The evolution of technology spreads across multiple walks of life, and the financial industry is not left out. As a matter of fact, the global financial sector has witnessed groundbreaking innovative ideas within the last two decades, with no pause in sight.
As people seek more convenient measures to conduct financial transactions, more innovative business ideas are born. Today, there are so many business opportunities in the fintech industry for new and existing entrepreneurs to take advantage of. If you’re looking for opportunities in the fintech space, here are 21+ lucrative fintech business ideas you can start in Nigeria, Africa or anywhere around the world.
1). App-based Banking:
Mobile banking is one of the most popular ways to bank anywhere in the world. It is a simple solution to the long queues at the bank. Mobile banking includes the traditional USSDR and the use of apps. According to reports from the CBN, Nigerians transacted over ₦19 trillion via mobile banking within the first half of 2020 alone.
Mobile banking is fast expanding to create room for individual investors and SMEs to benefit from the opportunities in the sector. You could start an online bank with a mobile-first focus like Kuda in Nigeria, Africa or anywhere around the world.
2). Bookkeeping Software:
Every business has the need for adequate bookkeeping. It describes the process involved in storing finance-related information in a company’s database and analyzing available information to make helpful business decisions. Bookkeeping is an essential aspect of the business but it could be rather tremendous.
As a finance tech expert, you can create bookkeeping software to make it easy for businesses to enter their data and make decisions quickly. Ensure that the software tool is suitable for use on both mobile and desktop devices to increase its adoption. Creating bookkeeping software requires some software engineering skills, but is a lucrative fintech business idea with lots of promise.
3). Stock Brokerage Business:
Another fintech business idea for anyone in Nigeria, Africa or anywhere around the world is the stock brokerage business. Stock brokerage requires paying careful attention to and following the stock market extensively, so you can know the best stocks to buy and sell at various periods of time. You can also start a stock brokerage firm and help people buy and sell stocks at the best rates.
The stock market is a delicate one that requires advanced skills and experience. You need to be equipped with sufficient knowledge of the market or employ the services of experts in the business. You also need to establish your firm as a legal entity, get all permits and get a physical office space. Or you can simply just trade stocks as an independent trader without the need for all the structure.
4). Cryptocurrency Business:
Similar to the stock market, the cryptocurrency market is a very volatile one with a lot of dips and pumps. Hence, it requires patience and a detailed understanding of the mining, trading and holding processes to generate profits in the market.
There are several inlets into the cryptocurrency business. Asides from personal trades, you could launch a trading application, organize classes to teach people how to trade in digital currencies, or trade for other people.
5). Digital Loans:
Large corporations, SMEs and individuals need loans periodically to finance their business activities. Existing financial institutions like banks and loan companies sometimes make the process rigorous with excessive requirements and paperwork. Hence, people are always on the lookout for less demanding alternatives.
Starting a digital loan business puts you at the advantage in this situation. The success of this business lies in creating an app or digital platform where people can request loans with little interest rates after submitting their financial records and other basic details.
6). Designing Banking Applications:
If you’re a designer or a UX expert, you can make a lot of money from this fintech business idea. For greater customer experience, banks adopt mobile applications that can help their clients conducts basic financial transactions from the comfort of their mobile phones. If you can build advanced and secure banking apps, you can offer your services to banks as a consulting firm.
7). Digital Payment Business:
Every day, people conduct business transactions across local and national boundaries and prefer to use payment platforms that make payment easy despite differences in currencies. Introducing fast, efficient and limitless payment platforms (such as Paypal and Paystack) in Nigeria is a great way to make both local and international transactions stress-free.
8). POS Business:
The teeming need for banking services on a daily basis creates a lot of traffic in banks and other financial institutions. In response to this, a lot of individuals have adopted the POS business. The POS business conducts basic transactions such as cash transfer, deposits and withdrawals. It also undertakes bill payment services and requires little capital to startup in Nigeria.
9). Designing Peer-to-Peer Payment Applications:
Peer-to-peer payment platforms are opportunities for buyers and sellers to conduct direct transactions over the internet and make payments directly without the interference of a third party. Peer-to-peer payment platforms are useful for cryptocurrency trades and stock exchanges, and freelance jobs.
In as much as your peer-to-peer payment platform is legit and reliable, with a trusted reparation system in cases of failed transactions, it can attract millions of users worldwide.
10). App Design Instruction Business:
Designing software aoolications is a technical exercise involving a series of software tools and programming languages. However, using these tools requires education. You could create a coaching platform where you teach people how to build their apps from scratch.
Similarly, you can partner with popular e-learning platforms such as Udemy to host courses on how to build applications.
11). Insuretech Business:
Like every other sector, the insurance industry has been heavily influenced by technological advancements. Now, people can subscribe to insurance plans, pay their monthly premiums and conduct other transactions with ease.
Starting an insuretech business could be capital-intensive and requires an extensive business plan, but it has a lot of prospects in Nigeria, Africa and everywhere around the world. SMEs, private individuals and organizations, as well as large corporations, all make up the market for the insuretech business.
12). Crowdfunding Web Application:
Crowdfunding is a critical exercise in a society like Nigeria where social media influence is growing quickly. Periodically, social influencers, celebrities and other opinion leaders solicit donations for a cause. On such occasions, there is a need for a transparent platform where funds can be collected, making room for a crowdfunding app. Also when companies want to raise money for new projects. they can promote it on crowdfunding applications.
There is always a need for crowdfunding platforms. In as much as your app is a secure platform, you’ll always enjoy a regular market.
13). Finance Management Apps:
The aim of the finance management apps is to help businesses, individuals and organizations keep a close tab on their financial activities. With finance regulation apps, users can regularly input their expenses, income and other financial transactions to monitor their finances and help them make vital decisions.
Already, there are finance management apps but none yet that is a single known name globally. In as much as you can create apps with amazing structures, you’re bound to get contracts from companies and organizations.
14). Web Design Business:
Web design is a multifaceted business with applications in almost all industries, including the fintech sector. And this is because a website is fundamental to the activities of every business.
As a professional web designer, you can create befitting websites for individuals, brands, organizations and firms in the fintech industry. Building websites requires an in-depth knowledge of the craft but it is a highly lucrative one and it requires little capital.
15). SME Data Business:
SME data sharing business is a fast-evolving fintech business idea in Nigeria. It serves as a cheaper alternative to the traditional data plans sold by network providers. They are retailed through a share and sell system, in which end consumers can buy from dealers.
Starting an SME data plan business is an inexpensive way to make a lot of profits from the fintech sector. Since people are always in need of data, there is little demand for getting customers.
16). Digital Survey Platforms:
At various intervals, investors, brands, organizations and researchers in the fintech industry carry out surveys to help them make vital business decisions. You can create a platform to help these researchers meet with their preferred research population and draw their sample size information. Whether the platform is web-based or a mobile application, you stand to get financial rewards for every research conducted on it.
17). Tax Payment And Monitoring Business:
You can start a business by helping individuals, brands and businesses pay and monitor their tax payments. Tax payment could be a tedious process, especially for large corporations. Hence, it requires careful monitoring to avoid mix-ups which may cause government sanctions in the future.
As an expert in the fintech industry, you can start this business idea and work on a contract basis. Similarly, you can design an app-based platform to help businesses enter and monitor their taxes. Either way, you stand to gain steady income from multiple clientele in the long run in Nigeria, Africa, or anywhere around the world.
18). Fintech Consultancy Business:
If you have a respectable number of years of experience in the fintech industry, it will be a good idea to delve into the consultancy business. New startups, individuals and businesses are always in need of professional help at one point or another in their decision-making process. You can offer consultancy services at favourable prices.
The best part about starting a consultancy business is that you don’t need to quit your existing job. On the other hand, it could be your retirement business.
19). Opening An Online Store Or Digital Marketplace:
One of the fastest-selling products in the modern fintech industry is convenience. People are willing to pay anything to make their basic transactions as convenient as possible. Starting a digital marketplace like Jiji and Amazon is a way to connect buyers with sellers.
In as much as your platform is a trusted platform, you’ll enjoy steady patronage. For each successful transaction made, you get commissions.
20). Credit Cards Design Business:
Credit cards are major drivers in the fintech industry. They are essential for international and long-distance transactions. They are used by banks, financial companies, digital platforms, and digital stores to make it possible for their clients and customers to conduct transactions anywhere in the world, depending on the reach of the cards.
As a card designer, it is your role to design and produce cards for those types of institutions. You can work on a contractual basis or as a direct employee of the company in question.
21). Wealth Management Apps:
A great opportunity in the fintech industry is the creation of wealth management apps. Wealth management apps are specifically designed to record and monitor the growth of wealth indicators such as stocks, financial accounts, investments, property, and so on, all in one place.
You can create these apps for general use or specifically for companies, groups, associations, and much more in Nigeria, Africa, or anywhere around the world.
22). App-Based Paid Games:
Game apps that pay players are now in vogue. The apps are platforms for participating in trivia and other related games and players earn actual cash for their achievements in the games either in fiat currency or cryptocurrency.
Most trivia or game apps earn their revenue from app downloads, ads placements or in-app purchases.
23). FOREX Business:
Also known as currency trading or currency exchange, FOREX is a highly lucrative fintech business idea with a lot of promise. The FOREX business has been around for decades, and it continues to grow in value.
You can trade forex online from Nigeria, Africa, or anywhere around the world.
To Sum It Up
There is an endless list of opportunities in the fintech industry, especially for entrepreneurs with great ideas that will add value to the lives of customers and businesses around the world. If you’re looking for a fintech business to start, the 21+ fintech business ideas discussed in this article is a great place to start.
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