
“Small businesses are the heartbeat of Nigeria’s economy. By providing infrastructure, skills and financing, we are creating an enabling environment for them to grow, thrive and contribute meaningfully to national development,” he said.
Odii also revealed that the National MSME Policy would be reviewed and relaunched in November 2026 to strengthen the sector and improve its contribution to economic growth.
He called on state governments to collaborate with SMEDAN in expanding skills acquisition programmes, creating jobs, reducing poverty and supporting the economic development agenda of President Bola Tinubu’s administration.
By Adedapo Adesanya
The Dangote Petroleum Refinery has purchased two cargoes of crude oil from the United Arab Emirates (UAE), marking its first-ever procurement of Middle Eastern crude as it diversifies its feedstock sources ahead of continuous expansion.
According to a report by S&P Global Commodity Insights, the two cargoes will be the first sourced by the 700,000-barrels-per-day refinery from any Middle Eastern supplier, signalling a shift from its traditional reliance on Nigerian, African, and United States crude grades.
The report said the purchases followed the resumption of oil exports from the Middle East after the United States and Iran reached an interim peace agreement that restored confidence in shipping through the Strait of Hormuz.
The refinery, designed primarily to process Nigeria’s light sweet crude, has increasingly diversified its crude slate as operations ramp up. The company sources crude from Brazil, Equatorial Guinea, Angola, Algeria, and the US, among others.
The refinery and the Nigerian National Petroleum Company (NNPC) Plc had agreed on the supply of between 13 and 15 cargoes of Nigerian crude monthly in Naira, but the volumes often fluctuate. In May, the state oil company allocated seven cargoes to the plant, up from five in previous months.
The chief executive of the Dangote Refinery, Mr David Bird, had previously disclosed that these constraints had compelled the company to seek additional crude sources outside Nigeria.
According to S&P Global, the refinery has been broadening the range of crude grades it processes as part of its ambition to operate as a fully merchant refinery. The report noted that in 2025, about 70 per cent of the refinery’s crude imports came from Nigeria, while 24 per cent originated from the United States.
The report added that the refinery’s expansion plans would further increase its crude requirements. Dangote plans to double the refinery’s processing capacity to 1.4 million barrels per day by the end of 2028, a level that would enable it to process about 80 per cent of Nigeria’s recent crude oil production in a single day.
Business Post understands that since NNPC cargoes are cheaper for the refinery because of lower shipping costs, importation of crude could translate to higher fuel prices, with Nigerians possibly buying as high as N1,300 – N1,400 at the pump.
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