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What are Financial Services? A Quick Guide to the Industry

The term “financial services” refers to a broad range of services provided by banks, advisory firms, IT companies and other types of businesses, which help individuals and institutions access capital, manage money and complete transactions. The financial services industry in Nigeria is one of the largest in the country, with various products and solutions available to meet diverse individuals and institutional needs.

Here is a quick guide to the top financial services that you can access:

1. Global Payments

We start with payment services as they represent our own business at Redtech Limited. Global payment services involve business solutions such as payment switching, payment gateways, mobile payments, payment card issuance and processing, and much more. These financial services enable businesses and individuals to complete digital payment transactions conveniently and securely. Global payment is a crucial need for e-commerce companies, banks and large corporations. 

As a service provider of digital payment solutions, Redtech works with organisations across industries like oil and gas, healthcare, and government agencies, empowering them with multi-channel payment solutions to meet their financial needs. Learn more about our financial services today.

2. Banking

Banks are financial services providers that represent a large share of the financial industry in Nigeria. They serve the entire population, from students, to families, workers as well as businesses and institutions. Banking services include handling money deposits and providing loans to customers, It is comprised of the following:

  • Retail banking – Savings and current accounts and personal loans to individuals
  • Commercial banking – Savings and current accounts and business loans to companies
  • Investment banking – Raising capital for corporations and governments through facilitating mergers, acquisitions, IPOs, or issuance of bonds.

3. Investments

Financial services providers focused on investments range from investment advisory firms to stock brokers and wealth management companies. These businesses provide professional advice on financial planning, investing, and estate management to high-net-worth individuals and commercial companies. These firms also help customers execute investment trades like buying or selling shares on the stock exchange, investing in mutual funds or buying into private equity.

4. Insurance

Insurance providers are a big part of financial services. They provide individuals and corporations with financial protection in the event of financial losses resulting from accidents, injury, property damage and contingencies or perils. Insurance services are divided into various types:

  • Health Insurance
  • Auto Insurance
  • Home Insurance
  • Life Insurance
  • Liability Insurance
  • Property Insurance

Insurance providers often specialise in one or two of these insurance types.

5. Tax and Accounting

Businesses and high net-worth individuals often require the help of financial professionals to manage their accounting books and financial records, file taxes, audit their business or assets, and minimise their taxes. These financial services are provided by tax advisory firms, financial consulting and accounting firms.

Get the Best Financial Services from Redtech

Whether as an individual or a business entity, it is important to understand the various financial services available to you and how they can empower your financial goals.

If you wish to know more about Redtech payment solutions and financial services, please contact us today, and let’s talk!