Fintech Focus: The link between Open Banking and financial inclusion

Nigerian banks sit on an inventory of consumer data that fintech startups in the country can only dream of.

With more than 70 million active bank customers in Nigeria, banks possess valuable big data, consisting of demographic, personal, and professional information of clients as well as transaction history, consumption patterns, and movements.

There’s so much that can be done with this data. For instance, lenders can segment their client base to offer personalised savings or loan offers. The data can also be deployed in targeting Nigeria’s huge unbanked population with customised services, based on similar profiles to existing clients. Continue reading