PayPassage, a digital transaction solutions provider of affordable and accessible financial products and services plans to officially launch its financial services platform in Nigeria.
The 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 40% of her population without a bank account.
Out of the 59 million unbanked adults, 73% do not have the requisite documents to open a tier 3 bank account.
Against this backdrop, PayPassage promises to provide customers a seamless, affordable, secure and fast payment experience across multiple channels with the launch of its financial services offerings, it said in a statement.
PayPassage plans to do this in partnership with BlocPal, a Canada-based fintech leader with operations in India, Mexico, North America and parts of Europe.
This partnership will enable PayPassage leverage on BlocPal’s Blockchain technology to uplift and integrate financial services in Nigeria.
This will enable PayPassage drive financial inclusion to the unbanked and underserved population in Nigeria, and further position it 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.
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.
The financial ecosystem supports a range of solutions for digital engagement with customers including Point-of-Sales (POS), e-commerce, white label enterprise solutions, loyalty rewards, financial network integration and a robust consumer digital wallet.
Commenting, the CEO, PayPassage, Folarin Tomori, was quoted: “There has been a strong need for offering affordable and accessible financial solutions in Nigeria through a retailer-enabled digital platform.
“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.”
On his part, CEO, BlocPal International, Nick Mellios, said: “What makes us unique is the ability to scale our platform to different geographies while adhering to customer needs and regulatory requirements.
“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.”
