What Is The Impact Of Pandemic Outbreak In The Development Perspective Of Developing Countries?

Development in finance made life easy as you can send money to Nigeria and any part of the world with a few clicks from a smartphone. Amid the disruption caused by COVID-19, this accelerated transition towards digitalization of financial services could prove to be an unforeseen boon for financial inclusion.

Prior to the crisis, digital finance (most notably mobile money) had already proven to be a critical enabler of financial inclusion in developed and emerging economies, especially when it came to reaching and serving the most disconnected and financially underserved people. This rapid rise in demand for fintech solutions (on the part of governments, companies, and the community at large) in the aftermath of the pandemic is bound to have significant consequences in terms of expanded capacity for digital platforms to foster global financial inclusion. Revolution in Fintech in developing countries assisted people in remote areas whose family members are abroad. Expatriates can now send money to Nigeria online with peace of mind and from their place of comfort.

How Digital Payment System Will Facilitate Households In Remote Areas Of Developing Countries?

Compared to conventional branch-based banking, digital banking platforms may have many main benefits. Now let us take a closer look at some of their many common characteristics:

Online money transfers to Nigeria and other emerging countries enable users to divide accounts into sub-accounts, which is common due to its efficiency in handling various incoming and outgoing payment flows. These sub-accounts allow users to allocate money to several savings pools, allowing them to save for a variety of things, such as groceries, car repairs and dining out, as well as homeownership or rent. They allow users to log in quickly and easily by tapping a “magic” connection rather than typing in a password. (There’s no need to recall or type in a password correctly, and there’s less risk of a password being stolen.)

Footer Note:

We had many circumstances during the pandemic outbreak, but we have learned few good lessons during this difficult time. One of the lessons is we came to know about the benefits of the online money transfer system; we use to visit banks and staying in the queue for hours to take our turn and transfer money. During the pandemic, people could not go outside, so they started using options like how money transfer to Nigeria can be done without going to agents and banks. So, this made our life more fast and comfortable.