How embedded finance is driving financial inclusion — Business — The Guardian Nigeria News – Nigeria and World News

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Adaobi (not real name too) moved to Lagos, Nigeria’s commercial capital in 2018 from Enugu hoping to secure a high paying job in 2018, but when none was forth-coming, she decided to embark on the entrepreneurship journey. To realise this, she approached her bank for a business loan.

After weeks of filling all sorts of forms, Adaobi was eventually notified that her loan request had been declined.
“I filled many forms, went to the bank a couple with the hope that they will give me the loan since it was N250,000 to start my business. But I was disappointed when I was turned down,” Adaobi said.

Her experience is one tale out of the many about the different hurdles Nigerians face when trying to access financial services.

But the advent of financial technology is changing all of that as many non-bank businesses are springing up and offering financial services such as; quick loans, bank accounts, savings and investment wallets, payments and lending to a tech savvy audience (banked…



Source: Guardian Newspaper