Transforming year for Nigeria’s fintech industry
March 10, 2020926 views0 comments
- following the example of record-breaking decisions of the Canadian government
Nigeria has a long way to go through to implementing the latest financial technologies. The main problems in the country still have the same route – half of the country is not connected with the world wide web. Financial technologies are important when the internet is
accessible and secure for Nigeria citizens. The Nigerian government is helping local start-up companies to introduce new technologies that can help them replace paper money. The country government has a plan to follow the footsteps of Canada in terms of fintech and Artificial Intelligence.
2019 proved to be an immensely productive year for Canadian artificial intelligence (AI) and fintech, with record-breaking numbers and disruption happening in the respective spaces.
With rapid growth overcoming the global digital economy, Canada sees new appreciation for AI and fintech, as the latter experienced a doubling in investors, especially near the end of 2019.
AI investment reached a new high as funding increased to an almost 50 percent rate amounting to over $650 million. This growth delivered an unprecedented record of 57 deals during the second half of 2019 alone.
In the same way, the fintech industry also saw considerable growth in terms of deals and funding last year, with a total amount of $776 million raised. This rise shows more than a hundred percent increase in deal count within the sector as it totaled to 59.
AI and Fintech industries reached new milestones in a short period. Success happened due to the testing period. First financial technologies were tested on digital platforms including iGaming websites. iGaming industry was one of the first that installed different fintech option into the websites. In just one year period, many casinos online for real money have accepted Bitcoin, Ripple, PayPal, and other cryptocurrencies. Implementing different digital currencies has increased the number of gamers and it has resulted in more revenue. Over the years, Canadian casinos get more revenue and contribute billions of CAD into the economy. Testing fintech options in the iGaming industry were the best decision as iGaming industry lovers react to innovations properly. Results of online casinos and gambling platforms have shown that fintech options would be big in the near future. That’s why Canada’s government decided to invest more in different start-ups working on fintech and AI technologies.
2019 was a record-breaking period for Canada’s Fintech Industry
The numbers presented with regards to deal count and funding broke records, showing the current state of Canada’s digital ecosystem.
A market map created by CB Insights illustrated the state of Canada’s fintech sector as of October 2019. Featuring more than 80 noteworthy fintech companies, it shows just how robust and active Canada’s fintech sector is.
The Canadian companies included in the map were those that had a minimum of $1 million US in equity funding. Viewing the map alone shows just how promising and viable Canada fintech is for the year 2020.
Top 2020 Predictions for Fintech
The fintech industry is bound to deliver more radical changes as the year 2020 progresses. As the market welcomes more technological improvements in the delivery of financial services, more disruption must be expected not just in Canada but in the global fintech scene as well.
The world is looking at the rise of blockchain and digital-only banking, payment innovations, as well as AI solutions for banking. With these advancements comes the promise of newer and stricter regulations in the industry.
We are also bound to see more competitors turning into collaborators. This change is now happening in Canada’s fintech market, as more and more traditional banking institutions are partnering with fintech startup companies in the hopes of delivering digital innovations faster to the market.
Privacy a Main Concern as the AI Industry Rises
As the AI industry becomes more relevant and in-demand to the digital world, industry players must be prepared to overcome challenges, especially in terms of privacy.
This issue, due to the booming digital economy, is a growing concern and cause for debate in AI markets all over the world. In the United States, a majority of internet users have expressed worries about the security of their data and privacy. What more in Canada, where the AI industry is currently on the rise?
The more technology becomes integrated into everyday life, so will the need for solutions that would protect the sensitive data and personal information of market consumers. And with Canada’s recent implementation of its digital charter, Canadians may stay confident due to the safeguards and measures put in place to ensure that they are being protected even in the digital world