Fintech and the Banking sector in Nigeria
Changing competitive landscape
Globally, the financial services industry has come under intense competition from fintech firms- agile and innovative firms leveraging technology to deliver tailored financial service offerings to consumers and corporates.
In Nigeria, investors are taking positions or stakes in the country’s growing tech ecosystem fueled by attractive fundamentals like the country’s youthful and tech savvy population, increasing smartphones and internet penetration, large unbanked population, among other factors. Between 2011 & 2018, fintech investments in Nigeria recorded more than US$200 million.
The need to develop a robust regulatory structure for the fintech sector in Nigeria has become topical. Currently, the CBN and the NCC provide oversight for certain segments of the fintech sector in the country, though ambiguities still exist in the extant laws which need to be addressed.
This publication aims to:
- assess the changing global competitive landscape and its impact on Nigeria’s banking sector.
- evaluate the current and future trends in the sector in Nigeria, particularly in the area of fintech and digital banking
- provide recommendations for the traditional banks and fintech players on navigating the emerging trends and challenges in fintech
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