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If there’s anything we can be certain of, it’s the fact that contemporary technology will continue to evolve in 2025. As it does, it will drive change in the way people communicate, are entertained, get informed, and do business. One aspect of the technological landscape to watch out for is financial technology. It’s been interesting to observe how FinTech is revolutionizing money habits, among other things.

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Over the coming months, we could witness a broadening and deepening of the use of tech that’s tailored for finance-related matters. In this article, we’ll explore some of the trends in this segment—especially how they shape the public’s relationship with money.

Shopping

Electronic payment solutions have essentially enabled e-commerce. Thanks to them, we can purchase things on websites and apps and pay for them remotely. Many consumers have grown accustomed to the convenience of this, and now expect businesses online and offline to have an option for digital payments. When a vendor offers payment channels that make transactions seamless, customers are willing to buy more and pay more.

Accessing Credit

It’s now easier than ever to obtain a loan. Digital lenders are numerous and varied, and they provide credit to individuals and businesses. As a result, we’re probably witnessing the emergence of a culture of credit in Nigeria. This hasn’t happened without hitches; complaints about predatory practices in the digital lending space abound. But easily accessible credit is helping many Nigerians address pressing financial needs quicker.

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Settling Utility Bills

At this point, digital payment channels have become the preferred means of settling utility bills. Whether it’s paying for power supply or renewing cable TV subscriptions, the process of meeting financial obligations to service providers has become easier. It’s hard to tell how this has affected consumers’ attitude to paying their bills, but anecdotes suggest it’s made many more people willing to do so.

Savings Habit

Several apps offering high interest on savings have appeared within the last decade. The interest rates available from these startups (frequently in double digits) have attracted millions of savers and encouraged a savings culture among young people.

Investing

Similar to developments concerning savings, there’s been a proliferation of platforms serving up investment opportunities. They have effectively lowered the barrier of entry into many segments previously reserved for wealthy people. With these apps, you can invest in real estate, stocks, bonds, agriculture, and even other businesses. The work that these FinTechs have done is awakening a love for prudent wealth-building among young people.

Financial Education

For decades, financial literacy was rarely achieved outside of structured programs at formal education institutions. But today, Nigerians are learning to manage prudently through their interaction with platforms that teach personal finance. The financial literacy resources that a lot of these platforms make available are an addition to their core operations (especially for savings and investment apps). There’s still a long way to go on this front, but the early signs are promising.

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Final Words

A lot can be said about how FinTech is revolutionizing money habits; moulding the relationship people have with money. What is clear is that the innovations happening at the intersection of finance and technology are unlikely to slow down anytime soon. So, it’s almost certain that the lives of Nigerians will be further impacted by FinTech shortly. Hopefully, that impact will be positive.

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This article was first published on 5th February 2025
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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.