Nigerian fintech company Fintava is broadening access to financial services in the country through its innovative banking-as-a-service technology, promoting financial inclusion for underserved populations.
According to Fintava in a statement on Thursday, its BaaS model enables non-bank businesses to integrate financial services directly into their products via APIs, allowing them to offer services such as branded credit cards, payment processing, and savings accounts without needing to become banks themselves.
It noted that the expansion is expected to increase financial inclusion in Nigeria, where many individuals and businesses remain underserved by traditional banking institutions.
“This approach not only enhances the customer experience but also opens new revenue streams for businesses.
“Additionally, Fintava’s platform reduces operational costs and regulatory complexities, making it particularly beneficial for startups and SMEs that may lack the resources to establish full-fledged banking operations,” the statement read
Nigeria still has a high rate of financial exclusion. Around 26 per cent of Nigerian adults, or 28.8 million people, remain financially excluded as of 2023, according to an Access to Finance survey conducted by Enhancing Financial Innovation & Access.
The survey noted that Nigeria had made progress in increasing financial inclusion but reaching the Central Bank’s target of 95 per cent long-term inclusion remains a significant challenge, with over a quarter of the adult population still lacking access to formal financial services.
The fintech operator said it was harnessing the BaaS technology to promote financial inclusion in Nigeria, where a significant portion of the population remains unbanked or underbanked.
By enabling non-bank businesses to offer banking services through familiar brands, Fintava aims to bridge the financial inclusion gap.
The company said its user-centric approach had driven its rapid growth and success, with a flexible BaaS platform that empowers businesses to offer personalized banking services.
Launched less than a year ago, the platform has attracted over 6,000 businesses.
The company attributed its rapid growth and success to a user-centric approach focused on understanding and addressing the unique financial needs of Nigerian businesses and consumers.
“Our strategy has enabled us to provide a robust and flexible BaaS platform that empowers businesses to offer personalised banking services, thereby enhancing customer loyalty and driving growth,” Fintava noted.
