Digital money transfer firm has secured an agreement with a payment processing company in Africa, aiming to significantly enhance financial services on the continent.
Digital money transfer firm has secured an agreement with a payment processing company in Africa, aiming to significantly enhance financial services on the continent. The partnership will enable the London-based company to better serve individuals in Nigeria through instant money transfers from over 20 countries in Europe.
According to the digital money transfer firm, this strategic move will also address the issue of financial exclusion in Nigeria, where 40 per cent of the population remains ‘unbanked.’ The founder and CEO remarked, “A huge and rapidly growing population coupled with the explosion of smartphone ownership mean that Africa and in particular Nigeria is one of the most exciting markets on the planet.”
Under the longer-term agreement, both companies plan to develop new mobile-based financial services for a rapidly expanding customer base of over 25 million individuals in Nigeria, Kenya, Uganda, and Tanzania. The CEO added, “We look forward to working with Fintech leader to build new digital low-cost financial services that drive inclusion and transform the financial lives of our customers in both the UK and Africa.”
The Group Managing Director and CEO of the payment processing company praised the London-based firm’s technology capabilities and its strong knowledge of core markets. He stated, “This agreement is a key milestone in our common strategy to better serve Nigerians wherever they are located around the world.”
The digital money transfer firm is currently in Africa as part of a trade delegation with the Prime Minister. The Prime Minister mentioned, “The scale of opportunity for the capital’s businesses across Africa is huge. 111 African companies have already come to London to raise the funds they need to invest and grow, and now we want to go further to ensure that the UK is the partner of choice for African nations.”
The agreement represents a significant step forward in enhancing financial inclusion and expanding digital financial services across Africa. Both companies foresee substantial opportunities as they collaborate to serve a growing, tech-savvy population on the continent.