Advancing the Fintech Sector through Funding and Strategic Partnerships
Banking in Nigeria remains a lucrative sector, notwithstanding the high level of competition. A vast majority of consumers are underserved, thus creating a gap in the market. Lack of access to services, especially in rural areas, and poor user experience contribute to the wide gap in the financial services sector across the consumer spectrum.
This has created a market that fintech companies have taken advantage of, with many, capitalizing on the gap in the market to develop enhanced propositions across the value chain to address pain points in affordable payments, quick loans, flexible savings and investments, among others.
Given the rise of fintech products in Nigeria, it is no wonder that the Central Bank of Nigeria has begun to regulate the sector in order to instill confidence in investors and stakeholders. The adoption and use of fintech products are primarily being driven by access and convenience, therefore, building trust in this sector is critical.
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