Business activity: A collaboration between fintech and banking sector the solution to Nigerians developmental problems

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Image made using canva

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Introduction

Hello, good day everyone and welcome to another day on my blog, it's been an eventful couple of weeks with the dip still diping and reaching dipidity levels.

But admist all this we must remain strong and steem on in hopes of betters days, for it is what we do now that determine what we reap in future I am still as committed to steemit as the day I Joined.

Today on my blog I would be tackling a critical issue in Nigeria development and is there a way to solve this?

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Nigeria

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Nigeria is a country like none other blessed with abundant mineral resources and limitless potentials all waiting to be exploited and properly handled.

When Nigeria got her independence in 1960 many analysts predicted that in the coming future Nigeria would become a super power just like America and Britain.

With the amount of talent and potential in Nigeria then it was almost a sure bet that we had a bright future ahead, many prominent activists such as Fela, dele Giwa, obafemi Awolowo and many other bleed and died for this country, in hope of a better future.

In what ever grave they may be now I am sure they twist and turn in agony for what has become of this once shining star. The jewel of Africa, now plagued with corruption of the highest esteem in ways unimaginably possible yet as livid as the sun we see each morning.

Nigeria has for too long battled waves after wave of underdevelopment and underutilization of her natural resources.

But what if I tell you they key to solving this could be Soo blatantly obvious as it's would almost be laughable by all who read this.

I tell you all reading that in fintech, therein lies the key to real development in Nigeria, how you might ask? Well let us dive in.

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Fintech

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This are financial organisation which have been able to undergo some elements of technological adaptation for the smooth running and efficient management of resources.

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Banking sector

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For as long as time immemorial they have always been banks who have safe guarded the assets of individuals, this has then been adapted in modern time to the safe guarding of nations wealth.

The banking sector is a very crucial element in the development of any country as they are the holders of wealth in a country, with a shaky policy on the banking sector we would see a steep devaluation of the proposed currency.

But what if bank advanced a bit further to work with fintech companies how would this bid for the development of Nigeria?

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I will tell you how such integration can occur and how this integration would be for the better good of Nigeria

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Intergation of banking and fintech resources

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They are Soo many fintech companies and many of this companies if you would find below in this article can play a similar role with banks.

Hence inorder for smoother operations between the banking and fintech firms they should be able to have a common network whereby they can share information amongst themselves.

Recently through the intergation of the BVN accords all banking sectors and fintech sector we have seen an astonishing growth in the financial sectors.

By sharing BVN information within approved fintech firms the banking sector have invariably Safed fintech firms such as piggyvest, crowywise and many other the difficulty if having to establish Thier own method of consumers identification.

Now both the banking and fintech firms use an intergated method of consumer identification we can see the process of acquiring loan, building capital and saving have both increased and this are fundamental elements for the development of the country.

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Application of smart innovation

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The only way for development to occur in any given country is through innovation and the sooner the banking sector realises this they sooner development can take place, we recently saw the banking sector start to take advance of the enaria which according to the government will be used to stop the devuluation of the naria.

The enaria is a welcoming development as it smforms as a sort of digitally pegged fiat token just as the usdt is to the use dollar the enaria is successful applied would serve the following functions.

By having a centrally recognise e currency it would lead to indivduals from other countries buying into the naira and this could create demand and stabilize the already shaky economy.

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Sponsorship between fintech and banks

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Having known the huge role fintech can play in any economy is it then imperative as to why they are not popular among many in Nigeria, this is simply because we are nigerians we have been scammed so many times by so many failed projects and investmenst sites, this has created an uncertainty amongst many promising projects.

The only way for fintech to truely survive in Nigeria is through meanfuo sponsorship programme by the banking sector of the country, it shouldn't Coen as a surprise that the baking sector are one of the most trusted sector in the country hence a little support from them an go along way towards the mass adoption of various fintech platforms.

When piggyvest Frist cake to Nigeria many individuals vwere really affriad to put Thier money into this platform as they feared it could be a Ponzi scheme, but eventually after they were endorsed by wema bank we saw a mass adoption of piggy vest amongst many Individuals.

So far the use of piggy vest has helped Alot of individuals make smart financial decisions which has lead to a lot of development in both grass root and branch level of government.

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They are many promising projects fintech have to offee but the main problem is that Individuals lack trust in these cooperation as a result of the constants debauchery of Thier faith and Goodwill by various scams which have gone on for too long in the county.

Fintech companies would provide loans for business, generate foreign revenue, lead to smarter ways of doing business and all this would lead to the development of Nigeria.

The sooner the baking sector gets invested in the fintech sector the faster we shall develop.

Business:	Business activity: A collaboration between fintech and banking sector the solution to Nigerians developmental problems
Username:	@victoh78
Owner's name:	victoh
location:	gwarimpa, abuja, Nigeria.
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