The Rising Battle: Fintech vs Traditional Banks in Nigeria

Question 1

Which fintech companies are noted as becoming more ingrained in Nigeria's financial system?

Accepted Answer

FairMoney and OPay

Answer

Kuda and Zenith Bank

Answer

Access Bank and GTBank

Answer

PalmPay and First Bank

Question 2

Why are customer deposits important to fintechs and banks alike?

Accepted Answer

They allow financial institutions to lend more cost-effectively.

Answer

They increase user engagement.

Answer

They help reduce loan interest rates.

Answer

They improve customer service quality.

Question 3

What new strategy are fintechs like Flutterwave and Paystack adopting?

Accepted Answer

Securing microfinance bank licenses

Answer

Expanding to South America

Answer

Investing in cryptocurrencies

Answer

Launching traditional banking branches

Question 4

How does FairMoney demonstrate their growth in customer deposits?

Accepted Answer

By showing that 56% of their loan book is covered by deposits

Answer

By doubling their customer base

Answer

By expanding to new countries

Answer

By partnering with local supermarkets

Question 5

What critical view did traders initially have towards fintechs?

Accepted Answer

They were unreliable for long-term deposits.

Answer

They were too complex to use.

Answer

They couldn't handle receiving payments.

Answer

They charged too high fees.