PayAttitude has developed the first multi-bank USSD and applications to facilitate efficient banking transactions in Point on Sales (POS), Automated Teller Machines (ATM) and mobile (person-to-person transactions) with just phone number.
PayAttitude is a financial technology company that leverages on innovative technologies for payments and financial transactions with focus on mobile and digital payments.
The products would also help to get on board the well over 36 percent of the populace who are currently unbanked, the fintech company said in Abuja, Nigeria’s federal capital.
“Most Nigerian firms do not own the technology they use. In PayAttitude we seek to change the story by building a foundation that we can say is Nigerian,” Agada Apochi, director/founder, PayAttitude, said.
“By developing this product, we hope to contribute in driving the 80 financial inclusion target by 2020 as users of the solutions do need to visit the banking hall to get enrolled. They can also perform such other functions like request for payments, make safe third party payments via their mobile phones without the use of third party channels,” he noted.
PayAttitude is a Fintech firm and owns patent for first-of-its-kind “push to receive” technology that enables telephone numbers to be used for payments for goods/service across all channels. With the firm’s multi-bank product, the phone number of a customer automatically becomes the bank account and can perform financial services.
Licensed by the Central Bank in 2013, the firm aims to onboard a minimum of 500,000 customers by 2019 year end and is partnering with commercial banks, insurance companies and health management organisations in delivering financial services across board.
The partnership by the firm will enable it, among other things, provide solutions for merchants to receive payments electronically through the use of mobile phones; enable corporate organisations to authorise payments and create prepaid accounts with their mobile phones anywhere; enable holders schedule payments like airtime, bills payment and transfers for a future date automatically.
It would also help in providing a platform for value added services such as bill payment, transfer, airtime top-up and collection services as individuals can open and operate pension accounts. It would also allow holders and users of the product to conveniently buy insurance policies and pay their insurance premiums with their mobile phones and also provide them with access to health care facilities.
According to Apochi, customers using the product currently have their bank accounts linked to about eight deposit finance institutions across the country including Access, Sterling, Fidelity, First Bank, Heritage, Polaris and the United Bank for Africa.
Other banks’ accounts in the works to get linked include Ecobank, First City Monument Bank (FCMB), Stanbic IBTC, Unity Bank and Zenith Bank, the firm said.
MICHAEL ANI
