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The inaugural edition of the Nigeria Fintech Marketing Outlook unveils a significant trend: 29% of surveyed financial technology firms in Nigeria have embraced generative Artificial Intelligence (AI) for content creation. Co-authored by Charles Anijekwu and Jeremiah Ajayi, and published by the Africa Fintech Summit, this report aims to illuminate current trends and future strategies within the nation’s fintech landscape.
Generative AI, a cutting-edge technology, has the capacity to generate diverse content types, including text, imagery, audio, and synthetic data. The findings of the report, as conveyed by Charles Isidi, Head of Marketing and Communications at Africa Fintech Summit, underscore the increasing adoption of generative AI alongside the rising marketing costs in the sector.
The report highlights the dominance of paid advertising as the primary channel for customer acquisition across key Nigerian fintech verticals in 2023. Sectors such as Merchant Payments, Point-of-Sale, Investment & Wealth Management, and Digital Lending witnessed substantial customer acquisition costs during this period. Fintech companies are now prioritizing efficient marketing strategies, with 50% of marketing budgets allocated to the most effective channels for each specific vertical.
Innovative tools like Generative AI are gaining traction, with 29% of surveyed fintech firms embracing this technology for content creation. This reflects a willingness to explore novel marketing avenues within the industry.
Moreover, the report indicates a growing reliance on owned media, projecting that organic channels such as social media and search engines will play an increasingly pivotal role in fintech marketing endeavors in 2024 and beyond.
Anijekwu and Ajayi, the co-authors of the report, emphasize the need to understand the fintech marketing landscape better and identify the drivers of growth. They aim to bridge existing data gaps in key areas, fostering a data-driven culture within the industry.
As per Statista, Nigeria’s fintech market is rapidly evolving, witnessing the emergence of trends such as digital payments, digital investment, digital capital raising, digital assets, and neobanking. Notably, digital payments have experienced an unprecedented surge in popularity, with consumers increasingly relying on mobile payment solutions for their everyday transactions.
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