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If you’re running a company or some other kind of commercial venture, you’ll need FinTech tools to enable your business to operate smoothly. The simplicity and ease that technologies in this category afford make them must-haves for enterprises that exist in today’s world.

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FinTech solutions cater to a variety of business needs. From financial record-keeping to remunerating employees, the scope for positive interventions is broad (and expanding). Anyone who’s looking to raise the quality of business outcomes concerning financial matters should adopt tech that can deliver them. In this article, we’ll cover FinTech tools in this category that you can use at your business.

Payment Processors

Payment solutions are making it easier to send and receive money for purchases and sales. Some apps enable merchants to do these things with Point of Sale (POS) systems, online payment gateways, and automatic billing. The most widely used payment gateways in Nigeria include Flutterwave, Paystack, Remita, ETranzact, and VoguePay.

Accounting and Bookkeeping

At first, financial records were kept in physical books, and figures were computed manually. Then spreadsheets followed with predesigned outlays and formulas, which allowed accountants to do a lot more work within shorter times. Now we have cloud-based accounting solutions, designed to simplify, automate, and speed up calculations and data storage even more. If you’re looking for digital accounting software that helps with your financial record-keeping, check out Sage, Odoo, Zoho, and QuickBooks.

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Banking Apps

Neobanks, powered by digital technology, has become an alternative to traditional banks for millions of Nigerians. Many businesses, especially SMEs, are switching to these digital banks because they tend to be more convenient and offer better rates than older financial institutions. Any businessperson who’s trying to save as much as possible should consider banking with one of the better digital banks in Nigeria. Examples include Carbon, Kuda, Opay, and Moniepoint.

InsurTech

Businesses need to be insured against diverse risks—whether they are accidents, health challenges, loss of property, or death. In the past, they’ve had to ask brick-and-mortar insurance companies for help with this. These days, there’s the option of InsurTech startups, which leverage technology to make insurance products accessible to the public. Some, such as Reliance HMO, offer one general kind of insurance (health insurance in this case). Others, like Haba, provide a range of them (including motor, marine, and travel insurance).

Lending Platforms

Small businesses often struggle to obtain loans from traditional financial institutions. Banks frequently consider them too high risk for their lending business. In recent years, we’ve seen digital lenders come on the scene to support SMEs with much-needed funding, and with less stringent conditions. If you are running low on cash to support your day-to-day operations or one-off projects, you could request funding for that from lending platforms. Examples are PayHippo, Branch, and QuickCredit.

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Final Words

Businesses that serve today’s markets have to be at their sharpest, most efficient state for as long as possible. One way to maintain a high quality of service is to utilize FinTech tools that are designed for use by commercial, industrial or corporate concerns. With the right kind of FinTech solutions, your business can become more efficient and achieve better growth.

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This article was first published on 8th February 2025 and updated on February 10th, 2025 at 1:51 pm

ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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