Odum Chijioke John, the Founder and CEO of Chiji14xchange, one of the most popular platform for trading bitcoins in Nigeria, has revealed that Fintech might prove to be the future of Nigeria’s business expertise.
FinTech’, a fusion of the words Financial Technology, is broadly used to describe any technological innovation that deals with financial services.
It entails areas of finance such as financial literacy, wealth/asset management, lending and borrowing, retail banking, fundraising, money transfers, payments, investment management, digital insurance, and cryptocurrency.
While enumerating the relevance of FinTech to Nigeria’s growing economy, Chijioke explained that “In the past few years, it is clear to see that in Nigeria, transactions are increasingly shifting towards mobile with the evolution of mobile technology over other media among the population, especially the unbanked. Mobile money transactions radically increased in number to 14x to 217.8 million as at 9M 2019 from 15.9 million in 2013. Nigeria’s remittance market, one of the leading remittance markets in Africa due to the blossoming diaspora in the US, UK, Canada and Europe can also render support in expanding Nigeria’s fintech space”.
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According to him, the growth which we are currently experiencing in the FinTech industry in Nigeria might just be the key to supporting the financial services industry as Nigeria presents a huge market for digitised unsecured loans and Nigeria’s low credit penetration presents a significant goldmine of opportunities.”
He advised that the FinTech space be recognized and taken advantage of by young, tech-savvy Nigerians as the new “gold”.
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