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How Fintechs Are Disrupting the Nigerian Banking Industry



The Nigerian financial sector has significantly grown in leaps and bounds; thanks largely to technology. Currently, the services of banks have been automated. Customers are no longer required to visit their brick and mortar branches to perform any transaction.

With their smartphones, they can process local and international transactions. These are exciting times for the Nigerian banking sector as the long hours spent at the bank has been greatly reduced.

It has even gotten more interesting since the entry of fintechs (financial technology) into the banking game in Nigeria.

As a result of technology, fintech platforms such as Jumia Pay and others are disrupting the way banking business is done, that it now seems like the banks are playing catch-up.

Fintech, according to Investopedia “is used to describe new technologies that seek to improve and automate the delivery and use of financial services. At its core, fintech is utilized to help companies, business owners and consumers better manage their financial operations, processes and lives by utilising specialised software and algorithms that are used on computers and, increasingly, smartphones.”

Although Nigerian banks are exploring and exploiting fintechs to improve their services, they are not taking advantage of it as quickly as the private firms whose services are entirely online.

Key Services Offered by Fintechs

The edge that fintechs like Jumia Pay and others have over the banks are in the services they both offer. Many Nigerians and businesses are trooping to fintechs because of the flexibility of their services. This does not necessarily mean that they have abandoned the banks.

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There are some key services that make fintechs stand out or unique. They include (1) eCommerce payment: online retailers can now seamlessly pay for their orders, thanks to the payment gateway service offered by fintechs. To make payment easy for its millions of customers, Jumia, Nigeria’s no 1 shopping destination launched Jumia Pay. This has enabled every Jumia customer to pay for transactions across the Jumia ecosystem (flight, hotels, food, production services among others.

It is secure, flexible and offers seamless checkout experience. And you will even get 5% off for using Jumia Pay. (2) Loans: When it comes to loans, the fintechs are far ahead of banks. Without a collateral, you can apply for a loan and receive it within 24 and 48 hours. They also have a flexible payment plan. As an entrepreneur, you may need a loan to shore up your business, you can apply for Jumia loan and you can go and sleep because the repayment plan is the best in the Nigerian fintech world. (3.) They also provide mobile money transfer and Unstructured Supplementary Service Data Services.

Collaboration or Competition?

The no love lost relationship between Fintechs and Banks can seemingly be compared with that of traditional media and internet (social media).

Many of the traditional media in Nigeria have evolved and now have an online version of their publication as well as social media accounts. This has ensured that they remain relevant and they are not entirely overshadowed by the online news media.

In fact, some of them have moved their entire publication online. And it is working for them. Hence, they do not see social media or the internet has a competition. Rather, they see it as a tool to enhance their services.

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This is exactly what banks need to do. There is no competition between fintechs and banks. Fintechs are only utilising the tech machinery available to them faster than the banks. There is nothing wrong with a bank owning payment gateway as long as they get CBN’s approval.

Even though they are already collaborating, it needs to be taken a notch higher. For example, the fintechs still need banks to keep all payments made using the payment gateway and of course banks will charge interest for keeping the money. Therefore, it is better for them to collaborate rather than compete.

Collaboration is also important in fighting the challenges facing the banking industry. The foremost challenge among others is fraud. The CBN recently reported that there were 20,768 reported cases of fraud and forgery (attempted and successful), valued at N19.77bn in the review period, compared with 16,762 cases, involving N5.52bn and $ 0.12m in the corresponding period of 2017. It is not gainsaying that fintechs are disrupting the Nigerian banking industry. Regardless they need to work together and collaborate to take the industry to the next level.


Huawei Y5 Lite 5.45-Inch HD+ (1GB, 16GB ROM) Android 8.1 Oreo Go, 8MP + 5MP Dual SIM 4G Smartphone – Black (+ Free Key Ring)



Huawei Y5 Lite 5.45-Inch HD+ (1GB, 16GB ROM) Android 8.1 Oreo Go, 8MP + 5MP Dual SIM 4G Smartphone – Black (+ Free Key Ring)

The Huawei Y5 Lite is smart, durable and available at a price that’s more than pocket-friendly. Featuring a 5.45-inch HD+ display that’s perfect for reading ebooks, watching videos and viewing media. The Y5 Lite smartphone also boasts a fast charging 3,020mAh battery that’s long-lasting and will carry you through a full day’s operation. The combination of a quad-core processor and Android 8.1 Oreo Go operating system, and a 1GB RAM makes multitasking on this Huawei device sweet. Buy the Huawei Y5 Lite online from Jumia at the best price in Nigeria and enjoy secure and convenient online shopping and nationwide delivery.

Huawei Y5 Lite cheapest android smartphone in nigeria
5.5 inch android smartphone best price

big battery android smartphoneSPECIFICATIONS-DISPLAY

  • Screen Size: 5.45 inches
  • Screen Colour: 16.7 million colours, colour saturation rate (NTSC): 70% (typical value)
  • Screen Type: TFT LCD (IPS)
  • Resolution: HD+ 1440 x 720 pixels
  • Screen Pixel Density: 295 PPI


  • MediaTek MT6739
  • Quad-core


  • Android 8.1.0 (Android Oreo Go Edition)


  • 1 GB RAM + 16 GB ROM
  • Storage Card Type: microSD card
  • External Memory Support: 256 GB (non-standard configuration)

*Due to limitations in CPU processing power, memory used by the operating system and pre-installed applications, the actual space available to users may be less than the stated memory capacity. Actual memory space may change due to application updates, user operations, and other related factors.

NETWORK–Single SIM Card 1 GB + 16 GB

  • 4G LTE FDD: B1 / B3 / B5 / B7 / B8 / B20
  • 4G LTE TDD: B40
  • 3G WCDMA: B1 / B5 / B8
  • 2G GSM: B2 / B3 / B5 / B8

Note: Functions available on the live network depend on the carrier network.

Dual SIM Card 1 GB + 16 GB

Primary SIM card:

  • 4G LTE FDD: B1 / B3 / B5 / B7 / B8 / B20
  • 4G LTE TDD: B40
  • 3G WCDMA: B1 / B5 / B8
  • 2G GSM: B2 / B3 / B5 / B8
  • Secondary SIM card (voice services only, no data service):
  • 3G WCDMA: B1 / B5 / B8
  • 2G GSM: B2 / B3 / B5 / B8

Note:Either card slot can be set to accommodate the primary or secondary SIM card.

Functions available on the live network depend on the carrier network.


  • Memory: 1GB RAM + 16GB ROM
  • Battery: 3,020mAh
  • Network: 4G LTE
  • Dual SIM
  • Display: 5.45-Inch HD+
  • Camera: 8MP Rear + 5MP Front
  • Operating System: Android 8.1 Oreo Go
  • CPU: Quad Core MediaTek


Screen Size
ROM (internal storage)–16
OPERATING SYSTEM–Operating System Android
WARRANTY–Product warranty1 Year
SKU–SKU (simple)



  • 802.11b/g/n
  • Bluetooth: BT 4.2, BLE
  • USB / Charging Port: micro USB, USB 2.0


  • Accelerometer Sensor
  • Ambient Light Sensor
  • Proximity Sensor


Rear Camera:Single-lens camera:

  • 8 MP, f/2.0 aperture, supports autofocus (phase focus)

Front Camera: Single-lens camera:

  • 5 MP, f/2.2 aperture, supports fixed focal length

Flash: Front Selfie Toning flash/Rear single-tone LED flash

AUDIO *.mp3, *.mid, *.amr, *.awb, *.3gp, *.mp4, *.m4a, *.aac, *.wav, *.ogg, *.flac, *.mkv

VIDEO *.3gp, *.mp4, *.webm, *.mkv


  • 3020 mAh (typical value)
  • 5 V / 1 A charger

*Typical value. Actual capacity may vary slightly.

This capacity is the nominal battery capacity. The actual battery capacity for each individual phone may be slightly above or below the nominal battery capacity.

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Gadgets and Reviews

EA Sports FIFA 18 – PS4 + PS4 Dual Shock Wireless Controller Pad




The EA Sports FIFA 18 – PS4 + PS4 Dual Shock Wireless Controller Pad is Powered by Frostbite, EA SPORTS FIFA 18 blurs the line between the virtual and real worlds, bringing to life the players, teams, and atmospheres of The World’s Game. Move with Real Player Motion Technology to unlock Dramatic Moments in the world’s most Immersive Atmospheres. And go on a global journey with a star-studded cast of characters in The Journey: Hunter Returns. In FIFA Ultimate Team, FUT ICONS, featuring Ronaldo Nazário and other football legends, are coming to FIFA 18.

New Player Positioning: With more freedom in motion, your teammates examine the pitch and react accordingly; darting forward in coordinated runs, or moving into space to provide consistent attacking support. New player positioning gives you a well-balanced and spread pitch with more opportunities in time and space to read the play.• Team Styles: A deep set of authentic playing styles attributed to several teams put the most-recognized tactics on the pitch in FIFA 18 – now in AI you will immediately recognize the tiki-taka of some of Europe’s best clubs or the high-pressing style of teams in the Premier League. Feel a change in defensive and attacking approaches every time you choose a new club or opponent.

Dynamic Quick Substitutes: All-new context based substitution prompts allow players to easily make changes without pausing the match. Whether it’s a missed chance, or necessary response to conceding a goal, you can instantly decide if a change is needed without visiting the menu.

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  • More Than a Game- The Biggest Step in Gameplay in Franchise History
  • The World’s best game plus the Latest PS4 Controller
  • The Difference Is Clear: Grey Buttons, Extra Light Bar On The Touch Pad.
  • Real Player Motion Technology: An all New Animation system that unlocks the next level of responsiveness and Player Personality.
  • More responsive and fluid gameplay with the controller
  • Dramatic Moments- Score incredible goals in FIFA 18 as new movement and finishing animations unlock more fluid stricking and heading of the ball
  • Powered by Frostbite, FIFA 18 blurs the line between the virtual and real worlds, bringing to life the heroes, teams, and atmospheres of the world’s Game
  • Immersive Atmosphere: Authentic Sun positions, cinematic atmosphere grading, signature pitch-side features, on Pitch Debris
  • Rating: Everyone
  • Category: Sports & Gaming
  • A Star Studded Cast
  • Impactful Decision
  • Local multiplayer
  • New Playable Characters
Product Line..DayoIT
Weight (kg)..0.7

FIFA 18  players wants to enjoy a new location in Brazil and the United States. The 3rd League which is the third tier of the Bundesliga, Iceland’s national football team and the Turkish Super League wants to be featured in  FIFA 18 .

FIFA 18  has many new features such as:

  • More responsive and fluid gameplay
  • Better Personalized Player Experience: Allows us to use Ronaldo’s signature sprint move.
  • A better dribbling experience
  • Provides a more responsive gameplay

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Gadgets and Reviews

Windows 10 Mobile is Now Dead and Officially Buried



Windows 10 Mobile is Now Dead and Officially Buried.Windows 10 Mobile is dead and Microsoft has officially given up on it. So if you’re holding on for dear life to a Microsoft Windows 10 Mobile phone, you have less than a year to upgrade to something else.

Microsoft recently published a support page detailing Windows 10 Mobile’s upcoming End of Support.

windows 10 mobile

The company said that all Windows 10 Mobile users are no longer eligible to receive updates, including security updates, from December 10, 2019. Devices that are running Windows 10 Mobile version 1703 will no longer receive support even earlier — on June 11th, 2019.

After your device reaches end of support, some of the features will slowly stop working and Microsoft won’t do anything about it. That includes automatic or manual device backups, which will end on March 10, 2020.

While Microsoft admitted defeat long ago when it stopped making and selling Windows mobile devices, this FAQ is a new nail in the coffin for the mobile operating system.

The way out of all this? Switch to Android and iOS, says Microsoft.

“Microsoft’s mission statement to empower every person and every organization on the planet to achieve more, compels us to support our Mobile apps on those platforms and devices,” the company said, recommending users to move to an Android or iOS device.

Are you still using Windows 10 Mobile Phone?

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