Indigenous lending fintech giant, Kiakia, has attributed commercial banks’ lending products as a stimulating and business enhancing factor to fintech operations in the country rather than a stumbling block to their business engagements.
The Co-founder Kiakia, Olajide Abiola described fintech environment as an emerging financial solutions platform that compliments commercial banking operations for service delivery.
According to him, commercial banks new policy on lending will elevate digital and financial literacy among customers.
He however noted that the limitation on banks’ loans that gives accessibility to only salary earners will serve as an opportunity for fintech startups to dominate the pace as a result of their loan flexibility for loan seekers.
“The emergence of lending platforms or lending channels by the banks or the role of lending services by banks would in no way affect the opportunities and the growth potentials of the fintech. In fact it would grow to complement it in the sense that it would elevate the level of digital literacy and also financial literacy
The condition for banks pay day loans is that you must have your salary account, so at the end of the day, there would be a problem of inter or among the banks which still creates a lot of opportunity for the fintech, because as a fintech you cut across boards regardless of where a person’s or an individual’s bank account is domicile you can actually always extend lending services to them. In no way are they going to undercut the market opportunity and the growth potentials of the fintech company”