The role of fin-tech in Nigerian women’s money culture is very significant. It has played a significant role in the development and growth of women’s savings culture in Nigeria. The use of fin-tech has helped to improve and promote women’s financial well-being regarding saving and investment. Fin-technology has helped to encourage the use of digital payments in many areas like education, health care, entertainment, and other services.
In the last few years, we have seen a rise in the number of women-led businesses in Nigeria. As more and more women become successful entrepreneurs, they are eager to invest their money wisely. However, this can be quite challenging for some women who do not have access to financial services or products.
What is Fin-Tech?
Fin-tech stands for finance technology, which refers to any technology used by financial institutions (banks and other lenders) or consumers (people who need loans).
Fin-tech companies are the ones making apps and websites like Flutterwave, Interswitch, Piggivest, and Paystack among others. They help people manage their finances more easily by doing things like: tracking spending habits across multiple accounts; making payments on time; finding free checking accounts; saving money automatically through direct deposit into savings accounts; getting student loan refinancing at lower rates; and more!
Fin-tech also includes things like online banking services and mobile banking apps that make managing your finances easier than ever before—and they’re available wherever you are.
How does fin-tech help Nigerian women save?
For starters, it allows them to better track their spending habits and set goals for themselves; it also helps them find new ways to make extra cash by using their smartphones as small businesses or selling items online.
01. Financial services anytime, anywhere.
The internet has changed everything for these women. They can now go online and open a bank account from their homes or offices without having to leave their places of employment or even their villages. This means that they can save money whenever they want, even if it’s late at night or early in the morning when banks aren’t open yet.
02. Automated saving
Saving apps like Piggyvest allow users to create their savings account by linking it with an existing bank account or mobile money wallet. Users can set up automatic transfers between their accounts so they don’t need to think about making deposits every month, the app does it automatically. Some apps even send reminders when it’s time to make another deposit into the savings account.
03. More female entrepreneurs
In fact, fin-tech companies have made such an impact on Nigerian women’s saving culture that they’ve inspired a whole new generation of innovators: female fintech entrepreneurs who are building their businesses around helping women become more financially literate and independent.
One example of how fin-tech has helped women in Nigeria is through microloans. These are small loans given out by banks or other institutions. They are intended for people who do not have enough money saved up to get started with their business ideas and projects, but they do not want anything large enough that would require collateral or credit checks either. Microloans are also given out more easily than traditional loans because they do not require collateral or credit checks like traditional loans do. This makes them great for people who may not be able to get approved for traditional loans due to their lack of credit history or poor credit scores due to previous issues like bankruptcy filings or collections accounts being reported on their credit reports.
05. Increased transparency
Customers can check their balance at any time and get notifications when something happens with their account (such as if they’ve received a payment). This gives customers greater control over their finances and helps them avoid overdraft fees or other problems because they know exactly where things stand at all times.
Women still care about their money; therefore, fin-tech startups can leverage this fact to drive them to save more. With the right features and incentives, women will no longer hesitate to do their savings on their mobile phones or computers.
Yours in Financial independence, Temitope.
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