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.