Chief Operating Officer, WallX Africa, Olasubomi Jegunmah has disclosed the company is shifting its focus from being a conventional payment application to building a financial solution that would enable African businesses receive payments, manage transactions and operate more efficiently.

In a statement, Jegunmah said the move was driven by the need to address the fragmented payment systems, manual processes, cash dependence and poor financial visibility confronting businesses across the continent.

Specifically, he described WallX as a technology layer that could connect businesses, consumers and financial institutions while reducing the friction associated with everyday financial transactions.

To him, ‘many businesses still operate with fragmented payment systems, manual processes, cash dependence and limited visibility over their financial operations.’

Speaking further, he added that the fintech company had evolved from the initial business-to-business payments focus into a broader fintech ecosystem featuring business-management tools, PayCode-based payments, soft POS capabilities and cross-border payment solutions.

He further revealed that one of the company’s key technologies, PayCode, is designed to enable users to initiate and receive payments without repeatedly exposing sensitive banking or card information.

Jegunmah also said the technology could ultimately become an infrastructure layer that banks, financial institutions and payment partners could integrate into their own systems.

‘The longer-term opportunity for WallX is much broader,’ he said, adding that the company was working towards PayCode becoming ‘an infrastructure layer that financial institutions, banks and payment partners can integrate into their own ecosystems.’

The executive identified offline payments as another major opportunity, particularly in African markets where internet connectivity remains uneven.

He said WallX was exploring technology capable of bridging the gap between offline and online transactions without relying entirely on continuous internet connectivity, physical payment terminals or the direct sharing of sensitive financial information.

The company, according to him, is also pursuing partnerships with regulated financial institutions, with WallX positioning itself as a technology and infrastructure partner rather than a replacement for the existing financial system.

‘WallX’s strategy is increasingly focused on working with regulated financial institutions and established payment infrastructure rather than attempting to replace the financial system.’ He noted.

Jegunmah stressed that the nation remained WallX’s primary operating market but stressed that the company’s ambition extended across Africa and, eventually, to global markets with WallX is also eyeing to launch its services in Canada Considering it recently acquired MSB license.

He maintained that Africa’s fragmented financial ecosystem, varying currencies, banking systems, payment networks and regulations presented an opportunity for technology companies to develop infrastructure suited to the continent’s realities.