Nigeria like any other emerging market is full of opportunities for businesses, especially startups that are operated through technology. Moreover, the country has the strongest startup ecosystem in Africa with over 500 registered startups that are meeting the diverse needs of people ranging from finance to health to housing and retail, etc. Also, the country’s digital ecosystem is quite encouraging, hence an attractive spot for entrepreneurs and investors alike. Hence, starting a mobility fintech company is bound to thrive due to the available business opportunities inherent in the Nigerian market. In this article, I examine seven potential opportunities for mobility fintech in Nigeria. They include:
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- Public Transportation Services
Nigeria’s transportation sector is largely informal, with many people relying on informal taxis, buses, and other forms of transport. Fintech companies can leverage technology to create more organized and efficient public transportation systems, such as ride-hailing and bus booking services.
Many people in Nigeria struggle to afford the upfront cost of purchasing a vehicle, making it difficult for them to access reliable transportation. Fintech companies can offer vehicle financing solutions, such as lease-to-own or car-sharing programs, to make it easier for people to access vehicles.
- Electric Vehicle Charging Infrastructure
With the increasing adoption of electric vehicles in Nigeria, there is a need for charging infrastructure to support them. Fintech companies can invest in building and operating charging stations, as well as developing innovative payment solutions for accessing these services.
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- Traffic Management And Navigation
Traffic congestion is a major problem in Nigeria’s cities, leading to wasted time and fuel for drivers. Fintech companies can use technology, such as real-time traffic data and navigation apps, to help drivers avoid congested areas and plan more efficient routes.
- Vehicle Maintenance And Repair
Many people in Nigeria rely on informal mechanics for vehicle maintenance and repair, which can be unreliable and costly. Fintech companies can use technology to create more organized and transparent vehicle maintenance and repair services, such as online booking and tracking systems.
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With high levels of traffic congestion and limited public transportation options, there is an opportunity for fintech companies to offer public bike-sharing services in Nigeria’s cities. These services could be accessed through mobile apps and could include options such as e-bikes and scooters.
With many people in Nigeria owning their own vehicles, there is a significant opportunity for fintech companies to facilitate carpooling as a way to reduce traffic congestion and improve air quality. This could include platforms that enable people to share rides to work or other destinations, helping to reduce the number of cars on the road and the environmental impact of transportation.
Featured Image Source: FinTech Global
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This article was first published on 24th December 2022
nnaemeka-emmanuel
Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.
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