With a population of approximately more than a billion, India is surely a promising sector for FinTech. WeeTracker provides the best Nigerian FinTech Startups so as to expand your business internationally. FinTech is an industry that consists of organizations that use technology to offer financial services. These organizations work in different areas of financial management, insurance, electronic payments, etc. Within the past decade, FinTech takes over globally and gets extended to rise in the future too. The segment only aims to shoes a promising future of growth.
Nigerian FinTech Startups came up to make a total investment of around $19 billion. It turns out to be expected that by the coming years, the global investment in FinTech would be around $50 billion, which is a steep rise of 7.1%. With the help of government regulations, banks, and other financial organizations, India forms a favorable ecosystem for the growth of FinTech. FinTech helps to bring about the change within personal financial management through e-payments and e-wallets, within a country that is predominantly cash-driven.
A number of reasons contribute to the growth of Nigerian FinTech Startups Technology. The number of internet users increases day by day from 470 million. With more and more people depending upon the internet for varied reasons, the digitalization takes up a new turn. The government’s effort to bring the digital revolution through the “Digital India” campaign aims to open up multiple opportunities for the existing FinTechs and start-ups.
Nigerian FinTech Startups include specific Government Regulations
The government aims to realize the potential of financial technology in Nigeria and is constantly making up efforts to make the regulations friendlier. The government relaxed the rule of the KYC Process in 2014 for the customers making online transactions and payments. It is expected that the government would lay out a new set of norms to revamp the P2P lending up the market. To promote cashless transactions, the government now aims to offer tax rebates to merchants for accepting at least 50% of the electronic payment. Nigerian FinTech Startups may use the opportunities to provide easy and seamless transaction services.
Incubators and Accelerators
The role of Incubators and Accelerators is never limited to funding however it strengthens the financial industry. Nigeria offers promising results for start-ups. The initiatives are set to strengthen the technological infrastructure of the country. To represent the support of FinTech start-ups, banks and financial institutes have partnered with incubators and accelerators.
Nigerian FinTech Startups is the use of innovative, creative technology that effectively helps to deliver a huge range of financial products and services. It intends to facilitate a multi-channel, convenient and fast payment experience for the consumer. This type of technology is effective within multiple different business segments like mobile payments, investment management, money transfer, and fund-raising and lending. The rapid expansion of financial technology is beneficial for consumers internationally, like the ability to serve customers with a reduction in costs, and an increase in competition.
Benefits of Nigerian FinTech Startups
Better Payment Systems: This type of technology can make a business more accurate and efficient at issuing up invoices and collecting payments. The professional service would help to improve customer relations that may increase the likelihood of them returning as repeat buyers.
Rate of Approval: Multiple small business ventures begin to use alternative lenders like those included in the financial technology just because it has the potential to increase accessibility. It helps to speed up the rate of approval for finance. Within multiple situations, the application process and time to receive the capital may get completed within a period of 24 hours.
Greater Convenience: The organizations included in financial technology helps to make full use of mobile connectivity. This may significantly increase the number of people who may access the type of service and also increase the efficiency of transactions. Consumers are given an option to use smartphones and tablets to manage finance.
Efficient Advice: A lot of the latest systems over robot advice give people guidance over their finances. This may be a very immediate and low-cost option to get useful information over investments. It is limited to a person’s exposure to risk. However, this type of service won’t be able to give the most in-depth advice that may come through a professional adviser.
Advanced Security: Using the latest security methods is important to ensure more people are confident to use this type of financial service. The requirement to harness the latest mobile technologies results in a major investment in security to ensure customer data is kept safe. Few of the latest security options are used within this sector. The options may involve biometric data, tokenization, and encryption.
Transform Your Business with African eCommerce Startups
eCommerce works for as many commerce as through creation and manufacturing, all the way to marketing throughout the business cycle through purchases, allocations, deals, payments, and billing. It is about engagement and dealing with different types of consumers, employees, suppliers, and distributors. This includes support services such as banks, lawyers, accountants, and government agencies. African eCommerce Startups increase the credibility of the organization.
When you own a storefront you pay attention to the display and how your product is presented. You’ll also pay attention to sales flyers and product descriptions. Sales associates will be well aware of which products are new and which products are suitable for accentuating virtually any purchase. Within a clothing store, this means which clothing options work well together and which items will work well with a given ensemble. Within the cosmetic shop, it probably helps the customer to find the right shade of lipstick or fragrance that matches personality and taste.
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