The Nigeria Fintech Marketing Outlook has revealed that 29 per cent of surveyed players in the financial technology space have adopted generative Artificial Intelligence for content creation.
The report which is the maiden edition was co-authored by Charles Anijekwu and Jeremiah Ajayi was published by Africa Fintech Summit to shed light on the current state and future strategies within the country’s fintech industry.
Generative AI is a type of artificial intelligence technology that can produce various types of content, including text, imagery, audio and synthetic data.
According to a statement signed by Head of Marketing and Communications, Africa Fintech Summit, Charles Isidi, on Wednesday it was revealed that the key findings in the report include the uptake in generative Artificial Intelligence and rising marketing costs in the sector.
“The report reveals that paid advertising was the dominant channel for customer acquisition across key Nigerian fintech verticals in 2023. Sectors like Merchant Payments, Point-of-Sale, Investment & Wealth Management, and Digital Lending witnessed substantial customer acquisition costs in 2023.
“Focus on efficiency: Fintech companies are prioritizing efficient marketing strategies. A noteworthy 50 per cent of marketing budgets are allocated to the most effective channels for each specific vertical. Generative AI adoption on the rise: As the industry seeks new avenues for engagement, 29 per cent of surveyed fintech companies have already adopted Generative AI for content creation, showcasing a willingness to explore innovative marketing tools,” were some of the key findings of the report.
The report also indicated an increased reliance on owned media with the projection that organic channels, like social media and search engines, will become increasingly important for fintech marketing in 2024 and the coming years.
Explaining the motivation behind the report, one of the co-authored, Anijekwu, said, “We wanted to understand the fintech marketing landscape better and identify the true drivers of growth,” and Ajayi added, “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.”
According to Statista, Nigeria’s fintech market is rapidly evolving, with digital payments, digital investment, digital capital raising, digital assets, and neobanking emerging as some of the most significant trends.
Meanwhile, digital payments have seen an unprecedented surge in popularity, with consumers increasingly relying on mobile payment solutions for their day-to-day transactions.
