Overview of Payments and Fintech Trends in Nigeria.
Financial Technology also known as Fintech, is technology and innovation which aims at providing financial services using software and modern technology. It’s revolution is swiftly changing the way financial services are offered on a global scale and its effects are inevitable in economies like Nigeria.
In 2018, Nigerian Fintechs have raised over $95million according to available data and we have approximately 110 fintech startups in the country. This startups employing new technologies like Blockchain, Artificial Intelligence, Data analytics etc. are covering areas like Investments and Savings, Payment Gateways, Digital Banking, Financial Inclusion, Cryptocurrency, Remittances, Agritech, Lending, and so on.
The Fintech startups in Nigeria fall under the following categories so far:
- Savings and Investment.
- Payment Processors / Gateways.
- Digital Banking.
- Digital Stockbroking Platform.
- Merchant/Business Solutions.
- TechFin.
- Financial Inclusion
- Cryptocurrency
- Customer Payment Apps
- Lending
- Insurance Comparison
- Remittance
- Mobile Money/ Agency Banking
- Payment Terminal Service Provider (PTSP)
Although, Nigeria is an early adopter of this digital technologies and Nigerian Fintechs are still in their infancy, at this pace I believe we are heading for a promising future.
Author: Similoluwa Adelore | Editor: Yewande Odumosu
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