Role of Fintech in the Post-COVID World By Ibrahim Maroof Adeniyi

Role of Fintech in the Post-COVID World By Ibrahim Maroof Adeniyi

Being a Lecture Presented at the 8th edition of Corporate Bankers’ Club of the Department of Banking and Finance, Kwara State Polytechnic Ilorin on 18th Day of December, 2020.



The Rector;

The Directorate of the Students Affairs;

The Head, Department of Banking and Finance;

The Lecturers Here Present;

The State Chairman “CIBN” Kwara State;

All invited Guest and Co-Speaker(s);

The president of corporate Bankers’ Club and President of National Association of Banking and Finance Students;


Ladies and Gentlemen.

It is my pleasure to stand before you this morning as a guest speaker at today’s edition of Corporate Bankers’ Club of Department of Banking and Fiancé, Kwara state Polytechnic, Ilorin in affiliation with Chattered Institute of Bankers of Nigeria.

The crux of today speech will be on the role of FinTech in the post-COVID-19 word which I hope this piece of paper would go along way helping our students expand their mental horizon in the field of their noble profession “Banking and Finance”

First and foremost, the global pandemic diseases came as a huge shock to the world in an unprepared manner. For the first time in a while, the whole world is held ransom to the global pandemic which broke in the city of Wuhan December, 2019. It is almost a year now since the emergence of the Nobel virus yet there is no tangible end to this pandemic. During the lock down period, the question that used to come to mind was “How could the world have sustained if there were no Financial Technology?

That’s it! I know this particular question would have come to our minds during the lockdown period and beyond. The reason why I am so pertaining to this topic and think it is a vital area the government, the world financial institutions and our teeming youth should make as an hub in this modern day computer world.


What is Fintech?


Financial technology commonly abbreviated FinTech is a form of technology hub and innovation that aimed at competing with traditional financial methods in the delivery of financial services (Van Loo, 2018; Schüffel, 2016). It is an emerging industry that uses technology to improve activities in finance Sanicola (2017). The use of our smartphones for mobile banking, investing, borrowing services, and cryptocurrency are examples of technologies aiming to make financial services more accessible to the general public.


FinTech in the post-COVID-19 world


The growth of the global FinTech market has been significant. According to the Business Research Group, the market was valued at about $127.66bn in 2018 and expected to reach $309.98bn at an annual growth rate of 24.8 percent through 2022. Of course, the COVID-19 pandemic has caused significant disruption and cast doubt on many predictions and projections.

However, as it stands, Value of online transactions in Nigeria hits $116 billion in Q3 2020. After a massive drop during the COVID-19-induced lockdown, the volume and value of online transactions in Nigeria hit new heights in Q3 2020, pointing to improved economic activities following the relaxation of the lockdown. And this cut across all NIBSS Instant Payments (NIP) channels like point of sale (POS), USSD, Internet banking, mobile apps, etc.

According to data from the Nigeria Inter-Bank Settlement System (NIBSS), online transactions hit 569 million by the end of Q3 2020, up 41% from 403 million in Q2 2020.

The value of these transactions increased by 50% from 29.6 trillion ($77 billion) to ₦44.3 trillion ($116 billion).

Compared to Q3 2019, the country’s NIP transaction numbers seem quite impressive. In Q3 2019, 299 million online real-time transactions were recorded, but the numbers for the same quarter in 2020 (569 million) show a 90% increase in transaction volume in just one year.

The value of these transactions (₦44.3 trillion or $116 billion) also went up 70% from ₦26.18 trillion ($68.3 billion).


Resilience, Opportunity and Innovation

COVID-19 has forced us all to become more reliant on the internet than ever before. Through periods of lockdown, and while social distancing is advised, online infrastructure has become the core hub for communication, commerce, working and learning.

Also, most FinTechs have demonstrated resilience and an ability to handle financial difficulties, giving them hope of surviving the crisis intact. Their high level of equity finance, coupled with agile operations and a willingness to embrace remote working, has enabled FinTechs to withstand the disruption. They have also taken steps to reduce their risk exposure and cut costs, including workforce reduction. Some of the opportunities include:

Digital finance

As the global economy recovers from COVID-19, one particular area of focus for FinTech is financial inclusion. According to the World Bank, there are currently around 1.7 billion unbanked individuals worldwide, and FinTechs will be central to efforts to integrate these people into the global banking system.

Doing so will help to mitigate the economic and social impact of the pandemic. According to Deloitte, FinTechs, in strategic partnerships with financial institutions, retailers and government sectors across jurisdictions, can help democratise financial services by providing basic financial services in a fair and transparent way to economically vulnerable populations.


The shockwave caused by the COVID-19 crisis can already be felt. Individual industries and sectors have been hit in unique ways, with lasting consequences set to transform trade and commerce. The economic impact will be profound.

Business leaders are being challenged like never before. In their struggle to survive, many will fail. Those who hope to emerge on the other side of the pandemic will need to make the right decisions, based on reliable information and insightful advice. Throughout this crisis and in its aftermath, knowledge will be invaluable, underpinning successful strategy and execution.


Life after Covid-19. Fintech

The global COVID-19 outbreak is having a serious impact on the corporate world by driving down demand and disrupting supply chains. Some sectors, such as tourism, aviation and retail, are seeing harsh profit warnings as analysts forecast a sharp decline in earnings over the next two quarters. The airline industry, one of those worst hit, could alone suffer a loss of $250 billion as a result of the outbreak, according to the International Air Transport Association.

Nevertheless, some sectors seem to be inherently well positioned to buck this trend. In particular, the financial technologies industry – Fintech – not only appears to be resilient to the risks of the pandemic but is widely expected to emerge stronger as people turn to digital-only services.

Finance apps have seen downloads shoot up since the start of coronavirus lockdowns. According to data from financial advisory firm deVere, Fintech apps saw a 72% spike in usage in the final week of March. and average weekly app downloads for finance apps increased 20% between the fourth quarter of 2019 and the end of the first quarter of 2020.

Additionally, traditional money largely requires the use of intermediaries such as banks to transmit payments, thus preventing the ‘unbanked’ from accessing financial services or, during times of economic crises, financial aid. Financial technologies such as crypto-assets and digital ledger technologies provide people with alternative ways of making transactions that are faster and cheaper than traditional money and, in some cases, more inclusive.


In this regard, it is expected that as a student of banking and finance and a potential financial analyst, we embrace the opportunity of this ever growing technology hub “FinTech” instead of waiting for the white colar job that is not even available. I want to end this speech by the popular proverbs which says “education is not the means itself but a means to the means”

Thank you for listening.


Long live Corporate Bankers Club!

Long Live department of Banking and Finance!!

Long live the Kwara State Polytechnic!!!

Long live the Kwara State!!!!

Long live Federal republic of Nigeria!!!!




Schüffel, Patrick (2016). Taming the Beast: A Scientific Definition of Fintech. Journal of Innovation Management. pp. 32–54.

Sanicola, Lenny (February 13, 2017). “What is FinTech?”. Huffington Post. Retrieved August 20, 2017

Van Loo, Rory (February 1, 2018). “Making Innovation More Competitive: The Case of Fintech”. UCLA Law Review. 65 (1): 232. 8O4o_IU

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