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  FinTech is the new oil. That is not a statement, it is a fact. According to Techpoint:
‘From a survey of about 290 startups conducted by Ernst & Young in collaboration with FinTech Association of Nigeria (FintechNGR), 57% of fintech startups (165) in Nigeria reportedly generate yearly revenues of over $5 million.’
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In addition to this information, by 2022, Techpoint estimates that Nigeria’s FinTech revenue will exceed a whopping $543 million. Now that we have your attention, here are 10 Fintech Ideas to try out.

  1. Investment

Yes, people are yet to learn their lessons from Ponzi schemes and are still looking for any way to make their money work for them. Investment apps in collaboration with various bodies that offer legitimate investment plans are definitely the go-to for a majority of Nigeria’s populace.

  1. Online Courses

While it is true that FinTech makes these big bucks, not a lot of persons are aware of what is going on in the financial world. They have the enthusiasm to join the moving train but lack the pre-requisite knowledge to engage. Preparing online courses that explain a number of technologies to the masses is one idea that is sure to fly.

  1. Savings

The interest rates on money left to fallow in the bank is mostly a meagre sum. The best way to solve this challenge is in creating apps that allow people to save and get a good profit for their money. The money gathered can be invested in insured bodies for both the founder and users to make money.

  1. Mutual Funds

Mutual funds are a bucket filled with different candies of different percentages of sweetness and sold to people as a single unit. An app that solves the problem of searching for various investment buckets for its users and sells these investment buckets to them has hit the jackpot in FinTech.

  1. Compound Interest Apps

This should be called Warren Buffet. The solution this app would provide would be the calculation of compounding interest for its users. There should be a section where when users save certain amounts of money, the app tells them what the compounding interest would be after a certain number of days or years, as the case might be.
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  1. Fin Education

A lot of scattered information have saturated the internet and people are yet to find a body that has concise and well-structured information that would guide them along their financial journey. The app would use user information to tailor the education to suit that particular user.

  1. Start-up Funding

In start-up funding, ‘there is money on ground’. This is because the business world is filled with people who are eager to invest their hard-earned cash into small businesses that would help to increase profits beyond what the banks offer to customers.

  1. Stock Market

The idea here is to create an app that focuses solely on the stock market. While it is true that a lot of people know about the stock market, they learned about it in newspapers and had to go to the offices to buy stock. There are a few apps that bring these services closer to buyers, yours can be among them.

  1. Foreign Investment

We can all agree to the fact that the Naira is constantly getting devalued. As a result, Nigerians are running to get their monies in foreign investment so as to get that extra edge that comes with recession. Having apps that are legalized to engage in that transaction is a gold mine.

  1. Sending/Receiving Money

You can beta test your app by sending me money! Banks need apps that are engaged in sending and receiving money. As you know, piggy vest has partnered with abeg app to send and receive money. Here is fertile land for app developers and entrepreneurs to till. There you have it, 10 FinTech ideas to try in 2021 that would offer you a piece of the millions that FinTech companies rake in annually. You can decide to do deeper investigations and find out customized FinTech ideas that would be easy for you to implement. Featured Image Source: VileTech Vietnam
Got a suggestion? Contact us: editor@connectnigeria.com
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This article was first published on 26th October 2021

grace-christos

Grace Christos Is a content creator with a proven track record of success in content marketing, online reputation management, sales strategy, and so much more.

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