How Nigeria's banks are innovating

First Bank of Nigeria ATMs

“The truly creative changes and the big shifts occur right at the edge of chaos.”

These are words by professor Robert Bilder which ring loudly in every new phase of evolution that one experiences in financial systems. Nigeria has experienced periods of aridity and tumultuous conditions, which reshaped the face of finance in the country.

The Pressure To Innovate

Nigeria’s relatively significant exposure to the oil and gas sector increased pressures on balance sheets and operations. Whether for survival or the pursuit of market leadership, many banks have been encouraged to innovate. FirstBank recently partnered with Uber Nigeria to provide low-interest, used vehicle loans for top-rated driver-partners. Diamond Bank established an equally impressive partnership. Its collaboration with MTN, Intel, Microsoft, and HP supported it in providing not only finance but also solutions that transcend traditional banking services, thus equipping SMEs in the country with the necessary tools for facing the dynamic business environment of Nigeria.

Read more: How Nigeria’s Banks Are Trying To Innovate The Business