PriyaPatel
TLDR:
- The Africa Fintech Summit (AFTS) released a report on the “Nigeria Fintech Marketing Outlook 2024.”
- The report highlights key findings such as the dominance of paid advertising, high customer acquisition costs, and the rising adoption of Generative AI.
The “Nigeria Fintech Marketing Outlook 2024” report by the Africa Fintech Summit (AFTS) provides valuable insights into the marketing strategies of the Nigerian fintech industry. Co-authored by Charles Anijekwu and Jeremiah Ajayi, the report sheds light on key trends and forecasts for the future.
One of the significant findings of the report is the prevalence of paid advertising as the primary channel for customer acquisition in key Nigerian fintech verticals. The report also highlights the challenges of high customer acquisition costs in sectors like Merchant Payments, Point-of-Sale (POS), Investment & Wealth Management, and Digital Lending.
Another key takeaway is the industry’s focus on efficiency, with fintech companies allocating 50% of their marketing budgets to the most effective channels for each specific vertical. Additionally, there is a growing trend of Generative AI adoption for content creation, indicating a willingness to explore innovative marketing tools.
The report predicts an increased reliance on owned media, such as social media and search engines, for fintech marketing in 2024 and beyond. This shift is attributed to the funding constraints experienced in 2023, which led to a more prudent approach to marketing budgets.
Overall, the report aims to bridge the data gap on marketing trends within the fintech industry and foster a data-driven culture. It emphasizes the importance of understanding the Nigerian fintech landscape to inform pan-African strategies and unlock the industry’s potential.
By exploring the key findings and forecasts presented in the “Nigeria Fintech Marketing Outlook 2024” report, businesses in the fintech sector can gain valuable insights to drive their marketing strategies and achieve sustainable growth.
