Islamic Fintech in Nigeria: Advancements, Compliance, and Future Prospects

Abstract

This paper examines African fintech as one of the first fronts at which Islamic principles have intruded into Western finance, representing a significant step forward from an interactive financial paradigm. Islamic fintech is in accordance with Muslim teachings and has great potential for developing Nigeria's economic future. In fact, with such a large number of Muslims in this country it is not long before they get used to something like openness and transparency brought into Islamic Sharia on matters having concern with ethics. In the past five years, Islamic fintech grew even more rapidly than overall fintech. Its capability to make room for Muslim and non-Muslim victims of the pandemic reflects its spirit, vitality. Islamic fintech uses standards such as profit and loss sharing, asset-backed financing or banning interest (riba). These may be a new solution to the existing issues with transforming finance. The conclusion of the paper: There is a bright future for Islamic fintech. Not only does it benefit consumers, but its role as an exceptionally effective financial inclusion tool may even be greater than that of the profit-driven banking entities worked in before.