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New platform to deepen inclusion among Nigeria’s unbanked, underbanked

By Kehinde Olatunji
28 January 2022   |   2:48 am
Paypassage, a digital transaction solutions provider seeks to drive financial inclusion for the unbanked and under-banked in Nigeria through the launch of its financial services platforms.

Photo: TECHCRUCNCH

Paypassage, a digital transaction solutions provider seeks to drive financial inclusion for the unbanked and under-banked in Nigeria through the launch of its financial services platforms.

To achieve this, the firm is partnering with Blocpal, a Canada-based fintech leader with operations in India, Mexico, North America and parts of Europe to deepen financial inclusion in Nigeria.

A statement signed by the CEO of Paypassage, Folarin Tomori, hinted that its financial services platform to be officially launched in Nigeria would offer digital financial solutions to help drive financial inclusion of the unbanked and under-banked in Nigeria.

Nigeria is one of the top three unbanked countries in the world, with 40 per cent of its population without a bank account and out of the 59 million unbanked adults, 73 per cent do not have the requisite documents to open a tier-three bank account.

He said: “The desire to bridge this gap in the nation’s financial landscape necessitated the birth of PayPassage, which aims to provide its customers with a secure and fast payment experience across multiple channels.”

He added that to make this easier, the digital transaction solutions provider will leverage BlocPal’s Blockchain technology to uplift and integrate financial services in Nigeria.

Tomori added that the partnership would further position PayPassage 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.

“Our financial ecosystem supports a range of solutions for digital engagement with customers, including Point-Of-Sales, e-commerce, white-label enterprise solutions, loyalty rewards, financial network integration and a robust consumer digital wallet.

“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.”

CEO of 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.”

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