Fintech brands are not merely providing financial services; they are fundamentally altering how consumers engage with money and manage their finances.
It’s almost impossible to think of a world where the internet and mobile devices aren’t part of our everyday lives. They’ve become essential and have changed the way we do business across various sectors, including finance. The financial services industry is no exception.
The digital revolution is completely transforming how people access financial products and services. While the financial sector has seen changes in recent years, the ongoing integration of technology-driven applications into nearly every aspect of financial services is a relatively new development. At the intersection of finance and technology, there’s a powerful force rapidly changing and reshaping the industry, and it’s called FinTech.
Defining Fintech
Fintech is all about the emerging technologies that aim to make financial services more efficient and accessible. In simple terms, fintech is used to help companies, entrepreneurs, and consumers better manage their finances, processes, and lifestyles. It includes specialized software and algorithms designed for use on computers and smartphones. “Fintech” is just a short way of saying “financial technology.”
Fintech has not only introduced creative ways to connect with existing and potential customers, making financial services, including investment advice, more available to a broader audience, but it has also become a lifestyle upgrade for many young people.
The Impact of Fintech Brands on Financial Services in Nigeria
Fintech is fundamentally changing how banks and financial service providers operate. This article explores how fintech is influencing financial services in Nigeria.
Fintech brands have effectively hacked three key elements: accessibility, control, and flexibility when dealing with money. They have democratized financial services, making it possible for more people to save money incrementally and gain quick access to credit. This financial revolution is not limited to Nigeria and Africa; it has a global reach.
People are always looking for easier and more efficient ways to access important financial services in a digital format. Consumers want quick and convenient solutions, whether it’s buying a new product or managing their finances while seeking advice.
According to Charles Abuede, the Chief Economist and Researcher at Cowry Asset Management Limited, one of the main things driving the growth of fintech in Nigeria is the increased use of mobile phones and the growing availability of the internet. This has allowed fintech companies to reach a wider range of customers, including those who didn’t have easy access to traditional banking services.
The ease of using financial services on mobile devices has played a big role in making fintech brands popular in Nigeria. As fintech continues to redefine financial habits, the industry remains dynamic and full of potential.
