The emergence of FinTech and e-commerce has been a welcome
change to global commercial transactions. Whilst FinTech makes it
easy for customers to pay bills, invest, save money, access
loans/other financial products at little or no additional cost,
e-commerce makes it easy for goods to be purchased online and
delivered to customers.
E-Commerce companies typically integrate their platforms with
FinTech to accept online payments. While this relationship has
proved beneficial to both parties, they have also had to suffer the
hurdles of running digital businesses in Nigeria.
Case Study
FinePay is a licensed FinTech startup based in Lagos, Nigeria.
On Friday, 6th July 2018, a Post No Debit instruction
("PND") was placed on its account with ABC Bank Ltd on
the instruction of the Nigerian Police Force. The account had more
than N500, 000, 000.00 (Five Hundred Million Naira).
