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Banking in Nigeria: 5 Innovations Redefining the Finance

Written by Taiwo Temitope-Adesope | Dec 19, 2023 8:51:28 AM

Banking in Nigeria is undergoing a thrilling transformation, embracing cutting-edge technologies and forging novel solutions to empower customers. It's all about making your financial journey smoother, safer, and more enjoyable than ever before. Let's zoom in on five exciting examples!

1.UBA's Leo: Your AI Banking Companion

Say goodbye to long waits and impersonal menus. Meet UBA's "Leo," your 24/7 AI concierge, available through Facebook Messenger, WhatsApp, and the UBA app. Whether checking your balance or paying bills, Leo simplifies tasks. Beyond the basics, Leo provides personalized financial advice, market updates, and entertainment news. This makes managing your money both efficient and enjoyable.

Benefit: Leo streamlines transactions, offers financial guidance, and injects a touch of fun into banking.

2. Sterling Bank's TradeFi: Streamlining Blockchain Trade

Bid farewell to mountains of paperwork and delays in international trade. Sterling Bank's "TradeFi" is a blockchain-powered platform connecting exporters, importers, banks, and regulators securely. Automating complex processes, TradeFi verifies documents, facilitates payments, and ensures compliance, slashing costs, minimizing risks, and accelerating global trade for businesses.

Benefit: TradeFi simplifies trade finance, reduces costs and risks, and accelerates transactions for businesses.

3.Zenith Bank's Scan to Pay: Fingerprint Security

Leave your cards at home with Zenith Bank's "Scan to Pay." Simply scan your fingerprint at Point-of-Sale terminals for secure and convenient cashless transactions. This innovative technology enhances security, eliminates skimming or lost card concerns, and provides a faster, more hygienic payment experience for businesses.

Benefit: Scan To Pay offers enhanced security, increased convenience, and a more hygienic payment experience.

4.GTBank's 737: Mobile Banking for All

Not everyone has smartphones or fancy apps. GTBank's "737" democratizes mobile banking through a simple USSD code (*737#). With even a basic phone, users can transfer money, purchase airtime, pay bills, check balances, and withdraw cash from ATMs without a card. This powerful tool brings financial inclusion to all, regardless of phone model or tech savvy.

Benefit: 737 promotes financial inclusion, enabling basic banking services with any phone.

5.Providus Bank's AmphiCard: Dual-Purpose Business Success

Addressing SME challenges, Providus Bank introduces the game changing "AmphiCard." This versatile tool functions as both a payment and collection card, eliminating the need for separate POS machines. AmphiCard simplifies cash flow management, reduces expenses tied to multiple systems, and empowers SMEs to focus on growth, fostering financial flexibility and success.

Benefit: AmphiCard streamlines business transactions, reduces expenses, and empowers SMEs to focus on growth.

Ready to embrace these innovations in the banking in Nigeria, nairaCompare is your guide! Our platform empowers you to compare products from all these providers, helping you find the perfect banking solution for your needs. Visit nairaCompare Now!

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