Financial sector in recent times has experienced a boost in it’s activity due to the infusion of technology.
Fintech is changing the financial sector we used to know and leaving in its place an improved sector from what we had.
In Nigeria, the Banking sector is the leading financial institution as it is catering to the financial needs of Nigerian citizens.
Savings, Payments, and the other needs it meets.
Despite all these, there were still major lapses in the services the Nigerian banking sector were offering and some of their services were not accessible to everyone yet as many are still unbanked and underbanked.
Hence, the emergence of Fintech solutions was embraced as it better met the needs of the people and has a more far-reaching impact as it accommodated the unbanked in their system.
It is agreed that the availability of credit and inclusive financial plan is instrumental to the reduction of poverty in most countries.
The Nigerian fintech firms are set to make financial services accessible to all and enhancing financial inclusion for a seamless end-to-end financial transaction.
This has led to the establishment of a number of Fintech Banks in Nigeria. These Banks are mostly digital Banks that operate solely or mainly on online platforms.
Fintech Banks in Nigeria has greatly improved the financial sector, meeting these needs better than the traditional banks, some of these Banks include:
This fintech platform is said to pioneer fintech banks, hence its inclusion as a fintech bank. Interswitch was founded in 2008 by Michael Elegbe with the goal of fostering a seamless transaction process.
Interswitch provides the verve cards that most banks leverage for their customers, and the first ATM in Nigeria was brought by Interswitch.
Since then, this fintech firm has evolved ways to make financial services more easy and accessible.
This fintech bank was founded in 2009 by Tayo Oviosu with the aim of promoting a cashless society and improving services as they are dull licensed by the Central Bank of Nigeria to carry out these services.
Paga also provides USSD code to ensure that everyone with even the most basic phone can make financial transactions of their choice.
Carbon was co-founded by Chijioke and Ngozi Dozie in 2012. This fintech bank offers a lot of services such as savings, investment, instant loans among others.
Carbon operates on the belief that access to funds should be for everyone and therefore they provide simple payment solutions and investment with high-interest yield to their customers.
This fintech bank focused on delivering loans services to its customers was co-founded by Laurin Nabuko Hainy, Matthieu Gendreau and Nicolas Berthozart. Fairmoney launched its activities in Nigeria in 2017.
FairMoney platform gives people access to loans through their mobile app or an agent. Loans up to five hundred thousand can be gotten in a year.
This is one of the fintech banks in Nigeria founded in 2016 by as a savings platform but it has expanded to offer investment opportunities to it’s customers.
About the author
Chibuzor Elizabeth Chijioke a graduate of Abia State University is a Nigerian-based entrepreneur and content writer. She trained as a digital marketer at Innovation Growth Hub. She is committed to teaching people how to apply technology to better their lives and businesses. She spends her leisure reading sci-fi and fantasy novels.
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