The advent of digital banking in Nigeria has changed the Nigerian financial landscape in no small way. Digital banking has reshaped the banking industry in Nigeria to promote investment opportunities in the following ways:
Since the inception of digital banking, more people have had access to investment opportunities like never before. There has been a high mobile money penetration in Nigeria and the rest of Africa, with more people now using their mobile phones to send and receive money. After all, you don’t need much, all you need is to have a mobile phone or gadget and connection to the internet, and you are good to go.
What is even more remarkable is that beyond just transactions, People can now save and even make investments in various opportunities available on multiple platforms, all from the comforts of their mobile phones. Moreover, it is often not complicated, and investing is made simple enough for people to understand what they need to do.
The fantastic thing is that Digital banking has opened the doors to more consumers and more players. These players include Mobile Network Operators (MNO) and Fintechs, who bring their various strengths.
Another aspect that digital banking promotes and enhances investment opportunities are the different tiers of partnerships now available through the digital banking system. The more players come into the game, the more different alliances are formed, creating more space and investment products that reach a diverse number of people. These partnerships include agribusiness, an essential industry in Nigeria’s ecosystem.
Tailored Financial Products
With more access and new partnerships continuously popping up across the various digital banking platforms, more financial products are available in the market. The good thing is that these products and services are not limited to one-size-fits-all products and services that might leave many people disillusioned or disenfranchised. Instead, people can find products and services that work for them—their budget, needs, and goals.
These three things combined have made significant waves in attracting and getting people on board the investment train and taking advantage that digital banking offers its customers.