By Calista Oyeoba / Posted December 2, 2024
The financial sector, especially the micro banking industry has experienced rapid growth in Nigeria over the past few years, transforming the way people manage their finances, make payments, and access credit through the innovative activities of Fintech companies.
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Popular Fintech companies such as oPay, PalmPay, Kuda, Moniepoint, Flutterwave, Paystack, Fairmoney, renmoney, Paga, Piggivest and MoMo, etc., have been at the forefront of this micro financial revolution, contributing immensely to the growth of the economy with several on-the-go liquidity solutions.
These companies have enabled millions of Nigerians who hitherto were excluded from financial services to now access them and improve their transactional activities. For example, OPay’s mobile wallet has enabled users to make payments, transfer money, and access credit, while Kuda’s digital bank has provided users with a safe and secure way to manage their finances
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Other payment platforms have enabled users to make payments easily and securely. For instance, Moniepoint’s agent banking service has enabled users to access financial services in rural areas. MoMo’s mobile payment service is also, very popular among youth demography, especially students, to make payments and transfer money easily.
Without any shadow of doubt, Fintech companies have made it easier for individuals and small to do businesses by accessing credit and payday loans. OPay’s lending service has made processes easier for users to access credit quickly. For Kuda digital bank, customers can access credit facilities with basic collateral, while Moniepoint’s lending service offers its customers friendly conditions to qualify for their micro-loans.
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Importantly, the Fintech industry has boosted the labour market by creating thousands of jobs. According to a report by the Nigerian Bureau of Statistics, the Fintech industry has contributed significantly to the growth of the Nigerian economy by providing employment for many people.
Notwithstanding some of the operational challenges, especially network connectivity hiccups, the contributions of the fintech companies to the national GDP is remarkable. It has significantly increased financial activities nay businesses by creating more windows for financial inclusion, improving payment systems, providing access to credit, and creating jobs.
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NOTE: This story was researched and written by Calista Oyeoba.
Calista is on internship at DDNEWSONLINE.COM from the Department of Mass Communication, Ekocity Polytechnic, Lagos.