Nigerian Fintechs Enthusiastically Adopt Generative AI For Content Creation purposes

According to Generative AI’s recent report on the Nigeria Fintech Marketing Outlook, approximately 29% of surveyed FinTech companies in Nigeria have incorporated generative Artificial Intelligence (AI) into their operations for content creation.

The report highlights the growing adoption of generative AI, a technology capable of producing diverse content forms including text, imagery, audio, and synthetic data. Paid advertising emerges as the predominant channel for customer acquisition across various Nigerian fintech verticals in 2023, particularly in sectors such as Merchant Payments, Point-of-Sale, Investment & Wealth Management, and Digital Lending, which experience significant customer acquisition costs.

Efficiency in marketing strategies becomes a primary focus for fintech companies, with approximately 50% of marketing budgets allocated to the most effective channels tailored to specific verticals. The increasing adoption of Generative AI for content creation reflects the industry’s inclination toward exploring innovative marketing tools.

Also, the report anticipates a growing reliance on owned media, predicting that organic channels such as social media and search engines will become increasingly crucial for fintech marketing efforts in 2024 and beyond. Co-authors Anijekwu and Ajayi explain that the motivation behind the report was to gain deeper insights into the fintech marketing landscape and identify key growth drivers, bridging existing data gaps and promoting a data-driven culture within the industry.

Nigeria’s fintech market is rapidly evolving, with digital payments, digital investment, digital capital raising, digital assets, and neo-banking emerging as significant trends. Digital payments, in particular, have experienced a remarkable surge in popularity, with consumers increasingly adopting mobile payment solutions for their everyday transactions.