Nigeria stands at the centre of Africa’s fintech revolution, with over 430 fintech companies as of early 2025 and a sector that grew by 70 percent in the past year alone. This growth is impressive, but the real test lies in how these companies address the needs and behaviours of Nigerian consumers. Intentional consumerism, putting the consumer’s goals, habits, and realities at the heart of product development, remains essential for sustainable progress.
The case for intentional consumerism
Trust and adoption
Nigeria’s history of financial fraud and scams has created a climate of scepticism among consumers. Many remain wary of digital financial services, especially when trust and data security are not clearly prioritised. Without intentional efforts to build trust, fintech adoption can stall, regardless of technical innovation.
Financial inclusion and accessibility
About half of Nigerian adults remain unbanked or underserved, mainly due to the limitations of traditional banking infrastructure. Fintechs have the opportunity to bridge this gap by designing solutions that are accessible, affordable, and relevant to the daily lives of ordinary Nigerians. For instance, agency banking models like Quickteller Paypoint have extended financial services to remote areas, showing that consumer-focused solutions can reach those previously excluded.
A standout example of intentional consumerism in action is Airvend. We received the CBN’s 3-in-1 Categorised Payment Solution Services licence, which allows us to operate as a PSSP, PTSP, and Super Agent. Our offerings, such as virtual accounts, QR-enabled transactions, and the Airgate merchant platform, are designed to reflect everyday Nigerian realities. By collaborating with mobile operators, banks, and utility companies, we’ve shown how fintechs can create value by building systems that integrate naturally into people’s daily lives.
Changing consumer behaviour
Recent events, such as the cash scarcity in early 2023, led to a 230 percent increase in mobile banking and a 45 percent rise in point-of-sale transactions. During this period, 85.8 percent of customers changed how they interacted with financial services, and 81.1 percent of businesses adopted new digital payment methods. These shifts reveal a population ready to embrace digital solutions, but only if those solutions directly address their needs and pain points.
Comparative analysis: Nigeria, Kenya, and South Africa
Nigeria currently holds 32 percent of Africa’s fintech market share, with 217 startups as of 2023. In 2024, it attracted over $2 billion in fintech investments, demonstrating strong momentum despite regulatory challenges and currency instability. In comparison, Kenya holds 15 percent of the market, has 102 startups, and attracted $638 million in funding in 2024, with its fintech sector shaped by government support and regulatory sandboxes and a growing focus on climate tech and agritech. South Africa, with 20.6 percent of the market and 140 startups, has a more diverse tech sector and relies on consumer behaviour studies to guide adoption patterns, though its 2024 funding figures are not widely reported.
The role of technology and demographics
Nigeria’s median age is 18, and there are 150 million active mobile connections, with 107 million internet users. This young, mobile-first population is open to digital solutions but expects seamless, secure, and rewarding experiences. Platforms like Cowrywise and PiggyVest offer interest rates between 10 percent and 13 percent, much higher than the 4 percent to 6 percent from traditional banks, demonstrating the value of consumer-driven innovation.
In conclusion, Nigeria’s fintech sector has the scale and momentum to transform the country’s financial landscape. However, the path to lasting impact runs through intentional consumerism. By focusing on trust, accessibility, and real consumer needs, fintechs can unlock new markets, drive financial inclusion, and set benchmarks for the continent. Lessons from Kenya and South Africa show that consumer-centric approaches, supported by regulation and research, lead to stronger, more resilient ecosystems. For Nigeria, putting the consumer first is not just good business; it is the foundation for national economic progress.
Precious Ekezie is the MD of Airvend Payment Services Limited, a leading FinTech company providing innovative payment solutions through products like Airvend, Airpay, *174# USSD, and Airgate. With an MBA in AI from Nexford University and a background in tech entrepreneurship, he has led strategic partnerships, secured CBN licences, and driven digital transformation across the company.
