In the previous years, Nigeria has recorded a huge disruption in the technology sector. Emerging technologies has played a significant role in modernising the nation’s economy as well as accelerating the growth of innovative products.
Africa and especially Nigeria is expected to experience a major digital disruption in the coming years, beginning from this year. This ranges from likely technology innovations, tools and services that may dominate the space in 2020.
QR Codes – Though QR Codes is not a new innovation, there have been a few financial institutions in Nigeria using this innovation to driving merchant adoption. Banks like GTBank (GTBank QR Merchants App) utilize QR Codes in merchants payment.
We have seen an increased use of QR payments in recent months with GTBank having over 10,000 merchants around Nigeria who use these QR Codes to accept payments from customers.
A proper education on the use of QR codes will see a greater adoption in Nigeria.
Cryptocurrencies – Cryptocurrencies have seen a significant growth in Nigeria. Nigeria has consistently ranked the number one country in the use of cryptocurrency in Africa.
The increase in stablecoins will trigger a bigger adoption of its use in the coming years. Less for speculations, cryptocurrencies are widely used for FX trading and cross-border payments.
Top traders/merchants will soon accept the stablecoins for payments due to its stable nature against volatility of the cryptocurrency market. Soon we might see schools and other organizations accepting them as payments.
APIs and FinTech collaboration – The availability of APIs for merchant integrations by Fintech platforms has made it easier for businesses to develop products more collaboratively and grow adoption.
While emerging technology landscape across Africa and Nigeria matures, fintechs will have to collaborate and leverage off one another’s strengths to survive the sally moves of well-capitalized and resourced competition.
Emerging industries from healthtech and insurtech (insurance-tech firms) will have a great opportunity to grow with the less available health resources and provide access to good healthcare in Nigeria.
Banks are leveraging on healthcare insurance to provide affordable healthcare insurance schemes to it’s million customers nationwide.
Near Field Communication – We will see a transformative growth in NFC In 2020. Touch and Pay is the new drive in 2020, all payment cards will need to be NFC-enabled in Nigeria.
This means a lot for co-operative businesses who will have to play a greater role in digitizing their value chain.
Cashless policy drive will force consumers to use payment cards for transactions. In 2020, Nigeria have a seen a decrease in the currency-in-circulation showing that a greater number of persons are turning to card payments for transactions.
NFC cards with common style of payments means that smartphones with virtual card apps installed which are NFC enabled can be used for tap and pay payments.
Additionally, individuals can pay one another by touching their mobile phones together. This will give rise to electronic person-to-person payments, a huge drive for the digital economy.
Blockchain – Blockchain technology will drive the logistics industries. It will help a lot in trading nationwide and across other African countries. Healthcare tech firms like Smartbag is utilizing blockchain technology to keep records of patience’s blood status.
Additionally, Kobo360 is building a blockchain-enabled platform known as Global Logistics Operating System (G-LOS).
This will also connect the life cycle of the Supply Chain, combining logistics bringing it into one robust system across the country.