HomeInnovationsFINTECH IN NIGERIA 2021 Innovations FINTECH IN NIGERIA 2021 The Nigeria’s FINTECH market in 2020 added greatly to the GDP. The contribution to GDP was inexplicable; it grew and directly contributed to the labor market. 2021 is a year that brings high uncertainty due to the corona virus pandemic, the positioning of Fintech companies would add more dynamism to the GDP and help creating succor to the customers. The Fintech evolution in Nigeria has brought huge impact to the continent’s economy. More tech entrepreneurs will get into the Fintech’s ecosystem. Nigeria’s tech entrepreneurs have been able to create the space needed to be competitive players in the Fintech continental space. ICT’s contribution to Nigeria’s GDP in 2020 grew by 17% of the GDP with Fintech contributing more than 50% to the growth. 2021 will not be an exception; the PSB architecture will continue to accommodate the informal sector of the economy to the ecosystems. All sectors of the economy shall integrate Fintech as the spine of their commerce because high percentages of the population are rural dwellers. The rural economy shall witness more innovation from Fintech. What to except from FINTECH in 2021? According to Adedeji Olowe the CEO of Trium Networks on his predictions about FinTech in 2021. We will be analyzing the predictions and the possibility of its realities. 1 – Visa buys Interswitch for $800Million This could be true because the acquisition of Paystack by Stripe last year is a testament that this prediction should not be treated with kid gloves. The acquisition of Paystack by Stripe was the biggest news in the FinTech’s industry. Nobody saw it coming; the Nigeria informal sector needs real disruptions. The depreciation and devaluation of Naira will aid more foreign investments into the Fintech’s ecosystem. 2 – Mastercard buys Etransact Visa card and Mastercard are the two biggest brands in the continent when it comes to payment system. Interswitch and Etransact are the two major licensed payment platforms in Nigeria which allows them to communicate with all banks. Due to the rivalry of Visa and Mastercard the wise thing for the latter is to acquire Etransact. 3 – CBN caves in as MTN gets a PSB license It is a known fact that telecommunication giants MTN have been courting the license of PSB from CBN with the emergence of the new CEO Karl Toriola. The appointment which shall take on March 1 2021 will bring an aggressive policy from MTN that will make the license to be possible. 4 – Interbanking Transactions, Agents, and Virtual Accounts shall increase in capacity Interbank transactions, Agents, Virtual Accounts shall be the driver of financial inclusion in 2021. It will be the template that will accommodate 40million unbanked Nigeria which is predominantly in the rural areas. 2021 shall be the year of Fintech. The economy shall witness more players coming into the Fintech space. Bigger foreign players in Fintech space shall leverage on the population of Nigeria which is the largest market in Sub-Saharan Africa. 2021 shall be a win-win year for Fintech, the players, customers, government, and all the stakeholders. Support PisonTechAfrica.com For inspiring tech content and articles, PisonTechAfrica.com is the platform to go. Great content takes a lot of resources; we are poised to motivate young start-ups and give them leverage with our platform. It is a platform for inspiring tech entrepreneurs to display their talents. Africa is the next big thing for technology. PisonTechAfrica.com is the tech media platform committed to positioning Africa in the Fourth Industrial Revolution. Donate Oluwagbenga Oyebanji Share This Previous ArticleNEW WAVE OF CRYPTO CURRENCY IN NIGERIA Next ArticleGovernment Directs Internet Shutdown in UGANDA January 15, 2021
