Why businesses are turning to Fintechs Over Banks: Insights from Moniepoint’s informal economy report
Moniepoint’s Informal Economy Report reveals key trends about why Nigerian businesses would rather saving on digital platform/fintech than banks.
Why businesses are turning to Fintechs Over Banks: Insights from Moniepoint’s informal economy report
Moniepoint, a leading fintech giant known for operating one of Nigeria's largest agent networks , has unveiled its inaugural informal economy report. This comprehensive report provides valuable insights into the financial habits and digital payment trends within Nigeria's informal economy. By analyzing data from over 2 million Nigerian businesses that registered on its platform between 2019 and 2024, Moniepoint offers a unique perspective on the evolving financial landscape. One of the standout findings is the growing preference among businesses for saving with fintech platforms over traditional banks. This shift highlights the trust and convenience that fintech solutions offer to small and medium-sized enterprises (SMEs) operating in the informal sector. The report's detailed examination of digital payment trends further underscores the increasing adoption of fintech services, reflecting a broader movement towards more efficient and accessible financial solutions. Moniepoint …
With five years experience in Media, Temmy Samuel's become a modern journalist, delivering impressive reporting about tech, finance, business and science around the world. More About Temmy
