The President of the Fintech Association, Ade Bajomo, said ‘‘Financial Technology operators accounted for 63 percent of the 1.37 billion dollars funding raised in Nigeria in 2021”.
This statement was made at a dinner the Fintech Platinum Awards ceremony on Saturday in Lekki, Lagos.
Agreeing with the above statement, it is evident how fast Fintech has grew and widely adopted by individuals, organizations and business personnels in Nigerian for transactions.
This can also be due to the fact that the world is drastically becoming digitalized.
Africa could currently boots of ten unicorns ntech of which seven – Jumi,Flutterwave, Andela, Chipper Cash, Airtel Africa, Opay and Interswitch which are Nigerian.
Read Also: Problems Affecting The Fintech Industry
Future Of Fintech In Nigeria.
Having analyzed the growth and how widely it’s been adopted by Nigerians. Let’s now look into the possible future of Fintech in Nigeria.
The Government needs to be certain about investing in fintech. Their mindset is very important as that will motivate them into sponsoring and making stable rules and regulations. This action will go a long way in making Fintech roles more clear in the society, which will inturn boost their MARKET CONFIDENCE.
It will also motivate more individuals to become stakeholders bringing about new innovations thereby expanding the industry.
The Stakeholders/Defending Their Products
Stakeholders have a lot to do when it comes to defending the quality of their software products. It is necessary if they want to win the support and trust of the government and citizens over.
As at now, we have two Fintech regulatory bodies in Fintech, CBN and SEC. Apparently, the regulatory bodies can also be referred to as the intermediary between the government , consumers and the stakeholders. Therefore, regulatory bodies needs to work in cooperation with the stakeholders in carrying out the necessary activities to protect users and ensure payment.
Moreover, the regulatory bodies are responsible in granting license to stakeholders. Currently, this pose to be a problem in Nigeria as there are two regulatory bodies and there is no clear-cut agreement between them on whose source is more authentic.
The End consumer/Population
The future of Fintech in Nigeria also depends greatly on the continuous mobile and internet penetration and a youthful population. This increases the the consumer’s wordly experience, knowledge and income amongst many other factors.
Fintech, though a fast growing sector, it’s still relatively young. Those actions listed above, if not taken into consideration could hinder the bright future which Fintech could possibly have, especially in an unstable economy like Nigeria.
Where there is investment, clarity, purpose, and teamwork, there can only be one result and that is the growth of a nation.
We hope all the above mentioned will be taken into consideration to make the country great again.
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