It is evident that the use of financial technology has brought about a substantial and radical change in the way we handle our money. Our finances are the most important aspect of our everyday hustling and bustling because that is the result of our everyday endeavours. We go the extra mile to ensure we stack up and never go broke.
WHAT IS FINTECH? (Financial Technology)
Fintech is the innovative use of technology to aid financial services. It could be referred to as digital banking or tech-driven finance.
THE ROLE OF SMARTPHONES IN FINTECH
With over 6.8 billion smartphone users worldwide, mobile technology has made it more accessible, efficient, and user-friendly than ever before.
Our smartphone is a tech tool that has made Fintech accessible to all individuals and businesses, regardless of geographical location. I mean a person in far northern Nigeria can download Opay or PalmPay and have access to swift banking services Instead of experiencing the frustration from traditional banks due to unstable network services. For instance, sending money from your bank to another traditional bank could take hours without the payment reflecting, or unnecessary delay can be really bad and frustrating for business. Business people can use Fintech to confirm transactions quicker and save time.
No doubt that the use of Fintech has made a huge impact on our society by making financial services more accessible, efficient, and it is secure. Barely any issues that are beyond resolving so far. Fintech services can also be accessed on an Android tablet or iPad. Your device can aid Swift banking. It’s funny how some folks are still ignorant of this fact because they are probably scared of putting money in an app with no physical outlet compared to the traditional banking system.
Another beauty of Fintech is that it is cost-effective. You don’t need much to access digital banking. With your iPhone and data, you are good to go. And the charges aren’t as high as traditional banks. Traditional banks offer online banking, but they’ve never offered free transfers. However, some fintech companies still offer free transfers even though the tax is high on them from some regulatory bodies in Nigeria.
FINTECH REGULATORY BODY IN NIGERIA
- Financial Conduct Authority (FCA)
- Prudential Regulation Authority (PRA)
- Consumer Financial Protection Bureau (CFPB)
- Securities and Exchange Commission (SEC)
- Federal Trade Commission (FTC)
- Central Bank of Nigeria (CBN)
- National Financial Inclusion Steering Committee (NFISC)
These guys ensure your money is safe with consumer protection and financial system integrity all intact.
EVERYDAY FINTECH ACCESS WITH OUR SMARTPHONE
- Mobile payments
- Cryptocurrency and Blockchain: Digital Assets in Your Pocket
- Money lending Apps
- Security and Authentication: Enhanced Protection
- Digital banking
In conclusion, as smartphones continue to evolve and new technologies such as 5G, biometric authentication and artificial intelligence (AI) become more incorporated, the future of fintech looks even brighter.
As time goes on, we should expect smartphones to become a focus on how we manage our finances, invest, lend and transact.
With the continuous expansion of mobile internet access globally, smartphones will play a vital role in making financial services accessible to people in underserved areas.
