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CHALLENGES OF FINTECH AND HOW TO OVERCOME IT

Every form of finance closely encounters bankruptcy, and there’s always a reason for that. Read on as we narrow down possible challenges in the fintech sector

Kenneth Miracle

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Financial technology
How to overcome challenges in the fintech sector | image for illustration (Smarttechvillas)

CHALLENGES OF FINTECH AND HOW TO OVERCOME IT

What do you think? Financial Technology has challenges it’s facing? Yes, it does. Every form of finance closely encounters bankruptcy, and there’s always a reason for that.

In recent years, fintech has brought about an enormous revolution in the business industry, affecting many business verticals, especially in the financial industry, either positively or negatively.

It has improved many aspects of finance, such as money lending, processing of payments, insurance, etc.

These have resulted in a seamless and unique experience for users, helping customers have a broad understanding of FINTECH and embrace it without much effort.

Certain people these days still make use of traditional financial institutions as a result of not having a broad knowledge of financial technology.

Fintech has faced a lot of challenges, and this has affected the development of FINTECH in Nigeria.

Fintech sector
CHALLENGES OF FINTECH AND HOW TO OVERCOME IT

The rapid growth of FINTECH has strengthened the mindset that FINTECH will affect banking. But collaboration, not competition, will advance the interests of banks and FINTECH providers.


Read more


One of the major challenges in the fintech space is the lack of clarity in policy and regulation. A lot of people are not clear about fintech, its policies and regulations, and this has affected fintech immensely and has reduced the growth of fintech in Nigeria.

Poor infrastructure has also contributed to the challenges of FINTECH in Nigeria.

The infrastructure needed for FINTECH companies to provide similar services to Nigerians, especially the unbanked, is lacking.

How to Overcome the Challenges Facing Fintech

Fintech companies are prone to cyber fraud and their systems are constantly under attack. This is especially true in Nigeria, as the country is ranked third globally in cybercrime, and this has curtailed the development of fintech in the country.


How to Overcome the Challenges Facing Fintech

Financial crime isn’t just about finance; it is also about knowing your customer, stopping traffic, navigating state and federal laws and keeping up with never-ending sanctions.

Managing risk with confidence is one of the major ways to overcome the challenges facing FINTECH. Harness the power of CLEAR ID Confirm and Clear Risk Inform to get to know your customer. Confidently compare information and understand its origin and why it is important.

Another way is to stay ahead of risk. – Receive key information through alerts and monitoring to keep ahead of potentially implicating risks to your business. Matched scoring and data resolution put forth the most relevant information to give you greater confidence and peace of mind that vital information is not being missed.

Building good infrastructure and provision of FINTECH facilities can upgrade fintech regulation in Nigeria, making it easy for people to access their money, perform transactions, and be assured of the safe-keeping of their assets.

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Kenneth Miracle is a creative Writer who just joined Smarttechvillas. He is a Content writer/Content Creator, and also a proofreader. He is a very skilled writer and can create contents in any kind of Format. He has a blog where he posts some of his contents, and also write on LinkedIn and medium which has been so cool. He has written many books which are yet to be published. You can reach him through his email: [email protected]

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