Fintechs brace for competition as Nigerian banks enter digital lending
- Access Holding Plc, the parent company of Access Bank, received provisional approval to launch Oxygen X, a standalone lending product.
- Other banks are reportedly in discussions to establish their own standalone digital lending services.
- An anonymous source expressed skepticism about the banks' ability to execute their digital lending strategies effectively.
The success of traditional banks in the digital lending market remains uncertain. While they have the advantage of offering lower interest rates, skepticism exists about their ability to effectively execute digital lending strategies. It will be crucial for traditional banks to adapt their lending practices and embrace a data-driven approach to compete with fintech startups.
