Fintechs can aid identity management, bridge financial inclusion gap

“Mainstream banks, initially slow to react to the digital era, have quickly adapted to offer apps and tools in areas like loans” VentureCapital MergersAndAcquisitions FinancialInclusion Fintech

This is according to a report titled: ‘State of Play: Fintech in Nigeria,’ by The Economist Intelligence Unit, sponsored by MTN Nigeria and Mastercard. The report examined key trends in the fintech sector in Nigeria and assessed both industry drivers and impediments to growth in the sector.

Accordingly, it informed that digital “neo-banks” are expanding their market share, especially among younger consumers, while bespoke apps and platforms are taking once-elite financial services, such as stock market investing, into the mainstream. The Senior Vice President/General Manager for West Africa, at Mastercard, Ebehijie Momoh, said Nigerian fintechs are branching out from payments into lending, micro-investment, wealth management, peer-to-peer transfers and insurance

A major impediment highlighted to the growth of Fintechs in the country, is the unavailability and quality of identifiable data for a large number of the population that remain unbanked and financially excluded.

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