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Africa is embracing Generative AI, according to the Nigeria Fintech Marketing Outlook 2024 featuring trends, perspectives, and growth strategies.
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The insightful “Nigeria Fintech Marketing Outlook 2024” report by Africa Fintech Summit (AFTS) sheds light on the current state and future direction of marketing strategies within the nation’s booming fintech industry.
Since 2017, the Africa Fintech Summit has led trade missions, bilateral partnerships, ecosystem tours, investment initiatives, and launches with startups, multinational corporations, and governments alike.
This first-of-its-kind report, co-authored by Charles Anijekwu and Jeremiah Ajayi, equips Nigerian fintechs with the data-driven strategies they need to acquire new customers, retain existing ones, and achieve long-term growth.
Key findings include:
- Paid advertising reigns supreme: The report reveals that paid advertising was the dominant channel for customer acquisition across key Nigerian fintech verticals in 2023.
- High acquisition costs: Sectors like Merchant Payments, Point-of-Sale (POS), Investment & Wealth Management, and Digital Lending witnessed substantial customer acquisition costs in 2023.
- Focus on efficiency: Fintech companies are prioritizing efficient marketing strategies. A noteworthy 50% of marketing budgets are allocated to the most effective channels for each specific vertical.
- Generative AI adoption on the rise: As the industry seeks new avenues for engagement, 29% of surveyed fintech companies have already adopted Generative AI for content creation, showcasing a willingness to explore innovative marketing tools.
- Increased reliance on owned media: The report predicts that organic channels, like social media and search engines, will become increasingly important for fintech marketing in 2024 and the coming years. This is one of 16 forecasts included in the report.
The report contextualizes these findings within the broader Nigerian fintech landscape. It acknowledges the “bull run” of 2020-2022, where abundant capital fueled aggressive customer acquisition strategies like celebrity endorsements and reality TV sponsorships. However, the funding winter of 2023 forced a shift towards leaner operations and tighter marketing budgets.
Explaining the motivation behind the report, Charles Anijekwu, co-author, states, “We wanted to understand the fintech marketing landscape better and identify the true drivers of growth.” Co-author Jeremiah Ajayi adds, “There was a data gap on marketing trends within fintech, especially in key areas. We aimed to bridge this gap with the report and foster a data-driven culture within the industry.”
Charles Isidi, Head of Marketing and Communications at Africa Fintech Summit, emphasizes the report’s broader relevance. “Nigeria, Africa’s leading fintech hub, is a valuable case study for the continent,” he states. Home to giants like Flutterwave and Paystack, Nigeria boasts a thriving ecosystem that informs pan-African strategies.
AFTS’ “Nigeria Fintech Marketing Outlook 2024” encourages exploration, critical thinking, and opportunity identification. As Isidi concludes, “Unlocking Africa’s fintech potential hinges on building the right products and selling them the right way.” This report empowers businesses to achieve just that.
Download your free copy today and unlock the data-driven strategies needed to navigate the exciting opportunities that lie ahead!
