What You Need to Know About NFWs Focus on Innovation

Nigeria Fintech Week (NFW) has now been listed among the best Fintech Week that takes place in Africa today mainly because it unveils new inventions that define Fintech. With the seventh edition of NFW looming closer fintech aficionados, budding and emerging fintech firms and market leaders are expecting to see this year’s defining moments on the platform. One of the biggest strengths that NFW continues to convey to its audience is the role of fintech in addressing current financial issues such as the use of blockchain, artificial intelligence, digital banking mobile payments among others. But what should we look forward to if will occur this year? Without further ado, let’s discuss the five technological advancements you should anticipate at NFW’s seventh instalment.

1. Blockchain for Financial Inclusion

Blockchain technology has been one of the most hyped technologies in fintech circles for several years now but a range of use cases is emerging in Africa. At NFW’s seventh edition, the area of focus will be on the application of blockchain in providing financial services. The level of financial inclusion remains low in Nigeria, which means that many citizens have no access or limited access to traditional financial services; Thus in this context, blockchain technology is a reliable, decentralized system that will enable secure financial operations. It is an annual event that will feature blockchain fintech solutions applied in highlighting the reduction cost of transactions, enabling cross-border checks and improving the credit status of underbanked clients. From remittance platforms with blockchain to decentralized finance tools, users are now ready for real solutions that are revolutionizing the delivery of financial services in Nigeria.

2. Artificial Intelligence (AI) for Enhanced Customer Experience

Fintech companies and their relations with customers are being influenced by artificial intelligence. Things like AI chatbots which have made it easier for customers to get quick responses to their issues to complex algorithms which are used to study the behavior of customers to come up with better financial solutions for them, have all been made possible by the use of AI in the customer experience. The odds are that when visiting NFW, one will come across solutions that were developed with the help of AI and that are designed to facilitate operations, provide better decision-supporting tools, as well as augment the effectiveness of the services delivered to learners. Numerous industries turn to AI to gain predictive insights about fraud, risk, and many other aspects of fintech businesses. What should be expected are some examples of its usage among Nigerian fintech companies and how that helps them to retain a competitive advantage on the tape of the high interest in similar services.

3. Mobile Payment Solutions for a Cashless Economy

Nigeria is certainly on its way to becoming a completely cashless society due to the enhanced use of mobile money. In the seventh edition of NFW, mobile payment solutions will be brought to the fore highlighting fintech startups and companies offering those platforms. QR Pay, mobile wallets, and more – Nigeria’s fintech sector is finding new approaches to making payments easier, safer, and available to all. Search for new mobile payment applications that are easing everything from person-to-person transactions to legal payments. These innovations are expected to help bring about reduced use of cash, increase financial access, and more efficiency in industry in Nigeria.

4. Fintech Solutions for SME Financing

SMEs are the key determinant of Nigeria’s economy, yet, the issue of funding is one of their hurdles. The theme of the NFW next year will be thus: Fintech solutions that are disrupting SME Financing. As online lending spaces suit the needs of SMEs and everything in between, it is clear that fintech companies are developing new methods to extend capital and foster entrepreneurial development. Former innovations that require attention include the integration of AI credit scoring for SME creditworthiness which goes beyond conventional standards of credit scoring and makes it easier for firms to access credit. Also, the company’s like payment processing, accounting, SME business financials, analytics tools and solution provider fintech platforms will be displayed during the event.

5. Regtech Innovations for Compliance and Risk Management

Most of the fintech activities in Nigeria have been rapidly increasing in recent years, and there is a great need for well-developed regulation. The use of regulatory technology (Regtech) is becoming paramount in the fintech industries to address the legal requirements of the host country and reduce risks. New regtech products and services to be showcased at this year’s NFW include solutions that streamline compliance and continuously monitor for regulatory changes, as well as improve risk management. Fintechs are using regtech solutions to demonstrate compliance, minimize fraud and avert costs and staggering penalties. Both for investors and startups, these are prerequisites to address Nigeria’s progressive legislation to foster fintech.

Conclusion

The seventh session of Nigeria Fintech Week promises to be filled with innovations to remain an innovative event as it will impact not only the Nigerian financial sector but also the wider African fintech sector. These areas will be demonstrated at NFW by showcasing how such technology as blockchain in financial inclusion or Artificial Intelligence in customer experience is already transforming the way financial services are being delivered. Mobile payments mean that Nigeria is moving towards a cashless society and new technologies will assist SMEs in the issue of financing. Also, new progressive advancements in regtech are making certain that fintech companies respond to legal changes and remain appropriate.

As the fintech community convenes on topics of the identified trends and information insurance, NFW remains to be the place for thought leadership, synergy and expansion. As the premier platform for fintech companies, startups, and stakeholders, NFW’s seventh edition will provide tools, evidence and opportunities to advance the next phase of fintech growth in Nigeria.

Step into NFW with the expectation to not only listen to the new trends in the Fintech market, you will get to experience some of the changes that are already making a new face of Fintech in Nigeria and across the world. Whether you plan on being the next fintech disruptor or an investor on the search for the next big thing in finance, NFW is a great place to catch up and keep moving forward on the trend.

The use of Fintech in Nigeria is rising at alarming levels, and through such events as the NFW, Fintech is formed. Here are 5 innovations to watch for as you make your preparation to attend the seventh edition these innovations will shape the future of fintech in Nigeria for the next few years.