Growth patterns of internationalizing fintech companies in Nigeria
Ezeanowi, Nnaemeka Celestine (2025)
2025
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2025121335819
https://urn.fi/URN:NBN:fi:amk-2025121335819
Tiivistelmä
This research examines the growth patterns of internationalizing Nigerian fintech firms. It addresses the pivotal question of how these companies grow and internationalize by analysing the drivers, strategic pathways for internationalization, and the role of value offerings and business models. Utilizing a qualitative multiple case-study methodology, the thesis examines five Nigerian fintech firms operating across savings and investments, payments, and data infrastructure niches. The thesis studies their growth strategies in Nigeria and abroad, their internationalization path, and the technological and institutional dynamics shaping these pathways.
The results reveal a non-linear multi-theoretical growth pattern expressed as digital-focused, network-driven internationalization. The thesis shows that a fintech firm’s growth is driven by the strategic alignment between the business model, value offerings, institutional adaptation and network embeddedness. The customer-focused (B2C) firms follow the gradual conventional expansion strategy, based on practical learning, and influenced by building trust, diaspora-related market-pull and foreign market demand, whereas infrastructure-driven (B2B) firms leverage modular proprietary technologies and global networks to enable early and proactive expansion into foreign markets. Across all firms, a key finding was the dual role of the Nigerian regulatory environment which created operational constraints that compelled the companies to develop strong compliance capabilities that later strengthened their credibility in cross-border markets.
The study identifies that sustainable growth is mainly driven by strategic partnerships and networks, local adaptation, and dynamic capabilities, while also highlighting that adaptation of value offerings shape the feasible internationalization path. A mixed model of digital, network-driven internationalization is proposed to explain how Nigerian fintechs internationalize under diverse institutional and market constraints.
The thesis concludes that Nigerian fintech growth is best understood as a form of strategic bricolage, integrating the swift position of international entrepreneurship with the embedded approach of network theory. The research contributes a contextualized framework for understanding fintech growth in emerging markets. Also, the research offers practical implications for executives and policymakers navigating the fintech ecosystem and recommendations for future research.
The results reveal a non-linear multi-theoretical growth pattern expressed as digital-focused, network-driven internationalization. The thesis shows that a fintech firm’s growth is driven by the strategic alignment between the business model, value offerings, institutional adaptation and network embeddedness. The customer-focused (B2C) firms follow the gradual conventional expansion strategy, based on practical learning, and influenced by building trust, diaspora-related market-pull and foreign market demand, whereas infrastructure-driven (B2B) firms leverage modular proprietary technologies and global networks to enable early and proactive expansion into foreign markets. Across all firms, a key finding was the dual role of the Nigerian regulatory environment which created operational constraints that compelled the companies to develop strong compliance capabilities that later strengthened their credibility in cross-border markets.
The study identifies that sustainable growth is mainly driven by strategic partnerships and networks, local adaptation, and dynamic capabilities, while also highlighting that adaptation of value offerings shape the feasible internationalization path. A mixed model of digital, network-driven internationalization is proposed to explain how Nigerian fintechs internationalize under diverse institutional and market constraints.
The thesis concludes that Nigerian fintech growth is best understood as a form of strategic bricolage, integrating the swift position of international entrepreneurship with the embedded approach of network theory. The research contributes a contextualized framework for understanding fintech growth in emerging markets. Also, the research offers practical implications for executives and policymakers navigating the fintech ecosystem and recommendations for future research.