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KPMG report says global Fintech will record $45B opportunities by 2020
The global Fintech software and services sector are expected to boom as a USD 45 billion opportunities by 2020, growing at a compounded annual growth rate of 7.1 per cent, KPMG report says. This boom is attributed to innovation and technology, which have brought about revolutionary changes in traditional financial services. According to the report, […]
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The global Fintech software and services sector areexpected to boom as a USD 45 billion opportunities by 2020, growing at acompounded annual growth rate of 7.1 per cent, KPMG report says.
This boom is attributed to innovation and technology,which have brought about revolutionary changes in traditional financialservices.
According to the report, the world has seen more than12,000 start-ups emerge and massive global investments of USD 19 billion in2015 in the Fin-tech space. These innovators are effectively employingtechnology tools to bring in seamless and innovative financial services for thebanked and unbanked population in Nigeria.
Fintech, the report noted, are technology-basedbusinesses that compete against, enable and collaborate with financialinstitutions. Fintech start-up firms are involved in external partnerships withgovernment agencies, financial institutions, universities, industryconsultants, research institutions, technology experts and associations.
They create a highly integrated software ecosystemthat brings with it the expertise, experience, technology and facilities of allthe entities together through these partnerships. The Growth and market successof any Fintech hub originates from an integrated software ecosystem.
The report also highlighted that the Nigerian economy,which is primarily cash driven has been responding well to Fintech opportunities,partly demonstrated by the steeply progressive growth in mobile money operationsfrom an average monthly transaction value of US$5 million in 2011 to US$142.8million in 2016.
KPMG accredits the growth in Nigerian Fintech to asurge in e-commerce, changing consumer behaviour and smartphone penetrationwhich is currently at 23.3M smartphone users, according to Statista.
The report, however, noted that Nigeria’s growth waveis still far behind global counterparts, despite the fact that from paymentsservices to the lending and insurance, Fintech’s are redefining the way businesses,and consumers transact.