Financial technology breaks into many categories such as artificial intelligence, asset management, advisory services, big data, biometrics, peer-to-peer lending, crowd computing, digital payments, blockchain, etc. However, in the Nigerian fintech landscape, only some of these categories have fully developed. About 69 percent of Nigeria’s fintech landscape accounts for financing, lending, payments and remittances which leaves about 31 percent of those categories, like crowd computing, big data, business solutions, insurance and wealth management, yet to reach full maturity.
Many opportunities and benefits come with financial technology. This includes serving those with less access to financial services as the Internet allows financial technology to be taken to far places a bank cannot reach. Also, the operating structure of fintech companies involve lower financial costs which garners focus on customer services. Fintech companies also increase confidence in financial services as they have managed to learn risk control and the increase of security of operations in order to make services more reliable and trustworthy.
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