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The Central Bank of Nigeria’s (CBN’s) drive to achieve 95 per cent financial inclusion by 2024 has fuelled the growing adoption and popularity of Financial Technology (FinTech) firms. This, coupled with the COVID-19 lockdown, which forced a shift in loyalty by dis-satisfied bank customers to fintech players leveraging innovative platforms to offer similar but accessible and lower cost-services, may have inadvertently set the stage for a fierce battle for market share between fintechs and banks. Assistant Editor CHIKODI OKEREOCHA reports.
It’s no longer business as usual in the financial services market. As things stand, incumbent market players, particularly the traditional banks, urgently need to strengthen their digital capacity and embrace innovation in their product offerings to remain relevant, as the competition for customers’ patronage and loyalty between Financial Technology (FinTech) firms and banks gathers momentum.
Fintechs are firms disrupting the conventional banking model by using technology to make financial operations easier, faster and more accessible to businesses, institutions, and the general public at large (customers). They are products of creative innovation that grant consumers access to financial transactions such as online banking, investment, risk and wealth management, payments, online trade, and much more in the comfort of their homes, …
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