Genz episode 1
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How Fintech impacts life in Nigeria
Fintech Impact on Life in Nigeria
Lifestyle
While cashless transactions were already in use in the Western world and some parts of Asia, we were yet to advance from the use of tellers—deposit, withdrawal, bank draft and cheques.
Shop Genuine Lenovo Laptops, PCs & AccessoriesIn the early 2000s, automated teller machines (ATMs) and debit/credit cards became fully functional and widely used in Nigeria, helping to ease banking needs as well as reduce congestion in Nigerian banks. Though positioned mainly in bank premises and major cities, efforts were made by banks to situate ATM outlets in rural areas, school premises, malls, eateries etc. This effort was unsustainable due to theft and vandalism, with only a few areas having functioning facilities, therefore limiting access to rural communities.
Get Fast Web Hosting, VPS Servers, Domains, SSL Certificates & Website Migration Services from HyperHostYet a few Nigerians are obsessed with the emergence of fintech companies such as Moniepoint, Opay etc. which they feel surcharge them in contrast to free access to their cash.
Well, life itself is not free. If you feel it is, then stay without food, water or fresh air, just to mention a few—that’s sacrifice to sustaining life.
In my opinion, fintech companies have done more good than harm in the following ways:
- Creating employment opportunities across all nooks and crannies of the federation.
- Spreading their net to inner/rural communities to ease banking transactions.
- Providing access to cash at a relatively low charge.
- Saving transportation costs to bank locations.
- Contributing to the economy through tax revenues.
- Engaging in occasional corporate social responsibility, such as scholarships, youth training, or community support.
Overall, fintech companies have bridged the gap left by traditional banking and brought convenience closer to the people. Their impact continues to shape Nigeria’s financial landscape positively.
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