Easy ways to make money from fintechs in Nigeria

Easy ways to make money from fintechs in Nigeria

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Financial technology, popularly known as fintech, is a term that applies to all software or programs that offer financial services to businesses and individuals. Fintech programs use Internet connection to provide these services.

he five most popular types of fintech that could make money for you easily are:

 

  1. Trading and cryptocurrency exchanges
  2. Cross border payment system or payment service providers
  3. Savings and investment companies
  4. Lending companies
  5. Crowdfunding and fund-raising companies

Trading and cryptocurrency exchanges

 

Trading companies and cryptocurrency exchanges offer a platform for buying and trading of stocks, bonds, treasury bills, cryptocurrency and other commodities online. These can be done locally and internationally. They partner with payment service providers for payments and international trade with your local currency. They also allow you to monitor your investments on their platform.

 

Cryptocurrency exchanges like Bundle Africa, which is a social payment platform for cash and cryptocurrency, make it easy for you to make payments with cash as well as cryptocurrencies.

 

Notable things about Bundle are that it is safe, fast, free and available in Nigeria and Ghana, with expansion to other countries in view.

 

Bundle users can make free, quick transfers to their contacts, send and receive cash and crypto free of charge, Save in Busd and, more importantly, earn up to 5.7 per cent returns on savings. There are also options to save in dollars via Bundle Vault, lock Binance to earn even higher returns and withdraw at any time.

Users can buy cryptocurrencies on Bundle [1] [2] [3] [4] through their peer-to-peer partner, Cashlink. You can also sell your assets through Cashlink or P2P Express. Amazingly, you can buy and sell as little as N5,000 worth of crypto on Bundle!

 

Apart from trading, saving your naira from inflation and making a quick buck in the process via Tether, you can make money on Bundle via its referral programme by referring friends and earning commission.

Cross border payments or PSPs

Cross border payment system or Payment Service Providers include p2p payment apps (e.g., PayPal), mobile payment apps, payment processing programmes, etc.

 

These fintech companies help you make money via sales. They provide user friendly platforms that ease disbursement of services and collection of monies made. They offer payment services at greatly reduced rates that are much lower than that of traditional service providers. This ensures higher profit for users.

 

They offer multiple payment channels that help business owners manage their business finances from one platform. They also integrate your local banks into their services.

Savings and investment

This is a branch of fintech that offers traditional banking systems, piggybank saving systems, stock investment systems, etc. Fintechs in this line help you save your money and grow it by rewarding you for saving consistency or giving various kinds of interest on savings. They also offer budgeting services that include connecting to your bank accounts and keeping track of your income and spending. The general idea is to help you save or lock up your money for a particular purpose, e.g. building capital for further investment. Some platforms also offer you an opportunity to buy and save dollars, thereby retaining or increasing the value of your money, even during inflation.

Lending companies

These fintechs offer p2p lending services, emergency loans and loans for small businesses and individuals. In most cases, collateral is not required, and the loans are disbursed within a few hours of applying. Such monies could be used to grow and expand business. It is important to understand the terms, conditions, interest rate and payment plan  though.

Crowdfunding and fundraising

Crowdfunding and fundraising companies can help you or your business raise money from regular people, rather than traditional investors. These companies offer contribution platforms for different causes, including support of businesses for charity purposes. Examples of such include GoFundMe. So, basically, if your cause is deemed worthy, you get the money.

 

Fintechs are broad and numerous with a varied number of products and purposes. There are multiple ways one can make money by using their products and services.

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