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 Federal Executive Council (FEC) has signed off on a medium-term fiscal plan that projects spending of around N54.5 trillion in 2026, as it approved the 2026-2028 medium-term expenditure framework (MTEF), outlining Nigeria’s economic outlook, revenue targets, and spending priorities for the next three years.
The Minister of Budget and National Planning, Mr Atiku Bagudu, said oil price was pegged at $64 per barrel, while the exchange rate assumption for the budget year is N1,512/$1.
He said while the council set an oil production benchmark of 2.06 million barrels per day for 2026, the fiscal planning is based on a cautious 1.8 million barrels per day.
Mr Bagudu stated the exchange rate projection reflects the fact that 2026 precedes a general election year, adding that all the assumptions were drawn from detailed macroeconomic and fiscal analyses by the budget office and its partner agencies.
According to the minister, inflation is projected to average 18 per cent in 2026.
Mr Bagudu said based on the assumptions, the total revenue accruing to the federation in 2026 was estimated at N50.74 trillion, to be shared among the three tiers of government.
“From this projection, the federal government is expected to receive N22.6 trillion, states N16.3 trillion, and local governments N11.85 trillion,” he said.
“When revenues from all federal sources are consolidated, including N4.98 trillion from government-owned enterprises, total Federal Government revenue for 2026 is projected at N34.33 trillion —representing a N6.55 trillion or 16 per cent decline compared to the 2025 budget estimate.”
The minister said statutory transfers are expected to amount to roughly N3 trillion, while debt servicing was projected at N10.91 trillion.
He said non-debt recurrent spending — covering personnel costs and overheads — was put at N15.27 trillion, while the fiscal deficit for 2026 is estimated at N20.1 trillion, representing 3.61 per cent of gross domestic product (GDP).
The MTEF also projected that nominal GDP will reach over N690 trillion in 2026 and climb to N890.6 trillion by 2028, with the GDP growth rate projected at 4.6 per cent in 2026.
The non-oil GDP is also expected to grow from N550.7 trillion in 2026 to N871.3 trillion in 2028, while oil GDP is estimated to rise from N557.4 trillion to N893.5 trillion over the same period.
By Aduragbemi Omiyale
There seems to be a deliberate effort to starve local crude oil refiners from getting supply, foremost African businessman, Mr Aliko Dangote, has said.
He said loopholes in the Petroleum Industry Act (PIA) are being exploited to ensure private refiners like the Dangote Petroleum Refinery import the commodity, making consumers pay more for petroleum products.
Mr Dangote insisted that Nigeria has no justification for importing crude or refined petroleum products if existing laws were properly enforced.
Speaking during a visit by the South South Development Commission (SSDC) to the Dangote Petroleum Refinery and Fertiliser Complex in Lagos, he noted that the PIA already establishes a framework that prioritises domestic crude supply.
According to him, several oil companies routinely divert Nigerian crude to their trading subsidiaries abroad, particularly in Switzerland, forcing domestic refineries to buy from these offshore entities at a premium of four to five dollars per barrel.
“The crude is available. It is not a matter of shortage. But the companies move everything to their trading arms, and we are forced to buy at a premium. Meanwhile, we do not receive any premium for our own products,” he said.
He disclosed that he has formally written to the Federal Government, urging it to charge royalties and taxes based on the actual price paid for crude, to prevent revenue losses and to discourage practices that disadvantage local refiners.
Mr Dangote said the Nigerian National Petroleum Company (NNPC) remains the primary supplier honouring domestic supply obligations, providing five to six cargoes monthly. However, the refinery requires as many as twenty cargoes per month from January to operate optimally.
Describing the situation as “unsustainable for a country intent on genuine industrial growth,” Mr Dangote argued that Africa’s economic future depends on value addition rather than perpetual raw material export.
“It is shameful that while we exported one point five million tonnes of gasoline in June and July, imported products were flooding the country. That is dumping,” he said.
On report by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), that the refinery supplied only 17.08 million litres of the 56.74 million litres consumed in October 2025, Mr Dangote said that the refinery exports its products if regulators continue to permit dumping by marketers.
Addressing Nigeria’s ambition to achieve a $1 trillion economy, Mr Dangote said the target is attainable through disciplined policy execution, improved power generation and a revival of the steel sector.
“You cannot build a great nation without power and steel. Every bolt and nut used here was imported. That should not be the case. Nigeria should be supplying steel to smaller African countries,” he said.
He also underscored opportunities for partnership with the SSDC in agriculture, particularly in soil testing and customised fertiliser formulation, noting that misuse of fertiliser remains a major reason Nigerian farmers experience limited productivity gains.
“We are setting up advanced soil testing laboratories. From next year, we want to work with the SSDC to empower farmers by providing accurate soil assessments and customised fertiliser blends,” Mr Dangote said.
By Aduragbemi Omiyale
A $60 million Series B equity round has been completed by a financial technology (fontech) company, Flex, to scale its all-in-one business and personal finance platform for high-net-worth middle-market business owners.
The funding round was led by Portage, with participation from CrossLink Capital, Spice Expedition, Titanium Ventures, Wellington, Companyon Ventures, Florida Funders, FirstLook Partners, Tusk Venture Partners and others, bringing its total equity funding to $105 million.
The company is building Artificial Intelligence (AI) agents across every product pillar to streamline both its internal operations and customer experiences—like credit underwriting agents to deeply understand every business, expense agents, payment workflows, cash management agents, and back-office ERP agents into a single “motherboard” for business owners.
Flex’s vision is to provide every business owner a team of high quality finance agents to run their backoffice like an enterprise. This AI-driven architecture not only improves customer experience but also drives a structurally lower cost base for Flex, enabling it to operate with a lean headcount.
In turn, Flex delivers AI-powered Owner Insights, transforming the data generated from customer activity into a beautiful, intuitive experience that positions Flex as their “AI CFO.”
“Our mission is to build the private bank ambitious business owners have always deserved.
“Middle-market business owners employ 40% of Americans, but the financial system has never been designed around their complex needs.
“Flex is the first platform that supports every step of their financial lives, from the moment they earn revenue to the moment they spend it personally.
“Unlike many of our FinTech peers who focus on saving large enterprises money, we focus on helping ambitious owners make more money,” the chief executive of Flex, Mr Zaid Rahman, said.
A Partner at Portage, Jake Bodanis, said, “Flex is building a category-defining financial institution. The company has proven that middle-market business owners are both massively underserved and extremely valuable customers when given the right financial infrastructure. Flex’s hypergrowth and best in class capital efficiency speaks to how powerful this model is.”
Flex was created to give these high net worth owners a single place to run both their business and personal finances.
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