There have been a lot of thoughts, doubts, opinions, and questions about the fintech industry in Nigeria, and we'll be addressing them here.

Financial technology, popularly known as fintech, is a global financial system adopted by almost every field. The area uses software and advanced technologies to provide automated digital and improved financial services.

In Nigeria, fintech is mostly used in banks, businesses, and financial companies to improve customers' experience, enhance productivity and drive sales. However, sectors like education, agriculture, and even medicine also use fintech to bring in users.

Business startups and firms in Nigeria also use financial technology to scale up their businesses to be relevant in the financial industry and global market.

The use of fintech in Nigeria has made it easy for consumers to make digital payments, investments, and sign-up for an insurance policy from anywhere.

Almost every digitally oriented individual has an idea and even uses global cryptocurrencies and blockchain technology.

The cryptocurrency blockchain is a financial technology to bring positive change to the financial area. Consumers can use it to make easy payments, trading, and investment. In addition, it allows users to send and receive money quickly without going through banking issues.

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Reasons to Work at Fintech Jobs

Nigeria'a fintech ecosystem
Fintech cuts across several industries in Nigeria || Image Source: RMG

Working at fintech jobs comes with many benefits and opportunities for job seekers and workers in the field.

You might be a little confused about what career to choose to help you grow your brand. You should check out the fintech field if you're in this category.

Fintech offers new people in the area the chance to work in an environment filled with opportunities and promotes personal growth and development.

Working at fintech jobs gives you access to work in a creative, innovative, and collaborative environment. This, in turn, promotes teamwork and the opportunity to learn and work with creative minds.

Getting a job in the fintech field gives you a sense of job security. Since the field needs highly experienced people in financial technology, securing your job in the industry shouldn't be that hard. All you need is to be good at what you do.

The very thing everyone looks forward to when working is profit. We are sure you're no exception to that. Many financial institutions are willing to pay highly skilled and experienced individuals in the fintech industry. Like we've said earlier, be good with what you do.

Working with the latest software and tools is an excellent benefit of working at fintech jobs. In addition, working with these tools will make you aware of the latest development in the fintech industry.

These tools will also help you move with the global fintech trend to provide users with new, better products and services, thus bringing in more sales.

Development of Fintech in Nigeria

Fintech is a global industry and is quite prominent in Nigeria. Based on recent estimation, Nigeria has over 200 fintech companies with new startups coming up.

The evolution of fintech in Nigeria started with users making mobile payments without banking issues right from the comfort of their homes.

Fintech has gone from the invention of ATM to mobile banking, getting loans online, making investments online, and signing up for insurance policies online.

The fintech business startups now seem like a threat to the local banking system. This is due to the industry's innovation to financial institutions and the global market.

With fintech, products and services have been created to make things easier for consumers and give them a great user experience.

Nigeria officially recognised fintech when the first fintech company Interswitch, achieved a valuation of $1 billion from a $200 million investment VISA made with them.

Fintech banks and traditional banks revenue comparison
Fintech banks are posing a challenge to the traditional banks in terms of revenue generation || Image Source: Tekedia

It was estimated that the Nigerian fintech revenue would hit $543 million by the end of 2022. This shows how well the field is doing in Nigeria.

Another thing that shows the development of fintech in Nigeria is that it is regulated by legal law issued by the prominent regulatory body to the Nigerian financial services sector, the Central Bank of Nigeria (CBN).

Fintech has received regulatory support from regulatory bodies such as the central bank of Nigeria (CBN), Securities and Exchange Commission (SEC), Nigerian Communications Commission (NCC), and others. Most of the laws and regulations issued by these regulatory bodies have helped develop fintech in Nigeria.

Importance of Fintech in Nigeria

The benefits that come with using fintech in Nigeria are immeasurable. This technology-oriented industry has positively transformed Nigeria's financial sector, institutions, and market.

Fintech has helped business owners, companies, and individual consumers manage their financial operations. In addition, Nigerian businesses, companies, and other financial institutions create amazing products and services for their users and consumers using financial technology.

Almost all business organisations have created mobile apps and websites for their users to have a smooth user experience. In addition, business startups have gained from fintech since it has provided a means to scale up in the business and financial sector.

With the help of fintech, they could get funds and capital for their business which went a long way in the business growth and management.

Another importance of fintech in Nigeria is that it has given local businesses in Nigeria global exposure. People outside Nigeria and Africa now patronise Nigerian companies, both startups and older businesses.

It is now easy to perform money and other financial transaction online. Therefore, people in Nigeria can send money down to Nigeria through the help of mobile banking.

The local banking system is no exception to the benefits of fintech. The field is involved in the growth and development of the banking sector and other financial service providers.

Banks now use fintech alongside their normal banking system to make banking systems better.

Most banks in Nigeria now have mobile apps and websites to make things easy for users. As a result, Bank users don't have to go through a stressful procedure to get simple money transactions done.

Bank customers now use mobile apps for money transactions like money transfers, online payment, checking account details, and even making an online investment.

Financial inclusion is of great importance to fintech in Nigeria and Africa. Fintech has helped include a lot of people in financial operations due to its benefits.

It has created a system that enables consumers to access useful digital products and services that will help them take control of their finance.

Two women and mobile operations
Fintech has made it possible for Nigeria to hit a large percentage of its financial inclusion target || Image Source: Nairametrics

Fintech Courses in Nigeria

If you're considering having a career in Fintech and you have no idea what to do, you should also consider taking a course in the area This will help you immensely, especially if you've pursued a career in another industry entirely.

Fintech is a combination of two aspects, finance and technology, and to gain mastery, you must be familiar with the two elements.

So, fintech courses in Nigeria go in two ways. You can either go for a 4-5 years programme in any Nigerian higher institution, or you can consider taking online courses or getting yourself a private tutor on Superprof that can help you with your fintech courses.

People rarely go to university to study fintech-related programmes. Instead, people opt for online courses or get a tutor at home or online most of the time.

This is because the fintech-related courses are limited in Nigerian universities, and it's also impossible to run two programmes simultaneously.

Taking fintech courses online and getting tutoring services gives you the advantage of learning within your time and at your pace. The tutoring service also helps you get the undivided attention of your tutor.

There are a lot of websites and platforms that can help you with your fintech courses and give the useful information you need. All you have to do is to select the area of fintech you want to study, make your payment, and you're good to go.

When you take fintech courses online, you won't be limited in the information you need because you can learn internationally and locally. All you need is your smart mobile phone, and payment for the courses you are interested in.

There are different benefits to taking fintech courses, whether in Nigerian universities, online or with a private Superprof tutor.

Having deep knowledge about fintech through the courses you've learned will help you go a long way in the financial labour market. It will also aid your job application and access to the fintech field.

Getting a course in fintech will help you create an excellent career for yourself and help you in your personal growth and development.

Also, you get to enjoy many career opportunities and get exposed to the necessary information to keep you relevant in the industry. You also get to learn from other great minds.

Sign up for a fintech tutor via Superprof today!

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Emmanuel

Emmanuel Oyibo is a Content Writer and budding Python Developer. He's adept at many niches, but his expertise shines more in the medical sciences, tech, and blockchain niches. Emmanuel has a Bachelor's degree in Biochemistry, and he's currently a full-time freelance content writer. When he's not working, he's probably absorbed in some television adventure series or a good book.