Vancouver’s BlocPal and PayPassage have announced a partnership to uplift and integrate financial services in Nigeria.
Nigeria is one of the top three unbanked countries globally, with almost half of Nigerian adults having no access to a bank account. Out of the 59 million unbanked adults, 73 percent don’t have the required documents to open a tier 3 bank account.
With 81 percent of the Nigerian population owning a mobile phone, Nigeria is ripe for the financial integration that BlocPal and PayPassage can bring.
The partnership with Nigerian subsidiary PayPassage has been developed with the intent to leverage BlocPal’s powerful platform to drive financial inclusion in Nigeria.
BlocPal offers unique accessibility and scalable infrastructure to integrate into the Nigerian economy easily. This solution is intended to provide a range of mobile financial solutions, including the ability to deposit and withdraw funds, execute domestic money transfers, purchase prepaid credit cards, micro-loans, savings plans, and mobile and wallet recharges.
Leveraging this technology, BlocPal and PayPassage believe that it can bring these solutions into other countries in Africa by delivering digital payment processing and fintech services to help enterprise partners reduce transaction costs, create new revenue streams, and build more loyal relationships with its customers.
“What makes BlocPal so unique is the ability to scale our platform to different geographies while adhering to customer needs and regulatory requirements,” says Nick Mellios, CEO of BlocPal.
“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 in Nigeria and providing a wide variety of affordable financial solutions to communities all across the country.”
Leave a Reply