How recently have you been to a Nigerian bank? What was your experience like?
For most of us, going to a bank is as painful an experience as visiting a government office. Those who can, avoid it at all costs. Instead, they rely on mobile and internet banking services or customer care lines. The only time they end up in branches is when the bank has explicitly required it - to sort out paper-based verification or to pick up a debit card.
Globally, retail banking that requires physical interaction is now being viewed as a problem to be solved.
The shortcomings of the traditional banks in accommodating digital trends in consumer behaviour has created an opportunity for a new generation of companies - largely referred to as fintechs - to operate.
These new companies cost less to build in terms of technology infrastructure, require a smaller headcount to provide their