New Telegraph

Nigeria listed in $7.4m neobanks project plan

British fintech company, Fintech Farm, has said that Nigeria will be its next stop in its expansion drives to establish neobanks in emerging markets. This came as the company successfully raised a $7.4 million fund to actualise the project. According to the company, Nigeria is the next market on the radar and will be launching in the country in the coming months as part of plans to launch in eight countries over the next two years.

According to Forbes, neobanks, which are sometimes referred to as “challenger banks,” are fintech firms that offer apps, software, and other technologies to streamline mobile and online banking. “These fintechs generally specialize in particular financial products, like checking and savings accounts.

They also tend to be more nimble and transparent than their megabank counterparts, even though many of them partner with such institutions to insure their financial products.” Fintech Farm creates neobanks providing customers with user-friendly mobile apps and credit products for mass audiences and even clients with thin credit histories.

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