The Nigeria Fintech Marketing Outlook has shown that 29% of the financial technology companies surveyed have started using generative Artificial Intelligence to create content.
The first edition of a report co-authored by Charles Anijekwu and Jeremiah Ajayi and published by Africa Fintech Summit sheds light on the current situation and future strategies in Nigeria’s financial technology industry.
Generative AI is a form of artificial intelligence technology that can create different kinds of content such as text, images, sound, and artificial data.
The report, signed by Africa Fintech Summit's Head of Marketing and Communications, Charles Isidi, reveals the increase in the use of generative Artificial Intelligence and the growing costs of marketing in the sector.
The report shows that paid advertising was the main method for attracting customers in key Nigerian fintech areas in 2023. Sectors like Merchant Payments, Point-of-Sale, Investment & Wealth Management, and Digital Lending experienced significant customer acquisition costs in 2023.
Fintech companies are focusing on efficient marketing strategies. 50% of marketing budgets are dedicated to the most effective channels for each specific area. 29% of the surveyed fintech companies have already adopted Generative AI for content creation, demonstrating a willingness to explore innovative marketing tools.
The report also indicates a growing reliance on owned media, with the forecast that organic channels such as social media and search engines will become increasingly important for fintech marketing in 2024 and the years to come.
One of the co-authors, Anijekwu, explained the motivation behind the report, saying, “We wanted to better understand the fintech marketing landscape and identify the true drivers of growth,” with Ajayi adding, “There was a lack of data on marketing trends within fintech, especially in key areas. We aimed to close this gap with the report and promote a data-driven culture within the industry.”
Nigeria’s fintech market is rapidly evolving, with digital payments, digital investment, digital capital raising, digital assets, and neobanking emerging as some of the most significant trends, according to Statista.
Meanwhile, digital payments have become increasingly popular, with consumers relying more on mobile payment solutions for their everyday transactions.
