The new ‘in thing’ in Nigeria technology, I am sure a lot of you have been wondering what its really about. When did this sector come into existence that it is taking over most aspects of business sectors and how far will it go or last?
FinTech is the combination of two words to become one “Financial Technology”. For those of you that are wondering when this sector came to life, well FinTech as been around for a while but we do know that 2015 was the year the sector methods were adopted by larger banking industries and it is grown into its own. According to PWC 2017 FinTech Survey Report, over 62% of customers will use mobile applications to access financial services within the next 5 years.
Enough about the preambles lets go into what its really about and its effect on business in Nigeria.
What is Financial Technology?
Financial technology (FinTech) refers to new improved or advanced ways that alter the traditional ways of conducting financial transactions. this includes performing money transactions without the exchange of paper money and human communication.