Top tech trends in Nigeria, e-learning, Fintech, and remote working

Top tech trends in Nigeria (2022), e-learning, Fintech, and remote working. The Fourth Industrial Revolution was supposed to unfold gradually and slowly, yet the pandemic catalyzed it.

Covid-19 pandemic has changed the world & has created a new working standard for many jobs. Businesses that were simply exploring the value of digitalization realized that it would be impossible to move further ignoring the benefits of AI, XR and IoT, among other technologies.

In Nigeria, the biggest growth sector in the last few years has been financial services. In the tech industry, Fintech companies have attracted the highest share of $120.6 million FDI or foreign investments in 2020 in Nigeria’s tech sector.

Building the necessary infrastructure to support a digitized world and stay current in the latest technology will be essential for any business or country to remain competitive in a post-COVID-19 world, as well as take a human-centered and inclusive approach to technology governance.

In this post, we talk about technology trends that can help build a resilient society in Nigeria, as well as considerations about their effects on how we do business.

Below are some of the top and emerging technology trends to watch out for in Nigeria in 2022 and 2023:

Fintech in Nigeria – Financial Technology

Fintech in Nigeria - Financial Technology, fintech tech trend in Nigeria 2021

Fintech is an industry that uses digital technologies to improve the operations & working of the financial industry. Between 2014-2019 alone, Nigeria’s fintech industry has attracted over $600 million from foreign investors. Fintech remains a top tech trend in Nigeria

Most of this investment was to payment gateways, mobile money startups, neo-banks & remittance services. All You Need To Know About FinTech in Nigeria, 2021 updates.

Despite having a large banking sector with $9 billion in value, service delivery still lacks inclusion & reach in rural areas. Covid 19 has created an ecosystem for Fintech to take advantage of the situation by enhancing value chain propositions in savings, loans & investments.

With competent players like Paystack, Paylater (Carbon), Remita, Kuda bank & many, traditional banks like GTB, Access, Sterling & UBA are focusing on innovating to survive the competition & it is only going to get more competitive.

Fintech companies provide services from payment gateways to personal credit through apps with minimal paperwork. Payment gateways like Flutterwave & PayStack in Nigeria have received millions in fresh funding, the latter also got acquired by global payments company Stripe in 2020 for an estimated $200+ million.

An energetic young populace, expanding smartphone entrance, & an engaged administrative drive to increment monetary consideration & credit join in making the ideal formula for a flourishing fintech sector.

Cloud services will continue to dominate

Cloud services have become the prerequisite of any IT development, and all the skepticism toward the cloud has disappeared. Flexibility and scalability are the two most obvious reasons for the popularity of cloud services.

Small businesses, as well as enterprises, realized that betting on the cloud is also incredibly cost-effective compared to any on-premise approach to data storage. With a dispersed workforce, it is easy to expand the business and adapt it to any infrastructure challenges using the cloud.

Big changes will develop in retail trading and investments

Online trading alludes to trading in the financial markets using a smartphone or internet connected device, covering share trading, mutual funds, IPO’s, portfolio management, commodities, forex etc.

2020 made buying online as natural as we could only imagine, but this was just the first step of the whole transformation of retail. Soon retailers will be able to get maximum information about their customers using the Internet of Behaviors technology and computer vision to offer personalized services.

Nigeria was the second biggest market for online trading in Africa in terms of retail trading volume in 2020 after South Africa, and this growth is expected to continue. 

Traditional stores with consultants and cashiers could be totally replaced by a contactless sales mode, and, more than that, manufacturers will be able to get rid of intermediaries — the stores — in the end, by implementing a direct to direct-to-customer (D2C) model. Subscriptions to certain goods will be as habitual as video streaming service subscriptions thanks to the cloud. 

More possibilities for collaboration and communication, as well as the interconnectedness of the devices, are some of the benefits that will carry over into the post-Covid world.

Biggest NSE stockbrokers like Stanbic IBTC Stockbroking have started offering their mobile trading apps that have features like portfolio management, order management on mobile.

Mobile trading apps of OctaFX, Binance, Luno are the top trading apps in the finance category in Android in Nigeria. Most of the popular trading apps on the Google App store in Nigeria are Forex and Crypto trading related.

Cryptocurrencies & blockchain technology in Nigeria

Cryptocurrencies & blockchain technology in Nigeria, Top tech trends in Nigeria 2021

Nigeria is currently setting records in Bitcoin exchanging volume, trading over $566 million in the last five years & 20% growth annually. Covid-19 pandemic reaction had fueled even higher interest in Crypto trading.

In Nigeria, crypto trading is among the top tech trends in Nigeria, it attracted many millennials who are looking to speculate & invest into cryptos like Bitcoin, Ethereum, etc. It is said that the crypto adoption or penetration in Nigeria is among of the highest in the world.

The Nigerian Securities & Exchange Commission has recently announced that it would create a framework, and regulators for cryptocurrency, facilitating a favorable administrative climate for blockchain-based digital assets. Meaning, that cryptocurrencies would be perceived as items & administered by fitting protections law. The SEC would control this new resource class, without hindering innovation. Nigeria’s National Information Technology Development Agency even reported a National Blockchain Adoption Strategy Framework.

Exchanges like Binance and Luno are already mainstream in Nigeria, but we could see even more startups in the crypto & blockchain industry in Nigeria in the coming years.

Work from Home (WFH) Technologies – Remote working in Nigeria

Work from home is setting down deep roots in Nigeria making it among the top tech trends in Nigeria & it is about time that organizations create strategies to utilize this chance.

While WFH can save significant deal costs for companies, it can help employees save money, reduce pollution, reduce commutation, & improve work-life balance. Innovation has just given us the establishment. It depends on us to grow better controls & methodologies to make a maintainable distant work culture.

The major hurdles in implementing WFH strategy is ensuring; communication, productivity, learning & security. Thankfully, there are tools available to overcome this situation.

With the adaptation of technology tracking productivity has improved in the Nigerian workspace. Worldwide Collaboration apparatuses like Slack, Zoom saw an enormous influx in their worldwide client base & income.

Companies in Nigeria could ride this global trend by creating innovative Cloud-based SAAS products for remote working to help global & Nigerian businesses.

e-Learning

The education industry in Nigeria is still in the growing phase. The traditional educational system is plagued with issues like inclusion & high dropout rates. Covid 19 intensified the situation where schools need to be closed to maintain security protocols amidst the pandemic.

E-learning as an aspect of ICT is relatively new in Nigeria’s educational system. It is a departure from the conventional approach in curriculum implementation. The main purpose of e-learning is to transform the old methods and approaches to curriculum implementation and not to silence the curriculum or to extinguish or erase the contents of the curriculum.

Being the most prominent African market for smartphones, many companies are seeing this as an opportunity & have seized this potential for building e-learning platforms.

As students got adopted to remote education via smartphone, Nigeria-based online learning apps like uLesson have started to fuel the e-learning revolution in Nigeria.

Two main factors that could fuel the growth of e-learning in Africa is the young population & how these platforms can reach even the remote villages via the internet.

E-Learning has a lot of potential but it has its challenges like infrastructure, power & internet access. The Nigerian government is stepping up to help fix these problems and provide e-learning solutions to the vulnerable sections of society and enabling the skilling up of the population to meet career opportunities in the digital world. When achieved, it will plug the demand-supply gap in Africa’s digital economy.

With Internet outreach & usage gradually gaining pace in the future even in rural parts of Nigeria, it can create a vast market for e-learning. There will be many primary, secondary & tertiary education and opportunities for working professionals.

Initiatives like DE4A will pave the way for more social organizations to come forward & take up digital initiatives for society’s vulnerable sections. This will help increase the usage of the internet for access to free or cheaper online education.

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