Angala Fintech, a financial technology company, has integrated an all-in-one digital financial channel that is inclusive while enjoying equality of opportunities and access to timely financial products and services.
With this launch in Adamawa state and with an ongoing collaboration with Mercy Corps, Payrail Agency- a Branchless Next-door Banking App built for everyone at every literacy level and enabling multiple type transactions- hopes to offer a bouquet of services which include Agency Banking, funds transfer, savings, payment gateways/collections, loans, insurtech (Insurance bundles), and new technologies to solve diverse business needs and challenges of small holder farmers. All these services will be run through by Agents and Super Agents who have been tasked with the goal of making financial services reach a large number of people, particularly people living in the rural areas, semi-urban centers- the unbanked and under banked segments of the urban population.
The aim of this launch according to Dimieari Von Kemedi, Managing Director, Angala Financial Technology Limited, is to assist more MSMEs and small holder farmers to have access to basic financial services without having to feel excluded. He went ahead to explain that current financial services do not adequately meet the needs of many of those in the rural areas in terms of convenience, proximity, and affordability, leaving them financially underserved..
In his words, “Financial literacy in Nigeria is still stunted especially among low-income segments. Also, branch penetration is scarce and credit bureau coverage is still insufficient. Payrail Agency is your ‘Branchless Next-door Banking App’ that is designed for everyone at every literacy level and built for Super Agents and Agents – enabling multiple type transactions in an easy, convenient, and cost-effective manner. In essence, our primary aim is to use technology to make financial services swift, lucrative, affordable, and accessible to the financially excluded. To achieve this vision, we have partnered with the Feed the Future Nigeria Rural Resilience Activity, a five-year, USAID-funded program which seeks to facilitate economic recovery and growth in vulnerable, conflict affected areas by promoting systemic change in market systems. The Activity is implemented by Mercy Corps, with support from the International Fertilizer Development Center (IFDC) and Save the Children (SCI), primarily in the Northeast states of Adamawa, Borno, Gombe, and Yobe.”
Payrail.co Agency is powered by Angala Financial Technology Limited, a platform-based financial technology company in Nigeria.
