Fintech is the future of finance and it has been slowly making its way into Nigeria. This article will show you how to start a fintech business in Nigeria and what kind of things you can do there.
Nigeria is one of the fastest-growing economies in Africa. It has a lot of potential for fintech businesses. If you’re looking for a new business idea, here are some tips on how to start your own fintech business in Nigeria.
1. Identify the need
2. Research the market
3. Build your product
4. Build a team
WHY START A FINTECH BUSINESS IN NIGERIA
There are several reasons why you should consider starting a fintech business in Nigeria.
- The market is huge. In 2018, Nigerian consumers spent over N1 trillion on fintech solutions and services. That’s approximately $6 billion USD and it’s expected to grow by at least 30% each year until 2022!
- Nigeria has a large population of young people who are tech savvy and always looking for new tech solutions (especially when they need them). This makes for an ideal customer base for any kind of financial services company such as yours! You can target this demographic through social media platforms like Facebook & Instagram where there are many Nigerians who interact with each other daily on these platforms thus making them aware about your products/services which will lead them into buying from you directly without going through third party retailers or agents first before coming back home again after getting what they wanted from abroad.”
1. Create solutions for Disruptive Technologies
Disruptive technology is a marketing term used to describe technologies that are changing the way people live and work. The most common examples of disruptive technologies include:
- Artificial Intelligence (AI) – AI can be used to automate tasks and create products, such as self-driving cars and drones that deliver packages.
- Blockchain – The blockchain is an online ledger in which transactions made on one computer are recorded chronologically and publicly by all users who verify them. This makes it possible for anyone with internet access to view all information stored on this network at any time without having any centralized control over it.
2. Create solutions for Digital Banking Solutions
Digital banking solutions are the most effective way for fintechs to gain traction in Nigeria, as it provides access to customers who don’t have a bank account.
You can create a solution for online banking by providing financial services through your mobile app or website. You could also offer payment services such as ACH transfers and credit card processing, allowing users to make payments at any time of the day (or night). If you’re looking for something more advanced, consider creating an API that allows other people or companies to integrate their own products into yours so that they can provide additional value while still staying within the confines of what you’ve already built up over time.
3. Create Solutions for the Internet of Things (IoT)
- Create Solutions for the Internet of Things (IoT)
- IoT is a network of physical devices, vehicles, home appliances and other items embedded with electronics, software, sensors and connectivity which enables these objects to connect and exchange data.
4. Create solutions for Online Payment & Crowdfunding Systems
- Create solutions for Online Payment & Crowdfunding Systems
Online payment is a fast growing industry and it’s becoming more popular with every passing day. It is easy, convenient and safe to use online payments. These days you can pay your bills online without going to the bank or any other financial institution in your country; all you need is an internet connection, smartphone or tablet device and some money in your account!
Online payment has become so popular that many companies offer their services to facilitate payments through the internet instead of using physical currency like Naira or Dollars. This makes it easier for people who don’t have access to bank accounts or trust banks because they can now pay their bills from home using their mobile phones as well as computers connected through wires into Wi-Fi hotspots around town (if available).
5. Create solutions for Artificial Intelligence
AI is a technology that makes machines intelligent. It’s used in many different ways, from helping humans make better decisions to replacing humans altogether. As with most things in Nigeria, there are two main areas where you can apply AI: financial technology and the internet of things (IoT).
Takeaway:You can launch a very successful startup in Nigeria especially if you choose to focus on financial technology in Nigeria, you have to create something new or revolutionary that has not been done before or do something old better
You can launch a very successful startup in Nigeria especially if you choose to focus on financial technology in Nigeria, you have to create something new or revolutionary that has not been done before or do something old better.
Make sure your idea is good and has substance so it will be easy for the people who are going to use it. You should also make sure that your company is properly structured, so that everyone knows what they’re working on, who’s responsible for each area of responsibility and how these areas interact with one another.
You don’t have to be afraid of making mistakes while doing this because even though it might take some time, failure helps us learn more about ourselves as individuals and improve our skillset when we try again after making those mistakes! If some things go wrong along the way then just keep going because all startups fail at some point anyway!
In conclusion, the FINTECH revolution is here and you can be a part of it by launching a successful startup. If you are looking to start your own business in Nigeria, then we recommend you read our guide on how to start a fintech business in Nigeria for more information about what it takes to get started today!