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Is Nigeria's Islamic Banking System Ready for the Fintech Era?

Digitalization got pace during the pandemic, new items, administrations, new client practices, and inventive business thoughts have arisen around the world, and consequently new business measures.

This enormously affects non-ordinary financial ventures and exercises like Islamic accounts, which flourishes with non-interest exchanges, morals, and manageability.

The money structure called "Islamic fintech" in writing can right away be characterized as a change of monetary, mechanical improvements to Islamic account and moral account.

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As per the 2021 worldwide Islamic Fintech overview report, the African area has been projected to encounter a 1% development in Islamic Fintech through the following year.

Nigeria, with a 200m populace, has restricted admittance to information. The all-out resources of the country's two undeniable Islamic banks Jaiz and Taj Bank arrived at N214.8 billion ($564m) toward the finish of 2020, or under 1% of all-out financial industry resources, as per the Islamic Financial Services Board information.

However, the unbanked populace alludes to the number of grown-ups who are equipped for banking administrations and helpfully have no admittance to these administrations. There are considered monetarily rejected. As per Enhanced Financial Innovation and Access (2018), 59.4million grown-ups are monetarily rejected in Nigeria.

Innovation doesn't just change lives yet empowers an equal chance for all. Islamic banks in Nigeria have a vital part in utilizing innovation to close the hole in monetary incorporation.

Most Islamic banks depend on customary information to assess the financial soundness applying for an advance as we are in the 21st century.

The part of Islamic banks today isn't just to fill in as a monetary go-between yet to likewise moderate the production of social and financial advantages.

In empowering monetary incorporation, digitization and innovation should discover and create inventive approaches to give affordable financing to both the unserved and underserved citizenry.

Using reserve funds information, Islamic banks can advance monetary proficiency for their clients to engage them and give limited scope organizations the freedom to subsidize.

Non-Interest banks like Jaiz must have been supporting Islamic Fintech challenge rivalries in the nation to encourage advancement and give the stage to creating arrangements that can be incorporated into the Islamic Finance industry.

Step by step instructions to Achieve Islamic Digital Banking in Nigeria

As indicated by monetary experts, computerized Islamic banking could be accomplished in Nigeria in the accompanying ways;

Banks could use cell phones to convey financial administrations to each fragment of the country at moderate expenses.

Advancement and sending of non-web situated exchange applications other than the USSD.

Decrease or disposal of exchange costs on advanced channels for country occupants.

Persistent proficiency and instruction projects to acclimate country occupants with advanced applications.

Sending of ATMs to rustic territories and distant pieces of towns.

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