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Fintech: The Tech Banking Sector We Should Be Grateful For

Fintech has always been a dream, and for many years, it seemed like a distant reality.

Before 2015, business owners had to physically go to the bank to cash checks and withdraw money using teller slips.

Sending money from the comfort of your own home was equivalent to Magic, as it had never been done before.

The only big fintech companies at the time were those that worked with banks to provide online payment services, such as Interswitch, E-Tranzact, and Remita.

A collage of Interswitch, Remita and E-Tranzact

However, 2015 marked a significant turning point for Nigerian fintech. It was the year when Ezra Olubi and Shola Akinlade pitched Paystack at the YC Combinator program for startups.

Shola and Ezra Paystack images

After that, fintech companies began to spring up left and right.

  • Savings and investment fintechs like Cowry Wise and Piggyvest emerged, offering users a convenient way to save and invest their money.
  • Loan fintechs like Payhippo, Ajo Card, and Palm Credit made it easier for people to access credit.
  • Insurance fintechs like Curacel, Daabo, and Riwe Technologies provided innovative insurance solutions.
  • Cryptocurrency fintechs like Vorem, Prospera Vests, and Fluidcoins made it possible for people to buy and sell cryptocurrencies.
  • Embedded finance fintechs like Okra, Credpal, and $udo enabled businesses to offer financial services to their customers.
  • Online banking apps like Kuda, Opay, and Moneypoint made it possible for people to manage their finances from their mobile devices.
  • International transaction banks like Cleva, Grey finance, and Payday made it easier for people to send and receive money across borders.

  • As Matteo Rizzi, a fintech company founder and investor, once said, "Fintech is not just about making money, it's about making the world a better place."

    I couldn't agree more. As a freelancer, I've personally benefited from fintech in many ways. When I need to receive foreign transfers or wires, I use Cleva. For local transactions, I use Opay. When I need to borrow money, I use Palm Credit. And when I want to save money, I use PiggyVest. Life has never been easier.

    In particular, I highly recommend Cleva for foreign USD transactions. Their banking process is seamless and efficient, making it easy to receive money from foreign clients. Whether you're a freelancer or a business owner, Cleva is definitely worth checking out.

    Fintech has come a long way in Nigeria, and we should be grateful for the convenience and innovation it has brought to our lives. From online payments to savings and investments, loan and insurance solutions, cryptocurrency and embedded finance, fintech has made it possible for us to manage our finances with ease and convenience. So, the next time you use a fintech app or service, remember the impact it's having on your life and the lives of millions of others.

Top comments (1)

hnkomuwa profile image

If there's any Fintech company that has provided you relief.

Please write about it below.