Nigeria has been on a cashless policy run recently, implementing schemes and changes aimed to steer people towards using less cash. Earlier in the year, there was a cash scarcity crisis which led to a surge in digital transactions but also multiple payment problems. Banking transactions have also largely shifted over time from in-person transactions in brick-and-mortar structures to online transactions leading the charge. These trends clearly show that the future of banking is virtual and contactless. In some Western countries, these virtual/contactless banking systems already exist and in Nigeria, NearPays is creating that future now.
Meet NearPays, the full-service payment platform transforming the payment ecosystem with its tap-and-pay seamless technology. NearPays offers soft Point-of-Sale (POS) payments through smartphones and this allows users to scan debit cards with their phones for payments. They have found a way to put POS transactions back in the hands of customers and simplify financial transactions. They also offer personal and corporate banking, online banking options, and virtual debit cards all free of charge. The team at NearPays is enthusiastic about financial inclusion and so they provide Rural Virtual POS (RVP) to financially underserved communities. This RVP utilizes USSD technology to enable digital payments even without a traditional bank account.
Co-founded by Grace Akpoiroro and Victor Daniyan (CEO), when we first met NearPays they had just won the coveted Supernova Challenge at the Gitex Africa tech conference in Morocco, in the for Fintech and Blockchain Technology category. The Supernova Challenge is the biggest pitch competition in Africa, with a total cash prize of $100,000 in categories including cybersecurity, artificial intelligence (AI), digital cities, health tech, and sustainability and agritech. NearPays at that time mentioned the intention to put the $10,000 prize money towards securing a payment card system license and expanding their seamless payment solution. Now the payment platform has entered a groundbreaking partnership with Providence Bank and ThePeer to further reshape the financial landscape and promote financial inclusion through cutting-edge mobile technology.
NearPays X Providence Bank: Financial inclusion for all
NearPays’ core mission is to provide inclusive financial services without regard to geographical limitations or income disparities. Currently, about 64 million Nigerians do not have access to formal financial services and are unbanked/underbanked. This collaboration with Providence Bank is inspired by Nearpays’ mission to reach these financially underserved populations and with this, they can now provide instant account numbers for the unbanked. This collaboration allows individuals without traditional bank accounts to access essential financial services effortlessly.
Key features of this partnership include:
- Instant account creation and NearPays debit card: The unbanked can now get instant account numbers and experience the convenience and security of NearPays’ debit card. This will facilitate frictionless transactions and financial services regardless of demographic and overall peace of mind.
- Afrigo card and e-Naira wallet integration: Customers can seamlessly link their NearPays account to their Afrigo card, granting direct access to their e-Naira wallets and further enhancing convenience and accessibility.
- Providence Bank wallet: Users can enjoy additional financial management options by integrating Providence Bank wallets within their NearPays account seamlessly.
Speaking on this partnership, NearPays’ CEO, Victor Daniyan, expressed his excitement, stating, “We are thrilled to partner with Providence Bank to drive financial inclusion in Africa. This partnership will allow us to reach a wider audience and offer them the products and services they need to manage their finances.”
NearPays X ThePeer: Simplifying inter-fintech transactions
Banks often collaborate internally with one another to create inter-banking systems that enable settlements among different banks. As fintechs proliferate in the African ecosystem these institutions each have their own technology which creates disjointed systems and puts users at greater security risk. NearPays has partnered with ThePeer to fix this for fintechs and businesses. They have created an easy-to-integrate, end-to-end financial service infrastructure for businesses which helps them simplify transactions among various fintechs. This collaboration focuses on integrating and facilitating seamless transactions between various fintech wallets, eliminating the need for traditional bank cards and streamlining the payment process. This means users can now effortlessly send and receive money between different wallets such as Piggyvest, Chippercash, and more.
Key benefits of this partnership are:
- Enhanced security: By utilising NearPays and ThePeer’s secure wallet-to-wallet transfers when making payments, users can be sure of their bank card details remain secure and private.
- Simplicity: Users can now experience seamless inter-fintech transactions without unnecessary intermediaries while also enjoying a user-friendly and streamlined transaction experience.
- Affordability: As the key goal of Nearpays is to improve financial inclusion, users can enjoy significantly reduced transaction fees through the collaboration between NearPays and ThePeer. This makes financial transactions more accessible and cost-effective for all.
According to the company, this partnership between NearPays, Providence Bank, and ThePeer, is driven by a shared vision of innovation, collaboration, and financial inclusivity. Together, they are revolutionizing the way people engage with financial services, empowering individuals to access seamless transactions and experience the future of mobile payments right now.
Nearpays wins coveted fintech prize at Gitex Africa 2023 at Marrakesh, Morocco
Recently, Nearpays has achieved yet another milestone by successfully closing a funding round of $20,000. In addition to this funding, they have also secured a generous $150,000 worth of Azure credit from Microsoft. These funding opportunities push them further in their goal to facilitate frictionless payments and continue to provide an array of inventive products and services. The company looks forward to continuing to shape the future of financial transactions in Africa and improve financial inclusion on the continent.
Download the app and find out more about NearPay’s here.
