Business & Finance

See How Nigerian fintech companies are expanding their business scopes

See How Nigerian fintech companies are expanding their business scopes.   A new report on the Nigerian fintech space, which was sponsored by MasterCard
See How Nigerian fintech companies are expanding their business scopes.

A new report on the Nigerian fintech space, which was sponsored by MasterCard and MTN Group, has revealed how Nigerian fintech companies are steadily exploring new opportunities.

Some of the new areas they are venturing into include micro-investment, insurance (insur-tech), peer-to-peer transfers, and even wealth management.

TO WATCH VIDEO TAP HERE & CLICK GET STARTED

The report specifically mentioned companies like Cowrywise and Farmcrowdy as two prime examples of fintechs that have developed wealth management platforms.

Cowrywise, on one hand, targets Nigeria’s middle class with online investment products, while Farmcrowdy makes it possible for investors to co-own farms by providing the needful capital for farmers.

Other fintech companies are offering digital insurance coverages that encompass auto, education, health, and funeral costs.

The prices for the services are said to be as low as $0.50 per month. The report, however, noted that the growth of insur-tech services in Nigeria are quite slow when compared to what obtains in other African countries such as Kenya and Ghana.

According to a senior manager at GSMA Intelligence (Kenechi Okeleke) who was also quoted in the report, the reason for the slow pace in Nigeria is due to the country’s lack of enthusiasm for insurance in general. He said:

“Insurance has always been a small sector in financial services in Nigeria. Individuals tend not to do insurance. For big players, their main market has been the corporate sector.”

The 20-paged report titled— State of play: Fintech in Nigeria —was unveiled yesterday during a webinar that was organised by The Economist Intelligence Unit, an arm of The Economist which carried out the research. Nairametrics participated in the webinar.


Do you like Fabpulse? We count on you! Follow us on Googlenews, And get 1k. Click Here, and Click the Star. Thank you!
Also Follow us on Facbook, Twitter, Instagram For Give Away!
BE THE 1ST TO SHARE THIS POST WITH YOUR FRIENDS ON SOCIAL MEDIA USE THE SOCIAL MEDIA ICON ABOVE OR BELOW THANKS.
JOIN OUR WHATSAPP GROUP FOR LATEST NEWS UPDATES 247🔥 (CLICK HERE)
Join Our Facebook Group & Get Unlimited Likes On Your Post (CLICK HERE)
Tags

Fabpulse

Fabpulse Provide you with legitimate ways to make money online, We help to Promote and develop your Business, We update you on Currency exchange and rate.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button
Close