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Fintech versus Banks Battle over Customer Loyalty

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Fintech Nigeria is moving towards a new era of revolution within the financial sector.

It offers innovative solutions and brings many Nigerians to the financial system.

Fierce competition is going on between Fintech and Nigerian Banks. As such, banks to search for and adapt to new challenges. This will go a long way to help them maintain their customers.

It will also help them retain their competitive position in the ever-changing financial sector.

The Crux of the Matter

Right from the revolution of Fintech in Nigeria, fierce competition has existed between them and the Banks.

fintech

Source: freepix

The banks feel that FinTech has come to take over their businesses.

For example, the FinTech president came out from the banking system and is spearheading the Association’s affairs.

The question everyone is asking now is: What will happen between the banks and Fintech? Is there a kind of synergy going on?

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Fintech Objectives

FinTech is a self-regulatory, non-political, and non-profitable organization.

It is incorporated in Nigeria by the CAC (Corporate Affairs Commission) and is part of the Global Fintech Hubs Federation global body.

The organization is moving towards a new circle in the financial industry in Nigeria with innovative remedies to attract many Nigerians within the financial system.

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Due to its innovative ideas and Nigeria’s vast market, Fintech has become a favorite for venture capitalists looking for Nigerian startups to invest in.

As a result, Fintech has been providing the larger part of the funding for the Nigerian startup ecosystem. This part of their services seems to be colliding with that of the traditional banks in Nigeria.

In addition, the latest cash scarcity even made Fintech the preferred bank for most Nigerians.

Fintech Response to Banks

In an interview with our source, the former Access Bank Executive Director, and the present President of the FinTech Association of Nigeria, Mr. Ade Bajomo, shared opinions about the situation.

Bajomo speaks for the Association on what Nigerian banks should do to keep their customers.

He also mentioned that Fintech should learn certain things from the banks despite being competitors.

According to FinTech’s Bajomo, “the jury is out” Can certain Fintech survive? The answer is yes! They will survive to become super FinTech.

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