Exploring market potential : Nigerian market research analysis for a payment service provider
Söderholm-Keränen, Michaela (2025)
2025
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2025121938505
https://urn.fi/URN:NBN:fi:amk-2025121938505
Tiivistelmä
This research explores Nigeria’s potential as a new market for the Finnish FinTech company X, which aims to expand its operations by the end of 2024. The goal is to understand whether Nigeria could offer a viable business opportunity for the company.
By assessing market potential, identifying opportunities and risks, covering Nigerian culture and exploring the ethical considerations that may influence market entry, the study focuses on three key research questions: 1. What is the market potential of Nigeria? 2. What ethical challenges may affect business operations? 3. What barriers and opportunities exist within Nigeria’s payment service market? Over a seven-week reporting period, the research was conducted through weekly analysis and supported by established frameworks including SWOT, PESTEL, Porter’s Five Forces, and an interview.
The research suggests that Nigeria has strong potential for growth in mobile payments, especially as digitalisation expands. At the same time challenges such as regulatory complexity, corruption, security concerns and lack of technical support require careful management. The study concludes that entering the Nigerian market is possible, but success will depend on careful planning, strong compliance practices, effective risk management, and establishing partnerships within the local business environment.
By assessing market potential, identifying opportunities and risks, covering Nigerian culture and exploring the ethical considerations that may influence market entry, the study focuses on three key research questions: 1. What is the market potential of Nigeria? 2. What ethical challenges may affect business operations? 3. What barriers and opportunities exist within Nigeria’s payment service market? Over a seven-week reporting period, the research was conducted through weekly analysis and supported by established frameworks including SWOT, PESTEL, Porter’s Five Forces, and an interview.
The research suggests that Nigeria has strong potential for growth in mobile payments, especially as digitalisation expands. At the same time challenges such as regulatory complexity, corruption, security concerns and lack of technical support require careful management. The study concludes that entering the Nigerian market is possible, but success will depend on careful planning, strong compliance practices, effective risk management, and establishing partnerships within the local business environment.