Big banks in Nigeria are getting really involved in the financial technology (fintech) world. They want to compete with companies like OPay, Flutterwave, and PalmPay. These banks are making strategic moves to provide financial services using technology.
A while ago, people thought that fintech companies would take over and defeat the big banks. But now, the big banks are fighting back and investing in fintech too.
These important banks in Nigeria are putting a lot of money into fintech businesses. This is making it harder for existing fintech companies to do well.
Some of the big banks, like Stanbic IBTC, Wema Bank, and GTBank, are making their own fintech platforms to make payments and other financial services easier. They are trying to catch up with companies like OPay.
The big banks are becoming more successful in the fintech world. For example, GTBank’s fintech company called Squad is doing really well. It made a lot of money in just its first month.
Other banks like Wema Bank are also doing great with their fintech services. They are getting more and more customers on board.
The reason these banks are succeeding is because they are focusing on banking for regular people. This means they are making it easier for everyday people to use their financial services.
Even though these banks might not be as fast as some of the popular fintech companies, they are still competing and doing well.
The whole fintech world in Nigeria is getting crowded. There are many big banks and new companies all trying to do better than each other.
One of the big banks, Stanbic IBTC, even changed the name of its fintech part to ZEST Payments Limited. It wants to compete with other fintech companies like OPay, Kuda, and Moniepoint for customers.