Businesses prefer saving on fintechs than banks and other things we learned from Moniepoint’s informal economy report.
- 80% of Nigerian businesses prefer card payments for in-person transactions.
- Lagos houses 15% of Nigeria's informal economy.
- Loan apps have surpassed traditional banks in lending to Nigerian businesses.
The report highlights the increasing adoption of digital payments and fintech services in Nigeria's informal economy. It also sheds light on the challenges faced by small businesses, such as limited access to credit from traditional banks. This information can be valuable for businesses and policymakers looking to understand and cater to the needs of the informal sector.
