Fintech companies in Nigeria have really changed the way people handle money. Many Nigerians now use mobile apps for transfers, payments, savings, and even loans. Fintech means using technology to provide financial services. Examples include mobile banking apps, online payment platforms, and digital wallets. Even though fintech companies have made life easier for many people, they still have many problems and weaknesses that affect users and the country as a whole.

One major deficiency of fintech companies in Nigeria is poor network and system failure. Many users complain that apps go down frequently, especially during peak periods. Sometimes transfers fail, but the money is deducted from the sender’s account. This can be very frustrating, especially when the money is needed urgently. In some cases, customers have to wait for days or even weeks before their money is reversed. This shows that many fintech companies do not yet have strong and reliable systems.

Another problem is poor customer service. When issues happen, it is often difficult to reach customer support. Some fintech companies only offer chat support, and responses can be very slow. Customers may send messages or emails without getting clear answers. For people who are not very educated or familiar with technology, this can be confusing and stressful. Good customer service is important, but many fintech companies in Nigeria are still weak in this area.

Security issues are also a big concern. There have been many reports of fraud, hacking, and unauthorized transactions on fintech platforms. Some users lose money through scams or fake links, and they do not always get refunds. While some of these problems are caused by users, fintech companies also need to do more to protect their customers. Weak security systems reduce trust and make people afraid to use these platforms.

Another deficiency is lack of proper regulation and transparency. Although the government and the Central Bank of Nigeria are trying to regulate fintech companies, some platforms still operate without clear rules. This can lead to unfair charges, hidden fees, or sudden changes in policies. Many users do not fully understand the terms and conditions of these apps, which can cause problems later.

Lastly, fintech companies in Nigeria do not always consider rural areas and poor communities. Most fintech services depend on smartphones and internet access, which many people in rural areas do not have. This means that a large part of the population is left out. Fintech companies claim to promote financial inclusion, but in reality, many Nigerians are still excluded.

To conclude, fintech companies in Nigeria have brought many benefits, but they also have serious deficiencies. Problems like network failure, poor customer service, security risks, weak regulation, and lack of inclusion need to be addressed. If these issues are not solved, fintech companies may lose the trust of users. Improving these areas will help fintech companies serve Nigerians better and support economic growth.

By Hannah Joseph