UX Research consent form

Prior written consent is required to record an interview, so be sure to attach a consent form to the email. If the participant is a minor or unable to consent under applicable law, then written consent is required from the participant's parent or guardian.
UX Research consent form

Research Goals

• Identify User Pain Points: Understand the specific challenges Nigerian users face with the current MyBiz app features.
• Evaluate Usability: Assess how users interact with the apps transaction processes and identify areas for improvement.
• Analyze User Preferences: Determine preferences for feature design and functionality to align the redesign with user needs.
• Benchmark Competitors: Compare the apps features and user experience with leading fintech apps in Nigeria to identify best practices and opportunities for enhancement.
• Measure Impact: Evaluate the effectiveness of the redesigned features in improving user satisfaction and transaction efficiency.

Assumptions

• Users are currently frustrated with the MyBiz app's transaction speed and interface.
• The majority of Nigerian users prefer using mobile devices for financial transactions.
• Other fintech apps in Nigeria offer more efficient and user-friendly features.
• Nigerian users are familiar with and expect modern digital financial tools.
• Users prioritize security features and are cautious about sharing personal information online.
• The core features of the MyBiz app, such as BNPL and mobile payments, are critical to users.
• The specific design and interface preferences of Nigerian users have not been thoroughly researched.
• The existing backend infrastructure can easily accommodate new features without major overhauls.
• User behavior and preferences may differ significantly across various regions in Nigeria.
• The app's redesign will result in increased user engagement and satisfaction.

Research Methodology

• Secondary Research (Market Research, Competitive Analysis)
• Primary Research (User Interview)

Secondary Research

Market Research

Industry Overview

Nigeria's fintech industry is one of the fastest-growing in Africa, driven by a young, tech-savvy population and a rapidly expanding digital economy. The sector encompasses various services, including mobile payments, digital banking, and financial management tools, catering to the increasing demand for accessible financial services. The rise of mobile technology and the need for financial inclusion have significantly contributed to the industry's growth.

Major Platforms

• Paystack: Acquired by Stripe, it provides payment processing solutions and is widely used by businesses in Nigeria.
• Opay: A comprehensive platform offering mobile payments, ride-hailing, and food delivery services.
• Paga: A mobile payment platform that allows users to send money, pay bills, and make online purchases.
• Kuda Bank: A digital-only bank that provides a full suite of banking services through a mobile app.

Demographic Insights

Age Groups

The Nigerian fintech user base is predominantly young, with a large segment of users aged between 18 and 35. This demographic is characterized by high mobile phone penetration, digital literacy, and a strong preference for mobile-based financial services. Urban areas, particularly Lagos, Abuja, and Port Harcourt, are the primary markets, but there is growing adoption in semi-urban and rural areas as well.

Consumption Patterns

Nigerians frequently use fintech apps for everyday transactions, such as sending and receiving money, paying bills, and purchasing airtime and data. There is also a growing interest in advanced financial services like BNPL (Buy Now Pay Later), investment platforms, and digital banking. Users value convenience, speed, and security in their financial transactions and are increasingly moving away from traditional banking methods in favor of mobile-first solutions.

Market Trends

• Increased Mobile Payments: Mobile payments are rapidly becoming the preferred method for financial transactions in Nigeria, driven by smartphone penetration and the need for convenience.
• Expansion of Digital Banking: Digital-only banks are gaining traction, offering users a more accessible and cost-effective alternative to traditional banks.
• Growth of BNPL Services: Buy Now Pay Later services are expanding as more users seek flexible payment options for purchases.
• Fintech Innovations: There is ongoing innovation in the fintech space, with new products and services regularly being introduced to meet the evolving needs of users.
• Regulatory Developments: The Nigerian government and regulatory bodies are increasingly focused on creating a supportive environment for fintech growth, which includes developing frameworks to enhance security and consumer protection.

Competitive Audit