Nigeria’s FinTechs are solving numerous problems within and around the country’s financial and commercial ecosystems. They’re enabling users to pay for goods they’ve ordered online, settle utility bills, transfer and receive money, purchase insurance products, and make investments. And that’s just scratching the surface.
But there are other problems that FinTechs haven’t exactly come around to solving yet. Until recently, one of those problems was finding a way to connect bank accounts to third-party apps, so that users of the former can access data from their bank account while on it.
A Problem, And Its Solution
Here’s a relevant illustration. If you want to see how well you’re doing financially, you’d probably need to check your personal finance app for that. But then the app would need access to your bank account statement if it’s going to provide you with an accurate overview of your finances.
Unless you have a way of connecting to your bank account via your personal finance app, you’ll have to go through the tedious process of downloading an account statement from your bank app and sending it to the personal finance app.
That’s one problem that API startups are starting to solve. This new breed of startups began coming on the scene just a few years ago, and they’re already making FinTechs in other domains function more effectively.
Let’s get back to the example we just cited. With an API serving as an intermediary between your personal finance app and your bank account, you can ‘fetch’ your account information from within the personal finance app, in a matter of seconds (no document downloads needed).
There’s more to APIs than the instance we’ve referred to here. To get a broader idea of what’s possible with FinTech APIs, let’s take a few steps back to understand what an API actually is, and how it works.
What’s An API?
The word ‘API’ is an acronym for Application Programming Interface. It’s an intermediary that enables ‘communication’ between different applications.
There’s a familiar example of this, in the way that your mobile applications work. When you use one of them, that application links up to the internet and sends data to a server. The server collects the data, deciphers it, executes the required action, and sends the data back to your phone. Your application interprets it and shares the information you wanted with you.
That communication between your application and the server is possible because of APIs.
With FinTech APIs, the scope of operations narrow down to connecting bank accounts to third party applications. These third-party applications may be lending apps, insurance apps, edtech apps, personal finance apps, money transfer apps, and any other platform that may need to connect with their user’s bank account for any number of purposes.
Let’s refer to a real-life scenario, with one of Nigeria’s leading APIs. Okra, an API startup founded in 2020, serves a client base that’s mostly made up of other tech-driven companies (including other FinTechs). Its API solution enables lending apps to access their potential customer’s bank account, allowing them to evaluate the creditworthiness of that prospective borrower.
Here’s another example. Businesses that offer services through their apps can rely on Okra’s API to connect with their customer’s bank accounts, make direct debits, and receive payments. In both these examples, access is subject to the customer’s permission.
Other services powered by APIs include account verification (for KYC purposes), viewing account history, and accounts reconciliation.
Meeting A Widespread Need, And Attracting Investors
As we’ve already hinted, the top FinTech APIs in Nigeria has only been around a short while.
Take Okra, for instance. Founded in 2020 by Fara Ashiru Jituboh and David Peterside, it aimed to deliver useful linkages between financial institutions and third-party applications, for the benefit of people who are customers of both these parties. Its potential role in Nigeria’s FinTech space was underlined by the confidence of its early investors, from whom it raised $1 million in a pre-seed round.
Okra isn’t the only player in this nascent niche. Mono, a startup that helps businesses access financial data and direct bank payments, was also launched in 2020. Its founders– Abdul Hassan and Prakhar Singh –had seen the opportunity to build their API when they observed that there was a paucity of connectors that solved the bank-third party platform intermediation problem.
Another startup that’s gotten involved in this arena is OnePipe. It’s been around since 2018 and has recently attracted interest from investors, who see that it could play a major role in a future where open banking is entrenched. It raised $3.5 million late in 2021 and aims to deploy this funding to strengthen and expand its operations.
API FinTechs have arrived on the scene of an industry that’s sorely felt their absence. And the speed with which their solutions have been snapped up is telling– within a couple of years, the top API FinTechs have made clients of some of the country’s leading companies.
The investors who have backed all three startups mentioned here believe that the solution they provide is crucial to the future of Nigeria’s (and Africa’s) financial system. It’s still early days, but the signs thus far (including the high demand for their services) indicate that they may be right.
Featured Image Source: inVeritaGot a suggestion? Contact us: editor@connectnigeria.com
You might also like:
- Ultima Cards: Virtual Dollar Visa Cards Now Available to All Residents Across Africa
- Four Years Later: How Paystack Has Thrived Under Stripe
- The UNDP Timbuktoo FinTech Startup Accelerator Program
- Central Bank of Nigeria (CBN) Lifts Ban on Opay, Kuda, and Others
winning slots free games
casino slots free
slotomania online slots
best dissertation writing
dissertation writing memes
proposal and dissertation help plan
dissertation proposal writing services
dissertation writing uk
dissertation writing services uk
custom dissertation writing services
dissertation editing
writing a doctoral dissertation
rfp writing services
writing acknowledgement dissertation
buy dissertation
dissertation writing tutor
thesis or dissertation
writing a proposal for your dissertation
getting help online
doctoral dissertation defense
writing dissertation abstract
writing dissertation chapters
what is a dissertation paper
doctoral dissertation defense
dissertation help online
masters dissertation writing services
masters dissertation
dissertation express
dissertation plan
online edd no dissertation
dissertation writing service
marketing acknowledgement
writing methodology for dissertation
dissertation proposal sample
dissertation writing memes
creative writing course in mumbai
buy a dissertation
writing a dissertation in a day
help dissertation thesis advice
deposit bonus casino
casino games that pay real money
top online casino
data analysis dissertation help
masters dissertation writing services
doctoral dissertation help your
best free casino bonus no deposit
best usa online casinos
real money casino
dissertation writing fellowships
dissertation proposal help
dissertation proposal methodology example archived
best online blackjack
online casino with free signup bonus real money usa
online casinos usa
custom dissertation writing
powerpoint for creative writing
help dissertation
best online us casinos
best online casinos for usa players
online casino with free signup bonus real money usa
dissertation proposal writing
best dissertation help services
dissertation search
casino bonuses
best free casino bonus no deposit
no deposit sign up bonus
dissertation title examples
defending dissertation
best dissertation help services
online casinos with no deposit bonus
casino bonus
casino games for money
free cash bonus no deposit casino
online mobile casinos
free welcome bonus no deposit required
casino bonus online
online casino games for real money
best casino sites
online casino reviews usa
real casino online
online casinos no deposit bonus
mobile gambeling
online slots real money free bonus
casinos sites
online casino real money usa
best casino deposit bonus
real money casino online
no deposit casino real money
mobile slots
online casinos real money
best vpn for roku
best 100% free vpn
best vpn for router
best cheap vpn reddit
free vpn for pc windows 10
best vpn for pc
casino no deposit
casino no deposit sign up bonus
online casinos no deposit bonus
best vpn reddit 2019
best buy vpn router
hma vpn
roobet vpn free
mexico vpn free
best vpn for usa
casino free spins
real casino games online
online real money casinos
free linux vpn
vpn software free
what is vpn service
usa casinos online
us online casino
bonus casino no deposit
best personal vpn
best vpn firestick
what is vpn connection
casino signup bonus
free online casino no deposit
best mobile casino
best vpn for ios
best vpn for pubg
opera free vpn
online casinos for us players
online spins
casino signup bonus
vpn app
best lifetime vpn
free vpn for roobet
casino free bonus
casino no deposit welcome bonus
mobile casino sites
best vpn for schools
buy indian vpn
vpn for windows
best online casino welcome bonuses
free money casino
best bonus casinos
download free vpn for pc
vpn pc free
what is vpn connection
mobile casino games
online casinos free bonuses
online no deposit casino bonus
free welcome bonus no deposit required
casino online bonus
free online casino bonus
gay dating naked vh1
gay dating 70 +
gay emo dating
gay dating com
frer gay male dating app
dating gay costa rican
tinder dating
free dating apps
fuck2date69
dating chat free
plenty of fish login
best internet dating sites
adlt dating
the dating game
dating women online
dating gay anacortes
free gay dating skwerts
gay executive dating
gay fat dating
dating advice for gay men
older gay people dating sites
online dting
online-dating-ukraine
absolutely free online dating sites
gay dating in ohio
the best free gay hookup and dating sites
free gay adult dating sites
free chat online singles
datjng sites
best dating sites
mobile slots
online mobile casinos
no deposit bonus casinos
free personals site
datting
ourtime dating site
casino games for real money
cash casino games
no deposit casino bonus
professional dating sites
online dating single
dating sites free near me
gay online chat sites
gay chat text
gay chat rndom
meet me dating site free
12 single dating site
single women local
mens gay chat
gay live chat rochester video
gay sissie video chat
free rulette gay chat
gay sissie video chat
gay incest chat
ontario calif gay chat room
chat with a gay stranger
gay chat avenue#1
chat muscle gay
hot gay text chat
gay video chat sites realty to dirty roulette
popular gay chat site
gay video chat surry county nc
gay chat webcam
gay chat rooms no registration
gay chat colorado
gay web cam chat room
free gay phone chat
gay mens chat
snap chat gay shoutouts
702 gay chat number
gay furry chat one on one
zoom chat rooms gay chat
gay cam chat
google zoom gay chat room
gay chat webcam room facebook
google zoom gay chat rooms
phone chat in maryland gay
afree chat gay
snap chat gay solo
free gay/bi-sex chat sites
free gay live chat
free gay live chat
google zoom gay chat rooms
gay video cam chat broadcast self
dating online sites
internet dating sites
free site dating
singles matching
meet singles free
fb dating
free dating sites online
our time dating website
a dating site
online dating service
internet dating site
best single sites
online dating sites free chatting
dating sites nl
online sex chat
i need help with my college essay
can someone write my essay
best essay cheap
mba essay writing services
top rated essay writing websites
help on essay writing
essay writers
cheap essays for sale
editing essay services
write my essays
someone to write my essay
online essay writers
essay on social service
need help writing scholarship essay
discount essay writing service
need help with essay writing
top 5 essay writing services
custom essays writing
can i hire someone to write my essay
mba application essay writing service
analysis essay help
college essay online help
essay writer service
cheap custom essay
custom essay order
essay help live chat
psychology essay writing services
good essay writing services
buy an essay paper
us essay writing service
essay writing services for cheap
best custom essay sites
essay marking service
custom essays cheap
what is the best essay writing service
assignment essay help
help writing an essay
essay revision help online
essay writing services scams
history essay writing service
buy an essay cheap
need help writing scholarship essay
college essay review services
buy cheap essay
who can help me write an essay
wwwi.odnoklassniki-film.ru
medical school essay service
writing essays custom
help writing essay
help with scholarship essays
online essay help chat
essay writers review
professional essay help
custom essays usa
service learning reflection essay
what are the best essay writing services
help writing essay
buy essays cheap
custom essays for sale
help me write an essay
write my essay cheap
custom essay UK
professional essay writing help
write my essays
essaywriting service
good essay writing company
good essay writing services
mba essay editing services
write my essay generator
narrative essay writing help
service essays
help me with my essay
medical school essay writing service
order custom essay
buy custom essay online
write my essay wikipedia
essay writing website
academic essay help
essay writing on customer service
write my essay help
the best custom essay writing service
essay writer website
best essay writing service online
mba essay editing services
professional essay help
essay writing website
college admission essay help
english essay writing service
essay writer generator
what is the best essay writing service
top rated essay writing services
custom order essays
college essay writing service reviews
college essay writing service
best essay writing websites
help with writing college application essay
history essay help
coursework samples
coursework moderation
coursework website
It’s actually a nice annd helpful iece of information. I’m glad that yoou just shared this useful inhfo wjth
us. Please sta us infcormed like this. Thanks for sharing.
Пацаны 3 сезон