By Chikodi Okereocha
The fintech business recorded greater than $200 million investments between 2011 and 2018. This means that the business holds prospects for Nigeria, due to its potential to fast-track monetary inclusion.
Fintechs are companies disrupting the standard banking mannequin through the use of know-how to make monetary operations simpler, sooner and extra accessible to companies, establishments, and most of the people at massive (shoppers).
Skilled providers agency PricewaterhouseCoopers (PwC Nigeria) in its newest report on fintech and the banking sector in Nigeria mentioned authorities and traders are drawn to the business as a result of it could revolutionise how individuals save, borrow, and spend cash.
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The report titled: “Altering aggressive panorama: Fintech and the banking sector in Nigeria” was launched on Friday, Might 8. Its purpose was to evaluate the altering world aggressive panorama and its impression on the banking sector.
Companion, West Africa Monetary Companies Chief/Chief Economist, PwC Nigeria, Dr. Andrew Nevin, and Companion/Expertise Centre & Rising Applied sciences Chief, Femi Osinubi, lead authors of the report, additionally mentioned the report evaluated the present and future developments within the banking sector in Nigeria, significantly within the space of fintech and digital banking.
They added that the report supplied suggestions for the normal banks and fintech gamers on navigating the rising developments and challenges in fintech.
The report, which described Nigeria as Africa’s second largest know-how hub, mentioned traders are taking positions or stakes within the nation’s rising tech ecosystem fueled by engaging fundamentals.
It listed the basics to incorporate the nation’s youthful and savvy inhabitants, growing smartphone and Web penetration, massive unbanked inhabitants, amongst different components.