Netapps Technologies Limited, a fintech institution licensed by the Central Bank of Nigeria to provide innovative financial solutions has launched a new payment solution aimed at enhancing financial inclusion across the nation.
Richard Omoniyi, Chairman of NetApps Technology Limited speaking at the launch held in Abuja said that the feat marks a significant milestone in the company’s mission to redefine and innovate the payment landscape in Nigeria.
According to him, with Nigeria’s population standing at 221.2 million, and over 193.9 million mobile phone users, the demand for seamless and efficient payment solutions has never been greater. He therefore highlighted the company’s commitment to provide cutting-edge technology that meets the diverse needs of the Nigerian population.
“We continuously invest in cutting-edge technology to enhance our platforms and provide the best user experience to the Nigerian population size of 221.2M,”
Omoniyi added that NetApps Technology is focused on bridging the gap for Nigeria’s large unbanked and underserved population, offering services that cater to both smartphone and feature phone users.
He explained further that the company’s new USSD service, accessible by dialling *1266#, allows users to manage accounts, pay bills, and transfer money without needing a smartphone.
“The significant growth in the industry is driven by an Increased Smartphone penetration, Internet access and a large unbanked and underserved population,
“With their NIN, they can transact as little as 200,000 Naira, which is a considerable amount. They can spend as much as 50,000 daily bills. But, should they not have a smartphone and they have a feature phone? We have a *1266#
“So, for people that have future phones, they can also be reached on the system by dialing *1266#. At the moment, we’re fully integrated with MTN, which is 60% of the subscribers,”
Currently integrated with MTN, which represents 60% of the country’s telecom subscribers, the chairman said NetApps plans to expand its service to Airtel and 9mobile in the coming weeks, potentially covering up to 80% of Nigeria’s mobile phone users.
“Our vision at NetApps goes beyond just providing a payment solution, We aim to build a payment ecosystem that is inclusive, accessible, and reliable. Our products are designed to simplify processes, enhance the way transactions are conducted, and ultimately support the economic development of our nation,” he said
The Chairman also emphasized the company’s commitment to security, efficiency, and user-friendliness in its products, which are designed to empower businesses of all sizes from small enterprises to large corporations.
