Fintech for Good in Nigeria with EFInA

Fintech for Good in Nigeria with EFInA

Here, Ashley Immanuel, Chief Executive Officer, EFInA, shares her thoughts on using fintech for good in Nigeria Victoria is an enterprising young Nigerian with an optimistic and dynamic outlook. When the Covid-19 pandemic took hold in Nigeria, Victoria immediately lost her job at a salon. She quickly drew down her savings and went into debt to support herself, later finding it difficult to repay as the recession continued. Despite rapidly deteriorating circumstances, Victoria was able to take advantage of social media digital marketing, enabled by digital payments solutions, to get back into business as the recovery started to take hold. Victoria is a persona, used to run scenario analysis at the outset of the pandemic to identify opportunities for recovery. This story, based on the composite realities faced by many young, urban Nigerians, illustrates how important digital financial services can be in driving opportunity, particularly following a crisis. Fintech in Nigeria In the past decade, fintech has helped Nigerians transact more seamlessly, access credit more easily, save and invest in new ways and operate increasingly digitised businesses. The sector has mobilised investment and created jobs, with the potential to do much more. The FinTech Landscape and Impact Assessment 2020 report