The future of digital financial solutions in Nigeria

One question I have been asking myself all week is: what does Softbank’s debut in our fintech industry through its first-ever African investment mean? Arming a fintech with a $400m war chest and $2bn valuation is really no joke. I just wonder how the Central Bank of Nigeria would react because this is getting more interesting.

Be that as it may, I would say for certain that Nigeria’s fintechs, led by the likes of Remita, VPD Money, Carbon, Flutterwave, and a host of others, have done pretty well, going by how they have innovated and continued to pull more of the unbanked into the financial dragnet.

Nigerian banks must also be commended for always being willing to innovate, mainly when servicing large corporates and high-net-worth individuals. However, I’d undoubtedly score them low in some aspects; for example, they hardly ever bothered about low-income earners as well as small business owners and their needs. This is where fintech is simply changing the game.

Fintechs have employed the development of digital solutions for the satisfaction of users. The question now is: why do the financial service providers, especially the banking sector, need digital solutions now, as compared to the ones offered through traditional methods.

Since the boom of fintech startups, the evolution of customers has been taken to another level of awareness. Thus, even the unbankable are gradually accepting to execute their financial transactions through digital solutions, even after neglecting the traditional means.

This has clearly shown how digital trends can bring about noticeable transformation in the polity. The impact of digital solutions on financial services has, therefore, helped to increase competition in the sector.

Digital solutions by fintech have brought about a more personalized experience for users than ever before. This has by miles disrupted a good number of activities in the financial sphere, which, in turn, has resulted in increased pressure on banks and the the the d development of new products and services.

Investment in digital solutions has not only transformed customers' experience with financial services but has also impacted the workplaces where these various services are carried out. Digital transformation has been able to provide the best alignment between teams for more collaboration, quick and efficient results, as well as precise customer service.

It has brought about automation in terms of tasks involving administration, ease of workflow, and the ability to simplify challenging work that would have appeared difficult, going by the traditional approach. It has also brought in a new approach to organizational transparency. The offering of digital solutions in financial services might appear not to have covered many grounds when it comes to the subject matter of openness. Still, compared to the traditional means, it has brought more transparency options to the table.

Since digital financial solutions have gone mobile, customers expect what would continuously guarantee them ease and convenience in their business dealings. Digital transformation often involves continuous experimentation, and this gives room for learning. This, in return, produces outcomes that inform more significant changes in the financial industry.

Technology will continue to evolve, thus calling for more adaptation to the current processes employed. One cannot afford to get stuck in the traditional means of executing financial services in the 21st century. Only the adoption of digital financial solutions will see a lasting impact in that industry.

In the present digital world, technology has offered many platforms for entrepreneurs to explore new choices, convenience;aanddd ann announces to satisfy their consumers. For every action taken by a digital consumer, there is a corresponding financial transaction that has ensued.

The continuous rise of mobile banking has also changed the way financial transactions are carried out. Do not forget that the banking sector was one of the first financial industries to go digital. Some years back, the banking sector had to ensure the integration of risk management using technology. This has played a significant role in assisting banks and other financial institutions in tackling risk management.

The impact it has made in risk management has helped to join people and processes in such a collaborative way that risk management decisions are made at more incredible speed. This continues to impact positively on the financial industry. Continuous efforts have been made to drive modernization in the banking sector, and the fintecisiononhe frontline to execute this.

 

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