Nigeria’s fastest growing agency banking provider, E-Settlement has partnered Seriate Limited, a Tech focused investment company to acquire and deploy up to 20,000 pieces of Mobile Point of Sale (mPOS) within the next 12 months in Nigeria.
This was disclosed during an agreement signing ceremony between the two companies on Monday, November 12th in Victoria Island, Lagos.
Olaoluwa Awojoodu, the CEO and Co-founder of E-Settlement, described the partnership as an extremely good opportunity for E-Settlement to quickly grow into the largest agent banking platform in Nigeria. He said the company which himself and three of his colleagues started has been growing at over 200% in transactions, year on year.
He said “when we launched PayCentre in 2016, we processed over N3.2bn in transactions. The following year, that number sky rocketed to N20.5bn as we continued to deploy devices. This year, by the end of October, we have already crossed N60 billion in transaction. I believe, we will close the year with over N70 billion in transaction with under 2,000devices.”
Olaoluwa also noted that agency banking is one of the best ways to bank the unbanked in the country. He said with under 6,000 bank branches in the whole country and less than 20,000 ATM machines, 70% of which are in Lagos, it is difficult to serve a population of almost 200 million people mostly living in the rural areas.