Fintech and its huge impact in a developing society

The huge benefits of technology in our financial lives cannot be underestimated, as it has brought about numerous life-changing opportunities and development in our society, especially in developing countries like ours. The digitization of our finances has brought more growth in our economy, and day-to-day movements in our financial services. The number of adults coming on board to take charge of their financial lives has greatly increased, also marginalization and inequality keep fading every day, it is no longer considered or a thing for the services of our financial institution to be limited to just the rich and mighty, Fintech has created chains of opportunities for both the poor, middle-class small business owners to have access to financial opportunities.

• Easy access to Loans

Gone are the days when we need to have huge collaterals before applying for a loan, also, the long bank protocol involved discouraged a lot of individuals, even if they had great business ideas but their limitations due to capital and the above-stated reason, often made such business dream die out. but all that is changed now, as technology has made it very easy to access a good amount of loans through mobile banking apps, as long as you maintain a good credit score, you don't need to own a huge property ot , so therefore, that great business idea gets implemented.

• Business transactions made easy

Just at the tips of our fingers, huge business deals and transactions are actualized, there is no more need to carry huge amounts of money every time, you can send and receive money instantly, with minimal cost of the transaction depending on your financial plan. Also, the cost of transporting from one distance to another is reduced alongside the stress, life just became easier due to the introduction of financial technology.

• Women on their A game

It is no longer a thing for women to take the back seat while the men run their finances, the revolution of financial technology has given a high percentage of women the boldness to come forward and handle their finances themselves and so far, they are doing great for themselves, even more than their male counterparts sometimes. We have seen a lot of women enter the business world and create wonders turning their small businesses into great empires.

• Improvements in rural environment

The rural environment is not left behind in this improvement as everyone is carried along, they also take advantage of the revolution of financial technology, using these financial applications doesn't require having a degree or any high standard education, as these applications were built in a simplified way for easy understanding by everyone.

• Grooming the young generation financially

it is easier for children of this generation to understand the concept of money than the previous generation and financial technology has also played a huge role, as this younger generations are more acquainted to their devices than the older generation.

With all these benefits of Fintech there also involved, which is mostly the compromising of personal details and information, also government policies not being regularized well enough to keep off some fraudulent entities posing as online financial service providers.