Africa and Nigeria in particular are clearly in the midst of one of the most exciting phases of innovation and disruption in the financial sector.
Today, Fintech is emerging as a tech enabler in Nigeria,improving financial inclusion and serving as a catalyst for innovation in other sectors, such as agriculture and healthcare.
The increasing need for mobile money transfers and the underserving of small and medium enterprises in rural communities has created an opening that fintech startups have been quick to take advantage of.
No doubt, fintech startups are challenging traditional banking structures and are creating efficiency gains by opening up the financial services value chain.
This rise of fintech startups has put the demand for custom fintech applications on the rise as well. However, building a financial technology app is some real work.
I have had entrepreneurs who have discussed with me developing on fintech applications but are yet to do the groundwork in the early development phase
Below, I have highlighted these points that can serve as a practical guide to building a scalable fintech application.
There are several regulations put in place by the central bank for the operation of a financial service application. These regulations are very important because financial services are highly regulated.
Knowing the standards and regulations put in place by the Apex bank is crucial to developing a successful fintech product. Discovering new laws and rules while you’re already deep into the development process might cause major changes in the app’s features.
A minimum viable product aims at testing the application before launching it. It’s simply a basic version of the app that includes its fundamental components and features. That’s enough for the users to try it, and also a chance to attract new investors. Getting feedback from real users will show you if there are any weaknesses and also you’ll easily find out what features should be added next. #fintech #softwaredevelopment #Application
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