Saturday, September 17, 2016

Financial Technology Companies (FinTechs) in Nigeria



Financial technology (FinTech), is an economic industry composed of companies that use technology to make financial services more efficient. FinTech companies are generally startups trying to disintermediate incumbent financial systems and challenge traditional corporations that are less reliant on software. FinTech, Wikipedia
The term include technological innovation in the financial sector, including innovations in financial literacy and education, retail banking, investment and even crypto-currencies. FinTech: Investopedia
Image result for fintech, images



Financial Technology (FinTech) is improving the standard of living of informed Nigerians. Are the masses better informed about this phenomenon?
New FinTech companies and services are starting up consistently in the Nigerian market with various innovative and disruptive solutions. The tide is getting amazing and amusing. The flock of additions over the years cut across Mobile Solutions, Credit Facilities, Payment Gateways among others. InterSwitch, eTranzact and the likes have been around for quite some times now, over a decade but the new solutions are giving the old but not tiring legs a run for their monies. These newer and much energetic FinTechs are posed to surpass the high standards already available on ground with better platforms for astounding financial solutions and disruptive diversification.

Online Credit Facilities:

- These companies make loan available to customers without collateral or any serious paper work whatsoever.  Telecoms airtime advance made this list because their service is still about online/mobile money, call it recharge card, it is still value for your money -on credit. More so, any airtime borrowed can be used to force through a business transaction.

Online Payment Gateways/Aggregators / Funds Transfer Platforms :

- These companies handle financial transactions through online and mobile solutins seamlessly.

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