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A recent report by Generative AI sheds light on the evolving landscape of fintech marketing in Nigeria, revealing that approximately 29% of surveyed fintech companies in the country have integrated generative Artificial Intelligence (AI) into their operations for content creation purposes.
Generative AI, a cutting-edge technology capable of producing diverse content forms including text, imagery, audio, and synthetic data, is gaining traction among Nigerian fintech firms. Paid advertising emerges as the dominant channel for customer acquisition across various fintech verticals in 2023, particularly in sectors such as Merchant Payments, Point-of-Sale, Investment & Wealth Management, and Digital Lending, where customer acquisition costs are notably high.
Efficiency in marketing strategies takes center stage for fintech companies, with nearly 50% of marketing budgets allocated to the most effective channels tailored to specific verticals. The increasing adoption of Generative AI for content creation underscores the industry’s proactive approach toward exploring innovative marketing tools to engage and attract customers effectively.
Furthermore, the report foresees 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 efforts in 2024 and beyond. Co-authors Anijekwu and Ajayi emphasize that the report aims to provide deeper insights into the fintech marketing landscape, identifying key growth drivers, and fostering a data-driven culture within the industry.
Nigeria’s fintech market is undergoing rapid evolution, with digital payments, digital investment, digital capital raising, digital assets, and neo-banking emerging as significant trends. Notably, digital payments have witnessed a remarkable surge in popularity, with consumers increasingly embracing mobile payment solutions for their day-to-day transactions.
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