We are in a world where technology is improving at a rather fast pace and it seems humans are also trying to catch up to this pace as fast as they can. If technology does not stop involving then I guess there is no stopping how we would want to catch up with it as well.

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We have clearly experienced a lot of major transformations in technology in recent years and examples are transformation in Cryptocurrency, Decentralised Finance, Traditional Finance and Financial Technology which is also known as FinTech among other major transformations.

Fintech, a portmanteau of "financial technology", refers to firms using new technology to compete with traditional financial methods in the delivery of financial services.wikipedia

As stated above, it is a new technology, not wholly new as it has been around for some years now but it's still new compared to traditional finance obviously. It is based on offering financial services online or on mobile without an actual physical branch. All done online. Investing apps and loaning apps are categorically called Fintech as well as they are available to ease financial services offered.

The pace at which Financial Technology, in other words FinTech, is growing in the world right now is amazing, especially in my country. We have a lot of apps that offer financial services to people with the aim of making things easier, we currently have a lot of loan apps services as well but I doubt they really want to make things easier or to make gain is really what they are after.

A very good example of FinTech which has quite a rapid growth in the recent years with many trusted reviews in Nigeria is OPAY. They have proven to be very effective in how they offer their financial services with zero charges or cost on transfer made, money received or cash withdrawn. They have even gone far in creating their own personal debit card which is licensed by the Government and they distribute it to their customers who are interested, at a very affordable price.

I truly believe that Fintech will surely take over the financial world by storm as it is already doing in Africa, but my real question is, is it safe for it to take over the financial system?
The major transformation in technology cannot be overemphasised and the growth has been amazing.

We also have disadvantages in how Fintech works but that will be discussed in my next post.

Thanks for viewing my post and have a lovely day.