PayPassage, a digital transaction solutions provider that makes financial products and services more affordable and accessible is set to officially launch its Financial Services Platform in Nigeria.
The Financial Services Platform will offer digital financial solutions to help drive financial inclusion of the unbanked and underbanked in Nigeria.
Nigeria is one of the top three unbanked countries in the world, with 40percent of her population without a bank account. Out of the 59 million unbanked adults, 73percent do not have the requisite documents to open a tier 3 bank account. It is this financial landscape that necessitated the birth of PayPassage to provide her customers a seamless, affordable, secure and fast payment experience across multiple channels with the launch of her financial Services offerings.
“There has been a strong need for offering affordable and accessible financial solutions in Nigeria through a retailer-enabled digital platform”, says Folarin Tomori, CEO of PayPassage. “Partnering with BlocPal International to bring these financial solutions to Nigeria is not only driving financial inclusion but providing the opportunity for the Nigerian population to participate in the global digital economy”.
“What makes us unique is the ability to scale our platform to different geographies while adhering to customer needs and regulatory requirement”, says Nick Mellios, CEO of BlocPal International. “We are excited to “leverage our insights and experience from our India operations and bring our advanced technology to Nigeria. We are committed to partnering with retailers and financial entities in Nigeria and providing a wide variety of affordable financial solutions to communities all across the country.”
Tomori said, “Our partnership with BlocPal International will enable PayPassage leverage on BlocPal’s Blockchain technology to uplift and integrate financial services in Nigeria, riding on her experience. BlocPal is a Canada-based fintech leader with operations in India, Mexico, North America and parts of Europe”.
This will enable PayPassage drive financial inclusion to the unbanked and underserved population in Nigeria. The partnership will further position PayPassage as one of the leading financial solutions providers in Africa. This marketplace will offer digital financial services with physical on-the-ground retailers to help drive financial inclusion in Nigeria’s communities. Our financial ecosystem supports a range of solutions for digital engagement with customers including Point-Of-Sales, e-commerce, white label enterprise solutions, loyalty rewards, financial network integration and a robust consumer digital wallet.
With the number of mobile phone connections in Nigeria as at January 2021 equivalent to 90percent of the total population3, Nigeria is ripe for the financial integration that PayPassage can bring. PayPassage offers unique accessibility and scalable infrastructure to easily integrate into the Nigerian economy. Leveraging on the BlocPal technology, PayPassage can also bring these solutions into other countries in Africa that are in need of financial inclusion by delivering digital payment processing and fintech services to help enterprise partners enjoy seamless experience, affordable transaction, create new revenue streams and build more loyal relationships with their customers