Can you tell us about the thought process behind FairMoney’s decision to acquire PayForce?

FairMoney started out with a grand vision to bring more people into the financial system, and ultimately close the Financial Inclusion gap, especially in emerging markets. When considering PayForce as a potential acquisition, we saw many opportunities for strategic alignment and a charge toward our vision.

PayForce has a track record in providing innovative merchant payment solutions, and FairMoney understands that enabling seamless payment collections for small and large businesses will accelerate their growth. With Payforce joining the FairMoney family, we are able to offer our customers a more comprehensive suite of financial services, including merchant payments and point-of-sale solutions.

Overall, we are excited about the potential of this acquisition and we are already witnessing growth, especially with the recent 10,000 active merchant milestone we just achieved with Payforce, now Payforce by FairMoney.

Payforce by FairMoney just hit 10,000 active merchants, what does this milestone mean for you and the goal to reach over 100,000 active merchants in 2023.

Hitting 10,000 active merchants with Payforce by FairMoney just 1 month after the acquisition is a significant milestone for our company. For us, the business owners who strive daily to provide solutions and necessary services to their customers are the real heroes, and we are happy to have 10,000 of these businesses rely on Payforce by FairMoney daily to collect payments, while they focus on building their business. 

This achievement also sets us on track to achieve our goal of reaching over 100,000 active merchants in 2023. With 10,000 active merchants already using Payforce by FairMoney, we have established a solid foundation for growth and are well-positioned to scale our operations to reach our ambitious target.

We are excited about the future prospects of Payforce by FairMoney, and are committed to continuing our efforts to expand our merchant network and provide exceptional financial services to merchants across Africa. We appreciate the support of our customers, partners, and team members in achieving this milestone, and we look forward to reaching even greater heights in the future.

In what ways will the acquisition help FairMoney to achieve its goals of closing the financial inclusion gap in emerging markets like Nigeria? 

With Payforce by FairMoney, we are able to offer seamless payment collections and give access to loans and other financial products to small businesses and their customers. This will empower business owners with the necessary tools and resources to grow their businesses, create more job opportunities, contribute to the economic development of Nigeria and more importantly give more people access to engage with the financial system. As we expand our merchant network and accelerate small business growth, we are facilitating financial inclusion for underserved communities.

How do you envision this acquisition improving the financial landscape for merchants in Africa? 

This acquisition will greatly improve the financial landscape for merchants in Africa by providing them with a one-stop solution for receiving payments and earning extra income through the sale of financial services products. FairMoney’s expertise in digital lending, savings, payments, and other financial products combined with PayForce’s merchant payment service capabilities will create a robust ecosystem that simplifies the payment process for merchants and enhances their overall experience. This will help merchants save time and resources, improve their cash flow, and enable them to focus on growing their businesses, ultimately contributing to the growth of the merchant sector in Africa.

What kind of services can merchants expect to receive from Payforce by FairMoney following the acquisition? 

Merchants will continue to receive a wide range of services from Payforce by FairMoney following the acquisition. These services will include seamless payment collections, opportunity for extra income, access to loans for business growth, savings and investment products, and other financial solutions tailored to the needs of merchants. FairMoney will also leverage its digital lending capabilities, as well as its expertise in financial services, to offer merchants and retail customers a comprehensive suite of services that are designed to support their business operations, improve their financial health, and foster growth.

What do you hope to achieve in the near term with this acquisition looking ahead, what are your long-term goals for FairMoney in the context of building Africa’s money story?

This acquisition revolves around the power of the ecosystem that we are building in Nigeria and Africa as a whole. FairMoney started as a microlender, but we realized that as we grew, the demand and desire of the people we serve were more than just lending, but a more robust platform that will help them tackle all their Financial needs. Merchants and retail are two sides of the same coin, and there is a need to build a larger ecosystem that serves both ecosystems. Our mission today has evolved and it is to Rebuild Africa’s money story, by expanding both merchant and consumer solutions and providing cutting-edge financial innovations to the African continent.

Over the last decade, Africa has been making great strides in finance and technology and there is a big opportunity to claim a spot as a global financial powerhouse that is what we want to facilitate with FairMoney and with acquisitions like Payforce by FairMoney.

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