More Fintechs adopt AI in Nigeria

There are increasing Fintechs adopting Artificial Intelligence (AI) technologies for content creation in Nigeria, a report by Africa Fintech Summit (AFTS) has revealed.
The report tagged: “Nigeria Fintech Marketing Outlook 2024” sheds light on the current state and future direction of marketing strategies within the nation’s booming fintech industry.
According to the report, generative AI adoption are on the rise as it reveals that 29 per cent of surveyed fintech companies have already adopted Generative AI for content creation, showcasing a willingness to explore innovative marketing tools.
This 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.
It also revealed that paid advertising was the dominant channel for customer acquisition across key Nigerian fintech verticals in 2023.
Besides, it noted that sectors like Merchant Payments, Point-of-Sale (POS), Investment & Wealth Management, and Digital Lending witnessed substantial customer acquisition costs in 2023.
It stated that Fintech companies are prioritizing efficient marketing strategies, noting that 50 per cent of marketing budgets are allocated to the most effective channels for each specific vertical.
The report, however, predicted that organic channels, like social media and search engines, will become increasingly important for fintech marketing in 2024 and the coming years.
The report contextualised 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, said: “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.”
Head of Marketing and Communications at Africa Fintech Summit, Charles Isidi, emphasised the report’s broader relevance. “Nigeria, Africa’s leading fintech hub, is a valuable case study for the continent,” he stated.


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