• Wednesday, July 24, 2024
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BusinessDay

How SpaceTrade’s fintech solutions boost financial inclusion, literacy, in Nigeria

Nigerian fintechs regain top spot with $140m in funding

Scaling digital financial services across Africa is crucial for economic and social development, driving access for the unbanked and underserved.

According to the Global Findex Database, account ownership in Sub-Saharan Africa (SSA) rose from 43 per cent in 2017 to 55 per cent in 2021. However, this is still significantly lower than the global average of 76 per cent.

Addressing this gap is essential to stimulate economic activity and foster development. Financial technology (fintech) companies are vital in addressing these challenges, offering a pathway to expand the reach of financial services, including payments, savings, lending, and insurance.

SpaceTrade, a fintech company providing secure and user-friendly financial solutions, is leading this narrative. The firm bridges the gap in financial literacy and access to banking services across various demographics in Nigeria, especially in underserved communities.

“Our mission is to serve customers with innovative financial solutions,” said Emmanuel Amure, the CEO of SpaceTrade. “We understand that certain communities lack financial literacy and access to genuine banking services. We use data analytics to gain insights and improve our services for our diverse customer base.”

The CEO added, “We have engaged in public enlightenment programs and plan to expand these initiatives to rural areas to include them in our financial services. We are also working on providing multilingual support in local languages to overcome language barriers.”

SpaceTrade has partnered with government and non-governmental organisations to promote financial literacy and brand awareness in local communities. Furthermore, the company recently launched the upgraded SpaceTrade App version 2.0, featuring innovative tools for managing personal finances.

“The SpaceTrade App version 2.0 allows users to exchange gift cards and e-currencies for cash, enjoy the best market rates with 24-hour service uptime, and manage their finances with an e-wallet,” Amure said. “Key features of the app include a Naira Wallet, free transfers between users, third-party transfers, multi-bank support, and gift card purchases.”

“With enhanced security measures and a user-friendly interface, we aim to build trust and encourage more Nigerians to adopt digital financial solutions,” Amure continued. “We introduced two-factor authentication to enhance security and protect our users’ data and finances. The intuitive user interface ensures a hassle-free experience, encouraging more people to adopt our financial solutions.”

SpaceTrade is also committed to providing responsive customer support through multiple channels to address concerns and resolve complaints swiftly. “Our goal is to provide innovative solutions that meet the evolving needs of our customers,” Amure stated. “We are working with brand influencers and celebrities to raise awareness and promote our products and services.”