We are all aware that every industry, including fintech, has been impacted by COVID-19. We’ve been hearing about so many banks shutting down their branches during the pandemic, stock markets on a break, consumer spending went down significantly, and millions of businesses and employees suffered loss of employment in the past few months. However, off the route, we have also seen some innovations in the tech sector.

We have heard so many times the term the ‘New Normal’ that talks about the changes that have come from the pandemic and innovations will become a part of our business and social cultures. When it comes to fintech, it is accurate to portray COVID-19 as an accelerator, providing an opportunity to advance the adoption of digital solutions that were already emerging.

The truth is, despite the challenges, fintech sector has created opportunities for governments, businesses, and customers, at the time when so many are suffering setbacks.

Fintech Industry in the Current Crisis
The fintech industry is one of those industries that has been enabling technological innovation that flared up globally, fueled by the 2008 global financial crisis. This led to the emergence of smartphones and mobile solutions for financial needs.

However, with the advent of fintech solutions there evolved challenges with digital payments such as top-ups, micro-credit or micro-loan solutions.