A run for your money (part I): Banks meet fintechs
Banks and fintechs.  Source: Stears Business

How recently have you been to a Nigerian bank? What was your experience like?

For most of us, going to a bank is as painful an experience as visiting a government office. Those who can, avoid it at all costs. Instead, they rely on mobile and internet banking services or customer care lines. The only time they end up in branches is when the bank has explicitly required it - to sort out paper-based verification or to pick up a debit card.

Globally, retail banking that requires physical interaction is now being viewed as a problem to be solved.

The shortcomings of the traditional banks in accommodating digital trends in consumer behaviour has created an opportunity for a new generation of companies - largely referred to as fintechs - to operate. 

These new companies cost less to build in terms of technology infrastructure, require a smaller headcount to provide their

This story is only available to Premium subscribers Subscribe or sign in to finish reading

Not ready to subscribe? Register to read a selection of free stories

Osato Guobadia

Osato Guobadia

Read Latest

Nigeria’s absence at the Qatar World Cup is a missed opportunity, here's why

PREMIUM - 02 DEC 2022

How well did Nigerian Breweries do in 2022?

PREMIUM - 01 DEC 2022

How much is your salary worth today?

PREMIUM - 30 NOV 2022

Should Nigeria merge its ports with railways?

PREMIUM - 30 NOV 2022

Download our mobile app for a more immersive reading experience

Scan QR code
mobile download