financial technology companies in Nigeria

There are a number of financial technology (FinTech) companies operating around the world, and this could be a very great year for continuing growth and success for each one in Nigeria. So far with user rates, it is fair to say that the FinTech industry is thriving.

Greater benefits arises with the transformation of how Nigerians use mobile money technologies, redefining the customer's experience within the financial service industries, thus FinTechs has truly come to stay. These companies are really changing the face of our financial services in Nigeria:

AppZone

Appzone is a provider of banking and payment solutions. This company has registered about 2 million accounts and issues over 30,000 cards and processes 100,000 transactions daily. AppZone provides such solutions as retail banking cloud solutions, personal banking cloud solutions, commerce cloud solutions, branchless and agent banking cloud solutions, business banking cloud solutions, and mobile financial platform, as well as a range of on-premise products (e.g., instant & automated card issuance, prepaid card management, EFT settlements and auto-reconciliation, and ATM monitoring).

Wallet.ng

Wallet.ng provides access to financial products through phone numbers. With a wallet account, users can make payments for utility bills, recharge, and send money to anyone in Nigeria with just a phone number or directly into their bank account and make cardless ATM withdrawals. Wallet.ng also allows individuals to accept payments online from local and international cards by giving users a personalized URL.

ChatPay

ChatPay allows users to perform financial transactions directly from some social media channels. Features of this company include balance enquiry, funds transfer, ATM locator, airtime purchases, bill payments, account mini statement, help through chat, cinema listings, and change PIN.

VoguePay

VoguePay is an online payment processor that offers buyers and sellers a secure and easy-to-use means of transacting business online. Owned and managed by Vogue Web Solution, VoguePay allows site owners to receive payments for their goods and services on their website without any setup fee.

CowriePay

CowriePay is a payment gateway that allows customers to buy now and pay later. This company is in partnership with licensed financial services providers, fund providers, and retailers/merchants. At CowriePay, customers can also send and receive money from anyone with an email or mobile phone number.

RenMoney MFB Limited

RenMoney MFB Limited (formerly RenCredit) is a consumer finance organization with expertise in the provision of simple money solutions. RenMoney operates under the license a microfinance bank, the closest to a consumer finance banking license available in Nigeria. The company has a customer base of over 25,000 customers. Apart from being the first microfinance bank to launch cloud technology with minimal fixed asset investment in Nigeria, the company has a functional platform which guarantees and ensures an efficient and scalable operational system, with a promise of 24-hour disbursement to customer’s preferred account.

eTranzact

eTranzact is Nigeria’s multi-application and multi-channel electronic transaction switching and payment processing platform. eTranzact has operations in Nigeria, Ghana, Kenya, Zimbabwe, South Africa, Cote d’Ivoire, and UK and is currently expanding its business operations to other countries across the globe. Launched in September 2003, eTranzact currently has a global reach extending its services to include products across all aspects of the e-payment space: ATM, Internet, POS, and Mobile. eTranzact has also deployed its mobile payment solutions to banks and other financial institutions alike. Moreover, the CBN granted eTranzact the license to provide mobile money services to individuals with a special focus on the non-banking sector.

Remita

Remita is an e-payments and e-collections solution on a single multi-bank platform. Today, Remita is used by many individuals and public and private sector organizations that process over N500 billion worth of transactions on a monthly basis. Adopted by the CBN for the payment and collections of funds on behalf of the Federal Government of Nigeria and used by all 22 commercial banks and over 400 microfinance banks, Remita has significantly assisted in revolutionizing the e-payment industry in Nigeria. Remita also comes with an optional payroll and HR solution for fully integrated processing.

Flutterwave

Flutterwave provides the underlying technology platform that allows businesses to make and accept payments anywhere in Africa. In just over a year since its launch, Flutterwave’s technology has been responsible for processing over $1.2 billion dollars across 10 million transactions. Headquartered in San Francisco with offices in Lagos, Nairobi, Accra, Johannesburg, the company is eliminating barriers to the digital economy for African consumers and businesses.

Piggybank.ng

Piggybank.ng is a platform that works directly with financial institutions with the aim of enabling users to save little amount of money periodically (daily, weekly or monthly) without thinking about it. The funds in user’s Piggybank.ng account is warehoused and monitored by the company’s partner bank, UBA Nigeria Plc. Piggybank.ng provides the saving technology. Besides, all the tools that users need to save their money are built into Piggybank.ng dashboard. Piggybank.ng automates the process of saving meagre amounts daily, weekly or monthly; it also allows users to withdraw their funds for free on only set withdrawal dates, thereby making saving more possible for users by eliminating the temptation to withdraw.

Paystack

Paystack helps Nigerian businesses accept payments online from users anywhere in the world with MasterCard, Visa and Verve cards. Paystack operates as a payments platform which enables the online payments process very easy on the part of both the consumers and the businesses they are trying to pay. In explicit terms, they make it easy for merchants to accept credit and debit card payments online from customers.

It will now allow “starter businesses” to use its platform by verifying business owners’ phone numbers with Truecaller’s crowd-sourced verification system thanks to a new partnership between the two companies. In addition, Paystack will also require merchants to provide verified personal bank details and a national ID.

KiaKia

KiaKia is a licensed, entirely-online, direct and P2P lender that uses technology to provide direct personal loans at flexible rates. This company matches borrowers with individuals or corporate lenders at mutually-agreed rates. With improved credibility, borrowers are able to make their own interest rates offer to selected lenders while KiaKia takes a little fee for creating and managing the platform.

Paylater

Paylater is an entirely online lending platform that provides short-term loans in Nigeria to help cover unexpected expenses or urgent cash needs. Customers can apply for a Paylater loan 24 hours a day and 7 days a week with its quick application process that allows applicants to know their status within minutes.

Lidya

Lidya uses mobile-first technology and proprietary credit scoring algorithms to help African businesses and individuals open an account online in 15 minutes, manage funds, and access credit needed to grow their businesses and plan their futures. In addition, Lidya created dashboards and tools not only to help businesses manage their receivables and cash flow but also to assist individuals build credit scores that unlock higher credit limits and affordable rates.

Paga

Paga was founded in early 2009 with a mission to make it simple for people to access and use money across Africa. Paga is a mobile payment platform that allows its users to transfer money and make payments through their mobile devices. Paga acts as a mobile wallet where any user equipped with a mobile device can conduct transactional activities using their device. Paga was founded in Nigeria in 2009 by Tayo Oviosu and publicly launched in 2011.

Mobile money agents

As the body of bank CEOs prepare to roll out 500,000 licensed super agents and mobile money operators through Shared Agent Network Programme, here are ways to key into the scheme and make a kill.

Mobile money agent, under the new initiative, is an outlet that has been registered by a mobile  money operator to provide basic financial services, such as account opening, BVN enrolment, cash deposit, cash withdrawal, fund transfer, bills payment, airtime purchase and government disbursement.

Mobile Money Agent can also be referred to as the location where customer can go and get information and assistance on mobile money services.

The new project is a collaboration between the Central Bank of Nigeria (CBN), the Nigerian banks, licensed mobile money operators and super agents to accelerate financial inclusion in the country through a shared Agent Network programme and the introduction of new micro loans, savings, insurance and pension products for the benefit of unbanked, financially excluded and low income Nigerians.

Statistics have shown that 53 per cent of adults in the country are excluded from financial services and therefore, this is a potential market for mobile money business.

By becoming a mobile money agent, the agent stands to benefit from an increased customer traffic flow into their shops or outlets, extra income earned from mobile money transactions commissions and globally recognized brand association benefits.

Transactions that can be carried out

The following services are available at any mobile money agent location

-Airtime recharge (all networks)

-Bills payment/settlement (electricity bill, water bill, Waste bill, DStv, GOtv, Startimes, actv, local and state government levies/taxes, estate permits, etc.)

-Funds transfer (sending money to, and receiving money from any person nationwide)

-Account opening with any bank

-Payments – for insurance premiums, airline tickets, embassies, etc.

-Deposit of funds (cash-in) into own or a third- party account

-Withdrawal of funds (cash-out) from own account.

Who can use the services?

Everybody can access and use mobile money services, from students to artisans, traders, the self-employed, professionals and everyone who requires access to basic financial services.

Who can be mobile money agent?

Individuals, small to mid-size businesses, institutions etc can become mobile money agents upon registration and submission of requisite documentations.

The requirements are based on the class of agent applied for e.g. classic, standard and prestige.

Individuals and unregistered businesses (mass/umbrella agents) fall under classic category. MSMEs, mom-and-pop shops, salons, supermarkets, chemist shops, grocery stores, etc. fall under the standard category; while bigger businesses like petrol stations, pharmacy chains, Quick Service Restaurants (eateries), etc. fall under the Prestige category. Institutions with structures like MFBs also fall under the Prestige category.

Having an existing business which attracts reasonable footfall is a basic requirement. In addition, one must have a physical location that is easily accessible to people as well as an acceptable means of identification.

For corporate entities and institutions, business registration/incorporation documents will also be required.

What happens if my phone is missing or damaged?

Your money is safe as the funds in your electronic wallet is actually in the settlement bank and not on your phone.

However, you must ensure that your log-in details as an Agent are not compromised in any way.

Once you get another phone, you will have to undergo the set-up process after which your agent account details are synchronized with your new phone.

What are the benefits of becoming an agent?

Additional revenue from commissions and incentives; Increased sales from additional foot-traffic;

Differentiation from other businesses: being a Quickteller Paypoint Agent differentiates a business from others in its category/industry

Social relevance to the neighbourhood/ community where Agent operates.

How can I get started as an agent?

Ensure you have a work tool/device (Smart phones that run on Android);

Complete and submit the registration form;

Provide the required Know Your Customers (KYC) documents;

Provide the minimum operating capital requirement;

Receive validation and setup details;

Be enlisted for training;

Receive starter pack and branding materials;

Commence live transactions documents will also be required.

How do I get started as a customer?

Just walk into any mobile money agent location in your neighbourhood, communicate the service you need to the agent and you can be sure to get the service delivery in a timely manner.

CBN TO PENALIZE BANKS FOR FAILED TRANSACTIONS

Every Nigerian in one way or the other with master, Visa and verve cards, have been a victim of an e-transaction either via payment for bills and purchase online as well as basic POS transaction for cash at modern day money shops.

We have been very well unaware of these new updates that the Central Bank of Nigeria has put in place to help you and I to best enjoy a service that will serve that purpose by allowing banks to be liable for customers delayed money transfer.

In accordance to this article by punch, I will recommend you take a glimpse of what CBN has promised us for failed e-transactions and get us aware of what we can seek.

Need for Money Shop in Nigeria

The need for money shop in Nigeria has proven itself to further assist the CBN cashless policy.

For an economy as vast as Nigeria's, the need for cashless has become a serious issue for the masses at large.

Today money can be collected from ATM machines, bank cashier's and several money shops in various strategic location. Note that this was not the case some decades back and in this regards, we can say that our economic outlook has been remodelled to a much more favourable condition in line with our original policies set by the Central bank Bank of Nigeria.

The nation has come a long way in bringing this policies to limelight, with great appreciation to efforts made, we all must understand that there is much more work needed to be done to keep this move steady, efficient and very reliable for every single Nigerian, home or abroad.

SOME OF THE MOST PRESSIBG NEEDS GOR MONEY SHOPS

• Quick access to money anytime, anywhere with less dependencies on banks and ATM.
• Job opportunities for young Nigerian youths willing to delve into the financial sector with willingness to expand on the know-hows.
• Ease for small business men and women to quickly deposit daily cash into their bank accounts without visiting a bank branch.
• Ease of doing business with anyone with bank account.
• Quick transfer to any bank account without limit to bank to bank transfers only.

There will come to be more advantages for money shops as the economy constantly approve this newest option of transacting business but we must do our best to set serious control measures to best regulate various banks and financial techs on how they manage these money shops for consistent service provision at a reasonable, affordable cost.

ATM and POS debit alerts for failed transactions

Imagine you are at a remote location in Nigeria without any cash in your wallet but a saving grace of an ATM card with only twenty thousand naira value within. Now you visit any ATM or Money shop to be debited for that cash value to fast enable you complete a needed payment in that region.

Instead of being handed your expectation, rather you get an alert that you have been credited as well as a slip from either the ATM or Money Shop POS that your transaction was not completed. At that moment you will feel a sense of ill luck and start cursing all the forces of evil that has been following you all week.

This debit alerts are expected though but expectations of an immediate reversal should occur but in many cases as witnessed, it never gets reversed and such person will have to cancel any plan for that moment and visit their banks for a manual reversal.

A lot of Nigerians has been in this diaspora, once too many times and the bank most times makes it even difficult for customers by never giving attention to such issue which are priority, pushing customers around till they even forget their funds and move on.

Note that when you even let go of these funds, your money stays in that state of no access by both self and bank. There must be a solution to this irresponsible act of negligence on the side of Nigerian banks towards customers having this sort of issues.

WHAT THE BANKS CAN DO TO HELP DEBITED FAILED TRANSACTIONS.

• Welcome customers to the bank and give them a quick service for a refund of their money.
• Ensure several staff are standby for this auto reversal action for sake of customer service benefits.
• Stop point fingers without fact to the money shop agents cause it limits transactions at these money shops yet increase workload for banks all over.
• Get better server for banking automated response with proper uninterrupted power supply.
• CBN must fast begin executing the promise for defaulters in not remitting failed transactions.

In all these comments, banks are suppose to start working assiduously with the CBN policy to fast ensure proper transaction success, smooth transition and efficient banking regulations.