Read more about FinTech
It’s also forced many of our traditional institutions to wake up to new responsibilities. From banks to brokers, insurers, and regulators, everyone within finance has had to adjust or change their roles for the coming of the new normal. This article takes us through six ways that FinTech can improve your life.
Banking At Your Fingertips
You don’t have to visit a brick-and-mortar bank to open an account. These days, there are digital banks that run entirely on your mobile phone. You can set up an account, fund it, transfer funds to other people, receive deposits, and check your account balance wherever you are. Digital banks in Nigeria include Kuda, VBank, Fundall, and Sparkle. There more about digital banks in our article, Top 7 Digital Banks In Nigeria.Investment Opportunities For Regular People
In the old days, you had to be middle class or wealthy to invest in really great opportunities to earn passive income. But thanks to digital investment platforms, it’s much easier to get a piece of this pie. The opportunities are varied; there’s Agritech, wealth management, digital stock brokerages, real estate investments, and so much more. Find out more about digital investment platforms in our article, 10 Best Investment Apps In Nigeria Right Now.Easier Savings
It’s never been easier to save in Nigeria (in terms of having a space to do so). Instead of keeping your cash in a bank that doesn’t pay enough interest, you can deposit all that money on platforms like Cowrywise and PiggyVest. Startups like these are helping numerous people save and grow their money at the same time. Some of these startups guarantee up to 10% on the money you save with them—several times more than you’ll get with a regular savings account.Tracking Expenses
Some FinTech solutions enable you to track most of your expenses in one place. They also allow you to set savings goals and lock up your funds until a maturity period. It’s all done so that you’ll get more disciplined about your handling money.Sign up to the Connect Nigeria daily newsletter
If you need help with your finances, you can find some apps that’ll do the job for you in our article, Top 5 Apps for Improving Your Personal Finances.
Access To Credit
Banks can’t cater to everyone. They certainly aren’t the place to go to if you need some ‘small change’ urgently. For that, you can try loan apps. These apps can provide loans to borrowers within short periods from when they ask for them. And there’s usually no collateral needed. They are able to determine a borrower’s creditworthiness with AI-powered credit scoring systems. Find out more about loan apps in our article, These 12 Lending Platforms Will Give You Loans Fast.Easier Payments
You no longer have to hand in physical cash to make payments for things you buy. Many apps now enable you to make electronic payments for them. And more vendors are embracing cashless transactions. These solutions work for both online and offline business engagements. See more in our article, Top 10 Mobile Money Apps for Cashless Transactions in Nigeria. If you run an online business, you could use this too: Top 6 Payment Gateways for Your Online Business.Final Words
FinTech is transforming the world much faster than we can accurately decipher. These six ways we’ve mentioned provide us with some insights into the much deeper changes that are happening. The best reaction on our parts would be to take advantage of these changes and make them work for our good. Featured Image Source: NairametricsGot a suggestion? Contact us: editor@connectnigeria.com
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