In Nigeria’s burgeoning fintech landscape, growth is not just about acquiring customers; it’s about acquiring the right customers.
For startups operating in the B2B space, the challenge is even more nuanced. Unlike B2C companies, where scale is often driven by volume, B2B fintechs must build relationships, establish trust, and demonstrate tangible value to decision-makers.
Here, I’ll walk you through proven tactics to scale a B2B fintech smartly and sustainably, drawing from relatable examples to illustrate success:
1. Define and refine – who’s your ideal customer?
The first step to success is understanding exactly who your product(s) serves. A scattergun
approach—targeting “all SMEs” or “every enterprise”—can waste resources and dilute your message.
Consider Moniepoint, a Nigerian fintech providing business banking solutions to SMEs. Moniepoint succeeded by focusing on underserved, cash-driven small businesses. They tailored their solutions to address challenges like cash flow, payments, and access to credit, rather than trying to cater to all business types.
Actionable Tip: Use your data to define an ICP. Segment businesses by industry, turnover, size, and pain points. For instance, are you targeting fast-moving consumer goods (FMCG) distributors
struggling with supplier payments or tech startups needing flexible credit lines? Let the answers shape your outreach and messaging.
2. Content is still king- how are you building trust?
In Nigeria’s trust-deficit environment, content is your currency. Nigerian business decision-makers are meticulous; they need proof that your solution works before they commit.
Example: Flutterwave has consistently used content marketing to position itself as a thought leader.
Through blog posts, case studies, and webinars, they’ve tackled pressing issues like cross-border payments and regulatory compliance. This not only educates potential clients but also positions Flutterwave as a partner in solving real problems.
Actionable Tip:
- Case Studies: Highlight success stories like how your solution helped a Lagos-based retailer scale its supply chain or improved collections for an SME.
- Whitepapers: Publish reports addressing common pain points, g., “Solving Cash Flow Issues for Nigerian Agro-processors.”
- Webinars: Partner with industry experts to discuss relevant topics such as “Accessing Credit for Growth in a Post-Cashless Economy.”
3. Leads, leads, leads – have you mastered LinkedIn?
LinkedIn is underutilized in Nigeria but holds massive potential for B2B fintech startups. However, random connection requests won’t cut it—you need to tailor your messaging.
Example: PiggyVest for Business, a savings and investment platform for SMEs, has successfully used LinkedIn to connect with finance managers and SME owners. They employ targeted ads
highlighting their ROI potential and send personalized InMail messages to prospects, addressing their unique pain points.
Actionable Tip: Use this three-step framework for LinkedIn outreach:
- Reference a prospect’s recent achievement (e.g., “Congratulations on your new product launch!”).
- Highlight an industry challenge they might relate
- Share how your fintech can help, ending with an invitation to
4. Beyond the handshake – why you must embed partnerships?
Strategic partnerships can give your fintech a credibility boost and access to a larger customer base. Collaborating with established players ensures you’re leveraging existing trust and infrastructure.
Example: Vendorcredit’s partnership with Konga is a prime illustration. By embedding credit
solutions within Konga’s merchant platform, Vendorcredit reached thousands of SMEs who needed financing to fulfill orders. This partnership not only expanded their reach but also made their product integral to the merchants’ operations.
Actionable Tip: Identify ecosystems where your fintech’s solution fits seamlessly. If you’re in lending, consider partnering with e-commerce platforms or inventory management systems to provide embedded credit.
5. Power for power – how to target high-value clients?
Enterprise clients require a more tailored approach. ABM involves creating campaigns specific to individual accounts, focusing on their unique needs and challenges.
Example: Remita, an e-payment solution provider, used ABM to target universities for their fee
collection system. By crafting pitches that showcased how Remita could simplify student payment processes and improve audit trails, they secured contracts with major Nigerian universities.
Actionable Tip: Develop custom campaigns for your biggest prospects. For example, create a bespoke presentation for a leading FMCG distributor showing how your product can reduce operational inefficiencies.
6. Just like a cold – you want to optimize your product(s) for viral growth!
Building virality into your product accelerates growth. For fintech, this often means leveraging your existing users to bring in new ones.
Example: Opay’s agent banking model is a textbook case. By empowering agents with competitive commissions and tools, they turned them into advocates, driving widespread adoption in rural and urban areas. This organic network effect scaled their agent network to tens of thousands in record time.
Actionable Tip: Create referral programs that incentivize existing clients to bring in others. For example, offer discounts or bonuses for each successful referral from one SME to another.
7. Living and breathing – you should measure and iterate relentlessly!
Marketing is never static—continuous improvement is key. The best fintechs use data to fine-tune campaigns, ensuring they stay relevant and effective.
Example: After launching its Pay with Bank feature, Paystack closely monitored adoption rates and customer feedback. They noticed friction in onboarding and swiftly adjusted their user flows, leading to improved conversion rates and client satisfaction.
Actionable Tip: Track key metrics such as:
- Lead Generation: What channels drive the most qualified leads?
- Engagement: Are your webinars or newsletters generating clicks and responses?
- Conversion Rates: Which campaigns yield the highest ROI?
The Nigerian fintech space is competitive, but with the right B2B Fintech marketing strategies, scaling sustainably is achievable. Remember, the ultimate goal isn’t just to win clients—it’s to build relationships that foster long-term trust and growth.
Meet the Writer:
Chidera Amuta is a seasoned Growth Marketing Manager with over 8 years of experience in driving business growth and enhancing brand visibility. With 4 years dedicated to performance marketing, she has successfully executed strategies across diverse industries, including fintech, FMCG, pharmaceuticals, SaaS, and banking. Her expertise spans digital marketing, content creation, data analytics, and brand development, complemented by a strategic focus on lead generation and campaign optimization.
As a skilled team leader, Chidera excels at managing cross-functional teams and fostering collaboration to deliver impactful results. Her track record includes achieving significant ROI on campaigns, increasing customer acquisition, and launching innovative products that secure market share.
Chidera’s career highlights her ability to create measurable value through data-driven insights, creativity, and a deep commitment to customer engagement.
She holds CIM certifications in Digital Marketing Techniques, Applied Marketing, and Planning Campaigns, along with a certificate in Integrated Brand Experience from Orange Academy.
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