Fintechs are on the rise in Nigeria. This is a combination of a youthful population; ever-increasing smartphone penetration and the need for a cashless payment system. The Impact Of FinTech On Business Growth In Nigeria can be quantified and measured.
A finTech is a technology-driven approach that uses data to transform financial services. It can be used in any industry, including banking and insurance, payments, travel industries, and more.
FinTech has been gaining traction around the world over the last few years as it helps companies to stay competitive by providing better customer service, new products, or services. In Nigeria specifically, FinTech has become an important part of business growth in recent years as well because of its ability to help companies reach new customers at a faster pace than traditional methods like advertising alone could do so comfortably (which is why it’s called “new marketing”). This article will discuss how Fintech startups are helping Nigerian banks adapt to these changes by providing innovative solutions that cater to their customers’ needs.
Impact of Fintech On Transforming The Nigerian Economy
Fintech is the new buzzword in the financial sector. It’s a combination of finance and technology, which allows businesses to improve their operations while reducing costs and improving service delivery. With fintech solutions, you can:
- Reduce administrative costs by automating manual processes through software applications like artificial intelligence (AI) or machine learning;
- Improve customer experience by providing real-time information about transactions.
Technology has the capacity to change the financial status of Nigeria.
Technology is transforming the financial industry. The use of technology in Nigeria is growing at a fast pace, with new innovations being created daily. Technology has the capacity to change the financial status of Nigeria.
Technology is one of those things that can help you save money, and invest and borrow money better than ever before. It’s not just about paying bills either; it’s also about paying for goods and services as well! In fact, there are countless ways that technology has changed how we pay for goods and services
How has Fintech impacted business?
Gradually, Nigerians became comfortable enough to handle their transactions online – pay for items, make bank transfers etc. With the trust that Nigerians have in Fintech now, they daily seek for ways to handle their finances with little or no human interaction and fintechs have been living up to that expectation.
The advent of fintech has changed how businesses do business. Business owners can attest to the fact that it has made certain aspects of their business operations easier.
First of all, fintech has also changed the way that traditional banks do business. They are the reason most banks are changing their approach to the way they operate. Some traditional banks now provide top-notch fintech services, that way you can perform a certain number of banking activities without stepping into a bank. Most importantly, businesses now have a lot of options to offer to their customer when it comes to payment. This helps them concentrate on a broader location and manage their business operations better.
Businesses are able to better handle payments for the products they sell. It is easier to integrate payments into your online platform when compared to the time when payments were handled traditionally. Moreover, platforms like Flutterwave and Paystack have improved card payments generally in Nigeria. This is because, with their platform, businesses are able to accept online payments by clicking a button.
Fintech has made it easy for businesses and even individuals to access loans. In addition, they have also powered the growth of alternative lenders which is cheaper and much more convenient for borrowers compared to traditional banks.
With Fintech, businesses are able to manage their money better; you get to use financial management tools that leave little or no room for human error. With these tools, you get to save time and get more accurate results.
Fintechs like Lenco are built to help businesses achieve their goals and they are able to bank better in order to achieve their financial goals.
Top Five Emerging Technology Trends In Fintech
The five emerging technology trends in fintech are:
- Mobile Payments
- Open Banking and Digital Transformation
We are excited to see the new technologies that are being developed and the impact they will have on Nigeria’s economy. The potential of these technologies is limitless and we believe that they will positively impact how people work together in the future