Source page: McKinsey & Company
Commentary
Nigerians are increasingly turning to fintech
Fintech | Banking | Africa
October 23, 2020 – While customers cite access and convenience as the key drivers for fintech usage, value and price are also important.
To read the report, see “Harnessing Nigeria’s fintech potential,” September 23, 2020.
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Visual form
Bar Chart: two-panel fintech usage-growth and adoption-reason comparison for Nigeria.
Layout / body structure
The left panel shows recent change in fintech usage, while the right panel ranks customer reasons for adoption. Read usage growth first, then the motivation bars.
What is being compared
It compares the share of Nigerian customers who increased fintech usage with the reasons customers give for adopting fintech, including access and convenience, value, price, and other reasons.
Measurement system
The measure is percent of customers. One panel reports usage increase over the past six months, and the other reports percent share for adoption reasons.
Visible structure inside the graphic
The usage-growth panel establishes that fintech use is rising, and the ranked-reason panel shows access and convenience as the dominant driver.
Main takeaway from the visual
The chart shows that Nigerian fintech adoption is being pulled by practical service access and convenience, not just by price or novelty.
Key standout values or extremes
Fifty-four percent of customers increased fintech usage over the past six months. Access and convenience is the top adoption reason at 57 percent, followed by value at 29 percent and price at 13 percent.
Controls / sequence, when applicable
This is a static two-panel bar chart; there are no in-chart controls to operate.
Companion media, when applicable
There is no separate companion audio or video; the Nigeria fintech adoption chart is the full visual on this page.