Leading agent banking solution provider, PayCentre Africa, has emerged as a winner in the 2019 Inclusive Fintech 50 list. The Inclusive Fintech 50 of emerging Fintechs for financial inclusion is an initiative of the MetLife Foundation and Visa in partnership with Accion and IFC to help fintech companies attract capital and resources to benefit the 3 billion financially underserved people globally
PayCentre is a product of E-Settlement limited that provides financial access and empowerment to underserved communities and unbanked people in Nigeria.
Using a mobile application and an mPOS (Mobile Point of Sale) device, agents on the PayCentre network can carry out banking hall transactions like cash withdrawal, transfer, deposits, bill payment, cable subscription, and airtime purchase for people in areas with little to no basic banking facilities.
The agent network is made up of 3,000+ small business owners in remote locations and collectively processes transactions worth more than USD $28 million each month.
Speaking on the win, E-Settlement’s CEO, Olaoluwa Awojoodu remarked that “It feels good to be recognized for our work and impact in Africa, we will take this as an encouragement to reach out to and serve more communities. We hope to increase our network to 10,000 agents before the year runs out”
The Inclusive Fintech 50 competition body said it received applications from 400 early-stage inclusive FinTechs operating in nearly 150 countries across payments, insurance, infrastructure and more and that the winners stand out due to their innovative products and services, deep understanding of the underserved market, and their strong traction-to-date.
Together, the winners and applicants demonstrate the significant potential for fintech to serve underserved populations with tailored products, business models, and value propositions.
E-Settlement is a financial technology company with a focus on increasing access to basic financial services to individuals and businesses in Africa.
The Group has been at the forefront of innovative, easy to use, affordable, secure and inclusive payment solutions for Africa and the world beyond for years.
E-Settlement also owns CashEnvoy, an online payment gateway, and PayPad, the first-to-market mPOS solution that provides customers with an alternative mode of payment.
The winners are listed at www.inclusivefintech50.com/winners.