StartupNigeria.net
No Result
View All Result
Friday, September 22, 2023
  • Login
  • Register
  • News
    • Press release
  • Events
  • Education
  • Entertainment
  • Fintech
  • Business/ Startup
  • Others
  • Jobs
Contact Us
StartupNigeria.net
  • News
    • Press release
  • Events
  • Education
  • Entertainment
  • Fintech
  • Business/ Startup
  • Others
  • Jobs
No Result
View All Result
StartupNigeria.net
No Result
View All Result
Home Education

A Closer Look At The Increasingly Prominent FinTech Space

by Staff Writer
Jan 19, 2016
in Education
0
A Closer Look At The Increasingly Prominent FinTech Space
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

One of the many problems with cash is that of moving it from place to place, and the attendant degradation as it is transferred from person to person.Technology solution for moving money from one person or place to another is nothing new – We have got Wire transfer, Western Union, MoneyGram, etc. but making this solution widely available and accessible in a very personalized way is what Fintech is about.

In simple terms, Fintech (which is an abbreviation of the words “finance” and “technology”) is a financial service delivered over the internet through an application installed in a computing device (with a primary focus on mobile devices).

Although the growth of Fintech is usually tied to financial institution (banks), there has been great and successful exceptions to this; like the MPesa in East Africa who are telecom-driven. Interestingly, the Nigerian Fintech ecosystem is hybridized with big and growing players fairly getting a piece of the pie.

paga-3

In no particular order, we bring to you the following startups who currently occupy the Fintech space in Nigeria.

  1. CashEnvoy – Probably one of the ‘smaller’ players in the bloc but CashEnvoy enjoys popularity among internet-based businesses or merchants who sell goods and/or services online. That means it cannot be accessed without an active internet connection. User account is linked to an email address but you must have a bank ATM before you can use this service.
  1. QuickTeller (by Interswitch) – Though commonly used for bill payments, QuickTeller can also be used by businesses or merchants to transfer money from any QuickTeller user into their bank accounts. Similar to CashEnvoy, it is popular among merchants, but more common amongst users who utilize their services for airtime purchase, payment of utility bills etc.
  1. Paga – Simply put, Paga allows anyone to send money to anyone or pay for a service using a mobile number linked to their Paga account. Speaking of hybridization, Paga also works even if either party does not have a bank account or even a smartphone; to carter for this user segment, Paga recruits agents to facilitate this offline transaction – an action which I consider pretty smart.
  1. PocketMoni (by eTranzact) – On first impression, it’s difficult not to see eTranzact (and PocketMoni) as a Fintech tailor-made for corporate organization. With PocketMoni, the company is trying to infuse the everyday user into the mix, allowing them to buy airtime, pay bills, and even transfer money with ease.

 

Talking about mass adoption now, it is a tad too early to determine who is getting it right at the moment however there is something to be said be said for the vastness and untapped potential of the market. On the other hand, strategies that will ensure quicker and wider adoptions, if Nigeria is to fulfill her dreams of going cashless and being one of the top 20 economies by the year 2020 should be put in place, keeping in mind that a cashless society is one of the enablers for economic growth even as it helps to curb inflation.

Till next time…

Author: ChuQDennis

 

 

 

Image credit:CNN

 

 

  • Trending
  • Comments
  • Latest
Apply Now For #AgriHack West Africa, 2016

Apply Now For #AgriHack West Africa, 2016

Mar 11, 2016
N300b Seed Fund | FG Partners Echo VC To Create 35,000 Jobs

N300b Seed Fund | FG Partners Echo VC To Create 35,000 Jobs

Jan 28, 2016
Biztorials Is Organizing A Hangout With Lexi Novitske Of Singularity Investments

Biztorials Is Organizing A Hangout With Lexi Novitske Of Singularity Investments

Jun 6, 2016
FocusHub Welcomes Two Startups Into Its Incubation Program

FocusHub Welcomes Two Startups Into Its Incubation Program

Mar 24, 2016
The story of a young Nigerian matchmaker

The story of a young Nigerian matchmaker

4
Highlights of StartupNigeria’s trip to Cross River State

Highlights of StartupNigeria’s trip to Cross River State

3

Niger Delta tech ecosystem situation report

2

Niger Delta Influencer Of The Week – Ebenezar Barisua Wikina

2

Get began using the most useful lesbian sugar momma app now

Sep 17, 2023

Maui Hookers – legendary guide and find a hooker near Maui

Sep 14, 2023

Are You Aware These Online Dating Sites Acronyms? – MeetKing Blog

Sep 13, 2023

Most Useful Person Sexchat Web Sites – Top Gender Boards 2023!

Sep 7, 2023

Recent News

Get began using the most useful lesbian sugar momma app now

Sep 17, 2023

Categories

  • blog
  • Business/ Startup
  • Education
  • Entertainment
  • Events
  • Fintech
  • News
  • Others
  • Press release

Site Navigation

  • Home
  • About Us
  • Contact Us
  • Jobs

StartupNigeria is an SME tech blog that was set up to shine the spotlight on technology and businesses.

© 2022 Startupnigeria - All Rights reserved

No Result
View All Result
  • News
    • Press release
  • Business/ Startup
  • Education
  • Entertainment
  • Events
  • Fintech
  • Others

© 2022 Startupnigeria - All Rights reserved

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In