Following the on-going coronavirus pandemic adversely affecting economies and leading to economic lockdowns across the globe, four parts of the global ecosystem have opportunities to experience leaps.
The four parts are EDTech, Virtual Workspace, Healthtech and Financial inclusion engagements. The Chief Operating Officer (COO) of the Fintech Association of Nigeria, Dr Babatunde Obrimah, disclosed this in a recent interview with WebTV.
Looking at areas that require upscaling and fresh investments, he argued that the four segments would help in opening up newer opportunities for the Fintech sector, Dr. Obrimah identified four things that needed attention, they include the following:
1. ED TECH
From his perspective, Obrimah believed that EDTech was critical to the growth of the domestic digital ecosystem and should receive greater attention, as online learning platforms engage a growing number of students and children marooned in their homes in the current period of social distancing.
Investments in various EDTech platforms will help to boost online learning from primary, secondary to tertiary levels of education. According to Obrimah stakeholders in the Industry, need to explore more ways of enhancing EDTech to serve millions of students compelled to stay in their homes.
Ulesson is an example of an EDTech solution that is providing massive learning suites for students in the North-Central city of Jos, Plateau State.
2. VIRTUAL WORKSPACE
As thousands of companies across the globe adopt a variety of remote working models to cover the period of the COVID-19 lockdown, Virtual WorkSpaces will become critical to ensuring seamless business continuity.
From online meetings, project briefs, review of tasks and operational discussions the Virtual work station solutions have become timely and increasingly help companies in sustaining their “Business Continuity Processes (BCPs).”
Despite a virus protection lockdown companies across sectors can achieve improved productivity and optimal operational performance through Virtual workspaces.
3. HEALTH TECH
Health Tech, according to Obrimah, is most important at this time, considering the impact of coronavirus (COVID-19) on the public health system.
Investments in Health Tech companies will help to encourage innovation and research that should lead to innovative healthcare delivery, especially during movement restrictions.
Issues around Data, and how people can engage in terms of medical advice through Apps, is vital for providing first-hand information and support to those who contract the disease and first responders.
The fintech boss called on tech enthusiasts to come up with creative solutions to Healthcare problems, which goes beyond the current coronavirus. “Nigeria at this time needs a digital-led healthcare system that can address the medical challenges of a large population,” Obrimah said
4. FINANCIAL INCLUSION
One area Nigeria has set a target to achieve an 80% score mark is financial inclusion. The COO of FintechNGR is optimistic that this could happen if financial institutions reposition themselves to leverage digital platforms.
From USSD, ATM, Online transactions and the use of POS Nigerians need to be encouraged to use the virtual platforms for their financial transactions.
Speaking on funding opportunities in the year for the Fintech industry, Obrimah said funding would go to where opportunities present themselves.
He emphasized the need for any group whether private equity, venture capital or a wealthy individual to give priority to EDTech, HealthTech and Virtual Workspace solutions.
“So, I see those opportunities still there, there is no doubt that the world is almost at a standstill, which will affect funding. Members of the Fintech Association of Nigeria might not get as much level of funding as in 2019, $600 million came into the Fintech Industry in 2019 which was remarkable,” he said.