Hi there!
How are you doing today?
Today I'll be talking about The Future Of Fintech In Nigeria. These are just my thoughts.
First, let's start with the foundation. What is Fintech?
Fintech is Financial technology, that is, technology (usually information technology) that is focused on finance.
In another way, Fintech is a startup company in the finance sector, such as one dealing with payments, fundraising or loans.
There are different types of Fintechs. Once an institute is about finance and moving money around, they are pretty most times considered a Fintech.
Examples of Fintechs are Flutterwave, Interswitch, Paga, Payday, Grey, Chipper Cash, Piggyvest, Kuda, Moniepoint, Renmoney, etc.
Fintechs use different tools such as Blockchain, USSD, Artificial Intelligence and Machine Learning to build. This allows Fintech companies to thrive in different aspects of Finance from moving money locally and internationally, to paying bills, getting dollar cards, converting Cryptocurrency to Money, saving and investing money, getting loans etc. It's exciting the endless possibilities of the Fintech space.
According to Leadership News, as of 2022, the Nigerian Fintech industry had raised over $1,000,000,000. Fintech startups have enjoyed success and growth in Nigeria due to certain factors, including the low penetration of banking services, a youthful population making good use of an explosion in smartphone ownership, and the recent regulatory changes that have increased the number of cashless transactions.
So what does this mean for the future of Fintech? Fintech companies keep looking for new and innovative ways to solve problems for their users maybe even better than traditional banks can. The industry is fast growing and as the world evolves more, the industry would look for new ways to expand. The Fintech industry is expected to show a revenue growth of 54.0% in 2024 according to Statista.
In conclusion, the Fintech and Tech industry, in general, will continue to penetrate the ecosystem and expand their presence and innovation. They are here to stay. I think everyone should get on board.
What are your thoughts on this?
I hope this was helpful.
Till next time. Remain awesome.
Franny.
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