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The Africa Fintech Summit (AFTS) has launched its insightful report titled “Nigeria Fintech Marketing Outlook 2024,” offering valuable insights into the present state and future trajectory of marketing strategies within Nigeria’s thriving fintech industry.

Since its inception in 2017, the Africa Fintech Summit has been at the forefront of fostering trade missions, bilateral partnerships, ecosystem tours, investment initiatives, and launches, engaging startups, multinational corporations, and governments alike.

This pioneering report, co-authored by Charles Anijekwu and Jeremiah Ajayi, serves as a comprehensive guide for Nigerian fintech firms, providing them with data-driven strategies essential for acquiring new customers, retaining existing ones, and achieving sustainable growth.

Key Highlights Include:

Dominance of Paid Advertising: The report underscores that paid advertising emerged as the primary channel for customer acquisition across key Nigerian fintech verticals in 2023.
Heightened Acquisition Costs: Sectors such as Merchant Payments, Point-of-Sale (POS), Investment & Wealth Management, and Digital Lending witnessed substantial customer acquisition costs in 2023.
Emphasis on Efficiency: Fintech companies are increasingly prioritizing efficient marketing strategies, with 50% of marketing budgets allocated to the most effective channels for each specific vertical.
Rise of Generative AI Adoption: As the industry explores new engagement avenues, 29% of surveyed fintech companies have already embraced Generative AI for content creation, reflecting a willingness to leverage innovative marketing tools.
Growing Reliance on Owned Media: The report forecasts a heightened reliance on organic channels like social media and search engines for fintech marketing in 2024 and beyond.

The report contextualizes these insights within the broader Nigerian fintech landscape, acknowledging the evolution from the “bull run” period of 2020-2022, characterized by aggressive customer acquisition strategies, to the funding constraints of 2023, prompting a shift towards leaner operations and tighter marketing budgets.

Commenting on the report’s significance, co-author Charles Anijekwu stated, “We aimed to bridge the data gap on fintech marketing trends and identify the true drivers of growth.” Co-author Jeremiah Ajayi added, “Our goal was to foster a data-driven culture within the industry.”

Charles Isidi, Head of Marketing and Communications at Africa Fintech Summit, emphasized the report’s broader relevance, citing Nigeria as Africa’s leading fintech hub and a vital case study for the continent.

AFTS’ “Nigeria Fintech Marketing Outlook 2024” encourages exploration, critical thinking, and opportunity identification, empowering businesses to navigate the dynamic landscape effectively.

For businesses seeking to unlock Africa’s fintech potential, the report serves as a valuable resource, providing the data-driven strategies necessary to capitalize on emerging opportunities.

Download your free copy today and unlock the data-driven strategies needed to navigate the exciting opportunities that lie ahead!

About Africa Fintech Summit

AFTS is the premier global initiative dedicated to the African fintech ecosystem. AFTS is traditionally hosted in Washington, D.C., each April during the World Bank/IFC annual meeting week and in a different African city each November (most recently Lagos, Addis Ababa and Cairo). The summit is held in a hybrid format, with in-person attendees in a selected venue and global virtual delegates.

Supported by an advisory board of thought leaders and fintech pioneers, AFTS is a unique space where innovative ideas are debated, investments mobilized, partnership deals signed, and collaborations formed across sectors and geographies. AFTS is organized in partnership between Washington, D.C. based firms, strategic advisory group, Dedalus Global, and Pan-African consultancy advisory firm, Ibex Frontier.