25+ Lucrative Financial Service Business Ideas To Start In Nigeria And Africa

Starting a finance-related business could come across like rocket science to most entrepreneurs, especially individuals with little to no background knowledge of the finance industry. To break the myth that the finance sector is a boring one for just finance experts, it is important to note that anyone with little to large capital can start a financial services business in Nigeria, Africa and many places around the world depending on the business they choose to venture into.

Financial services describe all sorts of ‘assistance’ related to money, ranging from managing, depositing, saving, transferring money, and much more. It also includes helping people manage their accounts, credit, and insurance or advising them on how to invest their funds.

The finance sector is a very wide one, and so, are the service businesses in it. If you are looking to start a business in the finance sector, here are 25+ financial service business ideas you can start in Nigeria, Africa and many places around the world .

1). POS Business:

The point of sale (POS) service is a growing business in Nigeria and other parts of Africa because it saves people a lot of time and effort to go to the ATM or bank to queue to withdraw money or make some other basic transactions. There are hardly any towns and cities on the continent that do not have hundreds, in the case of Nigeria, thousands, of POS centres.

Perhaps the most enticing part about the POS business is that it requires minimal startup resources. A small temporary structure at a popular spot in town will go a long way in giving you a great market advantage.

2). Bookkeeping Services:

There are a lot of bookkeeping applications and software tools in circulation but they do not erase the need for actual bookkeepers. This is because companies and small businesses need experts to oversee the record-keeping and make intelligent recommendations based on the financial status and operations of the company.

As finance is a core component of business, bookkeeping will never run out of demand. Hence, starting a bookkeeping business could be a lucrative, steady and long-term business in Nigeria, Africa and many places around the world. It is important to acquire sufficient knowledge of bookkeeping and its software applications before delving into this business.

3). Real Estate Appraisal Business:

Contrary to the mode of operation decades ago, the real estate business is now a comprehensive one that requires proper appraisal before transactions can be completed. As a real estate appraiser, it is your primary duty to evaluate a landed property and ascertain its worth. While some appraisers work with a financial institution, others work independently.

You can start as a sole appraiser with sufficient capital to establish an appraisal company or partner with financial institutions.

4). Stock Brokerage Business:

Stockbrokerage is a lucrative business in the financial service industry. It involves buying and selling shares on behalf of clients. As a stockbroker, your services include facilitating the sales and purchase of shares, monitoring and predicting the stock market behaviour, and advising your clients on what market decisions to make at each point in time.

Since the stock market is lucrative but highly volatile, investors always need the services of experienced stockbrokers to help them make the best trade decisions in Nigeria, Africa and many places around the world.

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5). Insurance Business:

For high-capital investors, the insurance business could be a highly rewarding business on a long-term basis. It is a business that assures you of quality value for your money in the long run because people are always on the lookout for the best insurance plans to cover possible risks in every sector of their lives.

This implies that the insurance business enjoys a ready market. You could also start out as an insurance broker.

6). Microfinance Bank Business:

Within the past decade, microfinance banks have gained more ground in Nigeria and other countries in Africa. They are necessary because they not only operate like regular banks but have helpful poverty alleviation programs and finance packages for big and small businesses.

Investors looking to pump their funds into the finance service industry can consider the microfinance bank business because it is highly lucrative and has a high percentage of success in Africa.

7). Commercial Banking Services:

Starting a bank in Nigeria, Africa and many places around the world is a high-capital business but has a high chance of success if managed properly. Already, there are a lot of established banks in Nigeria and other African countries but with the right factors in place, new commercial banks can effectively thrive.

A good marketing strategy, sufficient start-up capital and adoption of advanced technology are some of the factors needed for success. This is why digital banks like Kuda and others are starting up and thriving in a short time.

8). Lending Business:

Both small and large businesses, as well as individuals, often need financial assistance to keep their businesses floating. This is where lending institutions come in. Besides the traditional loans from banks, people resort to lending companies for help where necessary.

To excel in this business, it is important to put viable strategies in place because entrepreneurs, civil servants and others are scared of loan sharks. With friendly rates and swift service, your lending business can succeed in Nigeria, Africa and many places around the world.

9). Auditing Business:

Auditing is another financial service in high demand by both corporations and small businesses. This service involves investigating and identifying possible financial irregularities, uncovering thefts, missed surcharges, and much more.

Notably, most firms love to employ the services of independent auditors in order to get unbiased auditing services. Establishing an auditing firm in a corporate environment is a financial service business idea is sure to succeed in any major city and town in Africa.

10). Accounting Software Development Business:

Thanks to the intervention of technology, firms do not necessarily contact their finance management staff anymore for real-time information. The use of accounting software has made the job relatively easier for companies and auditors.

As a finance expert with some knowledge of programming, this is a great business idea. You could independently build, or organize a team of programmers and lead them to develop suitable accounting software tools that you could sell to these organisations.

11). Fundraising Business:

You can create a platform for soliciting and raising funds. From time to time, people solicit financial help from the public. Such fundraising activities require a transparent platform that every interested individual can monitor. Although there are existing popular fundraising platforms like GoFundMe and JustGiving, there is still enough room for similar platforms specifically in Africa.

If you also know high-net-worth individuals looking for where to invest money, you could link them with entrepreneurs looking to raise money and earn a commission on every transaction.

12). Tax Consultancy Business:

Taxes are serious obligations that require effective management, but not every entrepreneur or manager has the expertise and patience to wade through the rigours of sorting out tax bills and effecting the payments.

As a result, most businesses employ the services of tax consultants to undertake and oversee all tax-related issues in the company. Experts in tax filing could start a tax consultancy business and service multiple clients in Nigeria, Africa and many places around the world.

13). Start A Mortgage Bank:

Mortgage banks specialize in giving loans to members of the public or firms to procure landed properties such as apartments, real estate or plots of land. Although mortgage banks slightly differ from regular commercial banks in terms of duties, they also require heavy startup capital but could be highly lucrative.

14). Investment Management Services:

While it is easy to just invest money anywhere, it can be tricky to make investments that will yield great profits, given the complexities of the business world. As a result, companies and individual investors look out for investment experts or investment bankers who help them develop strategies and oversee the progress of their investments in Nigeria, Africa and many places around the world.

15). POS Machine Retail and Distribution:

As the POS cash withdrawal business is booming in Nigeria and other parts of Africa, so is the demand for POS devices. Similarly, shops and supermarkets now increasingly adopt the use of POS to make payments easier for their customers.

Retailing and distributing POS machines are a potential source of steady high income. Depending on your capital strength, you can distribute to businesses across your locality or nationwide.

16). ATM Installation and Maintenance Services:

Installing ATMs requires the service of trained technicians. Most commercial banks in Nigeria and other African countries have a small team of experts who install their bank ATMs. On the contrary, to minimize costs, they often contract independent technicians to install the machines.

Individuals who have acquired the required skills can start an ATM installation service business. This service enjoys very little competition because of its nature. It is one of the most underrated financial service business ideas with lots of income.

17). Cryptocurrency Trading:

Despite its volatile nature, several countries across the world, including Africa, continue to adopt the use of cryptocurrencies in their day-to-day transactions. Similarly, mining and trading in coins are increasingly gaining prominence.

However, crypto trading requires specific expertise and is recommended for risk-takers only. Individuals who can learn quickly and take risks can delve into the crypto trading business where it is legal and make a lot of profits over time. They can also train others or establish a safe marketplace for other traders to transact their businesses.

18). Bureau de Change Business:

Put simply, a bureau de change business involves buying a foreign currency and selling to interested buyers at profitable exchange rates. Starting this business requires proper registration with the necessary bodies, including the Central Bank in Nigeria, Africa and many places around the world.

19). Thrift Business:

Here is one of the most traditional financial service business ideas. The thrift business has been in existence from time immemorial in various forms. It involves overseeing regular financial contributions from members and giving the contributed sum to members of the group in turn.

The thrift business comes with its risks like every other financial business but it has a lot of profits as well.

20). Finance Magazine:

If you have a knack for the media, starting a finance magazine is a great way to combine your media interest with the finance industry. Individuals, businesses, and big corporations need updated information to stay on top of their activities.

An online or physical finance magazine is a trusted source of information and finance tips and could also be a great source of income for entrepreneurs that run them.

21). Debt Collection and Management Business:

The debt collection service is a necessary finance service to keep companies, mortgage banks, commercial banks and loan companies in operation. To concentrate on their basic operations, loan givers employ the service of debt collectors to follow up and retrieve loans from debtors to avoid bad debts that could wreck the company.

22). Finance Consultancy Business:

Since the finance industry is a broad and complicated one, newbies and experienced participants require professional guidance from time to time. If you are a veteran in the finance industry, you could start a finance consultancy firm where you can offer professional financial advisory to other stakeholders in the industry in Nigeria, Africa and many places around the world.

23). Start A Finance Podcast:

Another way to combine the media with the finance sector is to start a podcast where you can discuss finance-related issues, suggest finance businesses or offer developmental tips in the sector. You could as well invite renowned stakeholders to give speeches or contribute to topics on the podcast. The best part is you can start this in Nigeria, Africa and many places around the world.

24). Start A Finance YouTube Channel:

For years, YouTube has been a major learning place for most individuals and entrepreneurs across the globe. Starting a YouTube channel gives you an advantage because you get to build on an existing platform with a lot of users worldwide.

The success of your finance YouTube channel depends on your ability to target the right audience and create engaging topics to keep viewers glued and coming back for more.

25). Forex Trading:

Forex trading is a highly lucrative business with an international reach. It works by exchanging national and international currencies. Since the values of currencies differ, it affects the worth of the currencies on the international trade front and influences every other sector. Like crypto trading, forex trading is a highly lucrative technology based financial business with lots of risks.

26). Writing Finance Books:

Writing is one of the less demanding financial services business ideas for experts in the industry. Plus, it could be a second means of income for anyone in the financial services sector. Publishing books has long-term profitability and opportunities.

To Sum It Up

The business opportunities in the financial service sector are vast. While some finance service business ideas require high-level training and expertise, some can be practised by literally any entrepreneur. The best part is they can also learn on the job!

If you’re thinking about getting started in the finance sector, you can choose any of the 25+ lucrative finance services business ideas discussed in this article in Nigeria, Africa and many other places around the world.

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What are your thoughts on these 25+ profitable financial services business ideas and opportunities you can start anywhere in Nigeria, Africa and many other places around the world? Let me know by leaving a comment below.