To put in the simplest of terms, FinTech (Financial Technology) is the generic term used to describe the technology (internet, mobile devices, software app, cloud services and many more) that are used in delivering financial services that were exclusive to traditional financial institutions.

While FinTech firms have been in operation before 2007, we didn’t see widespread adoption until the CBN launched its Payment Service Vision (PSV) in that same year. Before this year, financial transactions (payments, settlement of debt, fundraising and other financial activities) in the were largely executed with physical cash.

FinTech

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