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How Fintech Helps Reduce the Impact of COVID-19

The founder and president of Fintech Nigeria Dr Segun Aina, says the covid-19 pandemic has stressed the importance of financial technology in Nigeria and around the world. He told Arise

The founder and president of Fintech Nigeria Dr Segun Aina, says the covid-19 pandemic has stressed the importance of financial technology in Nigeria and around the world.

He told Arise News that “If covid-19 had broken out about twenty or thirty years ago it would have caused a lot of chaos not only in Nigeria but across the world because there were no smartphones and internet connectivity at that time.

Dr Aina said countries and firms that were digitally ready have been able to use technology to reduce the negative impact of covid-19 on their economy.

He claims that since access to broadband internet usage grew to about 149 million in Nigeria, it has enabled banks to adopt internet banking, and ensured that financial transactions did not stop when the economy was shutdown.

A digitalised economy has reduced the cost of governance, and corruption in the country. According to Aina the treasury single account has saved Nigeria billions of Naira, and the Nigeria Financial Intelligence Unit (NFIU), working closely with Fintech companies, has been able to the trace flow of funds and discourage money laundering.

He concluded by saying Fintech Nigeria is working with regulators (Central Bank of Nigeria, Securities and Exchange Commission, NAICOM ) to ensure it promotes and advanced innovation in Fintech companies.

Lillian Jijingi

ON NOW