Financial Technology

Last updated on
February 17, 2022

Financial technology is the combination of finance and technology deployed to enhance business operations, automate financial processes and thus deliver financial services to a market. In essence, financial technology is when technology is integrated with financial services to improve service delivery to customers.

Financial technology is deployed in diverse forms of businesses that are not limited to mobile payments, insurance, lending, savings, crowdfunding, payments infrastructure, cryptocurrencies, and investments. The deployment of big data and data analytics, artificial intelligence and machine learning, blockchain as with robotic process automation are some of the technological tools that enhance financial business processes to deliver top-level services to customers.

Nigerian Context

Between 2014 and 2019, the Nigerian Financial Technology scene raised more than $600 million in funding, attracting 25% of the $491.6 million raised by African tech startups in 2019 alone. According to data collated by [Techpoint Africa]( to data gathered by,share of funding across sectors.), Nigerian financial technology startups raised close to $800 million in 2021.

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