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Moreover, despite China’s advancement in science and technology, it’s a largely agro-based economy, with over 60% of its population involved in the agro sector. Indeed, previous studies have shown that there are various similarities between the Asian giant and the African giant. While FinTech founders in China are taking the bulls by the horns and creating a strong ecosystem, the FinTech industry in Nigeria is still nascent in many ways. While the nation has recorded giant strides in the FinTech industry, there’s still much to be desired. Although the Chinese government is playing a huge role in strengthening the ecosystem, we can’t deny the fact that Chinese founders are leading the way through innovative and practical application of diverse strategies. Therefore, in this article, I point out four lessons Nigerian founders can learn from their Chinese counterparts.
Look Towards The Middle-Income Segment
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In reaching out to middle-income savers, Chinese FinTechs have developed increasingly data-driven business patterns. Hence, startups are investing more in creating large data pools and deriving insights from them. They are integrating social networking, e-commerce and finance. Therefore, FinTechs in Nigeria must pin their focus on the middle-income savers using a single framework that generates consumer data while offering other services like e-commerce and social network.
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One example is WeChat. This arrangement bestows upon WeChat relevance in almost all facets of millions of users’ everyday lives. WeChat enables Tencent to integrate financial services in significant manners with instantly applicable use cases. Hence, startups and players must start designing their business models and platforms around human experiences, especially lifestyles, while financial transactions are minimized to the background of services that matter more to users.
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