How Financial Technology Has Impacted Business Growth In Nigeria

By Imoh Essiet

As financial technology continues to disrupt traditional ways of conducting financial transactions. Nigeria has experienced tremendous growth in payments, lending, Insurance, Asset Management, Investment etc. These are some of the impacts of financial technology.

1. Fintech uses technology in a better way to make people feel comfortable living in the modern age. Whether is paying for goods online or making bank transfers via a mobile app, Nigerians are now able to handle their financial affairs easily and conveniently.

2. Fintech helps people who are unbanked but have a desire to buy or sell online have access to quick and affordable banking operations just by using a mobile phone.

3. Some years ago, it costs more to integrate online payment to a website, and this was a big deal for growing businesses. Now fintech has made such integrations very simple and at no cost.

4. In the past, when people think of loans they think of banks, collaterals and high-interest rates. Today it is different, Fintech has given rise to so many alternative lenders who have made it easier for people to access quicker, cheaper and convenient loans, whether is a personal or business loan.

5. The tedious task of managing your finances with pen and paper or spreadsheets is fading gradually. All thanks to fintech, people can now manage their finance in real time using simple digital financial solutions.

There are a lot more doors of opportunities that financial technology has opened for businesses. Staying up to date with the latest fintech developments and leveraging on the latest opportunities will give a business an edge over the other.