Research & Insights


Nigerians and E-Commerce

Nigeria’s large population coupled with the rapid spread of Internet-enabled mobile phones and the growing access to broadband makes the country’s e-commerce market one of the most attractive in the African continent. According to the former Minister of Communication Technology, Dr. Omobola Johnson, Nigeria’s electronic commerce market has a potential worth of $10 billion. She stated that the e-commerce market in Nigeria has attracted over $200 million in foreign investment with about 36% of the country’s 180 million people connected online. She also revealed that the e-commerce market has created over 12,000 jobs since 2012, expanding the infrastructure, warehousing, advertising and logistics services industry.  In 2014, Nigeria recorded over $2 million worth of online transactions per week and close to $1.3 billion monthly.


Download the entire publication here

Technology in the hands of businessmen

Much Ado About Nigerian Fintechs?


Fintech is a new fad in the innovation world. It refers to a line of businesses using applications, software and modern technology to provide financial services to consumers. They act as disruptors to the traditional model of banking, selling financial services and solutions directly to customers. Fintechs are often quicker and more responsive to customer needs in their operations and provide seamless integration of financial services into the lives to today’s customers.


Download the entire publication here


Analysis on Profitable Customer Behaviours for Nigerian Retail Banks in 2015

Profitable Customer Behaviour refers to trends and habits of customers that lead to increasing profits for an organisation.  For retail banking, these are customers’ characteristics that directly relate to banking products and services. Some profitable consumer behaviours for retail banks to monitor include:

  • Positive customer perception of bank(s)
  • Customer loyalty
  • Customer adoption rate of bank products and services
  • Frequency of use of bank products
  • Customer channel preference for engaging banks and financial activities

For retail banks to see how profitable their customers are, Ciuci Consulting analysed the rate of adoption and customer preference for using a general retail banking product- internet-based banking platform.


Download the entire publication here


‘The Missing Middle’: Providing Innovative Solutions to Financing SMEs in Nigeria

Small and medium enterprises (SMEs) play an important role in the development of a country: they form the backbone of modern economies and are crucial engines for development in their role as seedbeds of innovation, efficient producers and employers of labour. SMEs have a propensity to employ more labour–intensive production processes than large enterprises; consequently, they contribute significantly to the provision of productive employment opportunities, the generation of income and the reduction of poverty. Economists believe that economic development is advanced through the increase of SMEs because such proliferation increases employment opportunities.


Download the entire publication here

What Nigeria’s Bank Customers Want: An Assessment of Retail and SME Banking Preferences (2015)

2015 Retail Banking Report Back Cover

The Nigerian banking industry is trying to stand strong despite the rocky socioeconomic landscape. Retail banks have been forced to twist and turn in order to adapt to the various market shocks and policy variations that hit the economy in 2015. From the monetary policy changes to the recent directive from the federal government to all federal ministries, departments and agencies (MDAs) to remit all their earnings into a Treasury Single Account (TSA), banks have been left spiraling due to significant changes in their liquidity. Needless to say, novelty and flexibility have become necessary for any prospect at longevity in the industry.

Download the entire publication here

Bridging The Educational Gap In Africa

education in Africa 2xx

Human capital is the stock of knowledge, habits, social and personality attributes, including creativity, expressed in an individual’s ability to perform labor so as to produce economic value. Human capital is a major determinant of economic development, while education is the tool required to build human capital. Primary education is essential as it is the foundation and first step for many in the learning process. There has been an increase in the number of students that enroll in primary schools in Africa, between 1990 and 2012 the number of students registered in primary school more than doubled from 62 million to 149 million children.

Download the entire publication here

5 things Nigerian Businesses Must Do to Survive in 2016


The cost of acquiring goods and services has escalated due to high exchange rates. Businesses with high foreign exchange exposure will face challenges in meeting foreign obligations to suppliers and partners. Crude oil prices in international markets have already fallen $10 below the national budgeted price of $37 per barrel placing greater pressure on the government’s oil revenue and foreign reserves this will in turn further weaken the naira and precipitating in double-digit inflation. It is important to note that this contraction of the economy is not unique to Nigeria.

Download the entire publication here

2014 Banking Report: What Nigeria’s Banking Customers Want

Following the trend of 2013, Nigerian banks have continued to wade through tides, finding ways to thrive amidst changes in the regulatory and business environment – with the outcome of each bank’s strategic response becoming more quantifiable.Despite the change of its helmsman, the Apex Bank has remained focused on its mission of consumer protection and value creation and has delivered economic value to bank customers in 2014. Though there was the re–introduction of inter–bank ATM charges of N65 after four withdrawals, the reduction of Commission On Turnover (COT) to N2 per mille; removal of charges on cash deposits; and the complete removal of COT on public funds reflect the CBN’s continued commitment to its mission.

Download Here

What Nigerians Do with their Smartphones


The world is fast becoming a global village and a necessary tool for this process is communication, of which telecommunication is a key player. Telecommunication tools have evolved from a simple communication device for voice calls to complex tools that support voice and data services over long distances.

Download the entire publication here

Five Things to Know About the Nigerian Consumer


With a $510 billion economy growing at 7.1% annually, retail and wholesale trade represents majority of the growth potential. Over 40 million Nigerian households are in the consuming class and earn an income of more than $7,500 annually. Consuming class or consuming households refers to an individual or household with an annual income of more than $3,600 or have an expenditure of $10 per day.

Download the entire publication here