When Payment Solutions Meets Innovation: How Xpress Payment is Changing the Fintech Scene in Nigeria
The Fintech sector in Nigeria no longer needs an introduction, raising more than $600 million in capital between 2014 and 2019. And this accounts for 25% ($122 million) of the $491.6 million raised by African tech startup firms in 2019 alone.
The story becomes more interesting when you consider that this is a sector that expanded due to the inadequacies in the traditional banking industry. Some of these inadequacies include but are not limited to quick and affordable payments, accessible loan options, and flexible savings and investments.
In our appraisal of the growth of fintech in Nigeria, we cannot overlook the impact of these: a young population, rising smartphone penetration, and a concentrated governmental drive to improve financial inclusion and cashless payments.
As it stands, Nigeria currently has over 200 fintech startups. In addition, banks and mobile network carriers now offer a variety of fintech solutions as part of their product portfolios.
But with a myriad of these fintech providers, there is still a lot left to be achieved. Out of a population of 200 million people, 40 per cent is still financially shut out. Accordingly, Fintechs in Nigeria can find immense potential across the consumer spectrum, particularly in the SME and elite segments, as well as, progressively, in the mass-market segment.
Enter Xpress Payment Solutions Limited. Established in 2016, this fintech company set out to be different from the lot, pledging innovative payment solutions to Nigerians. While innovation is a welcome phenomenon, it in no time became cliched as it made its way to the lips of everyone. So whenever it was used, it also became imperative for the organization that was brandishing it to ensure that a lot of work went into making its offerings live up to its famed reputation.
And they did. For a five-year-old company, they have won a number of awards that signal they are on the right track. These important recognitions include the 2019 Fintech Start-up of the year award as well as the Payment Terminal Service Provider of Year in 2020 by the Nigeria Technology Awards. They also copped the Next Bull award at the 2021 Nigeria Investor Value Awards, comfortably sitting on the list of the fastest-growing businesses in Nigeria.
With these accolades in their favour, scepticism is out the window. Xpress Payment Solutions Limited prides itself as the trendsetter in executing well-thought-out disruptions necessary to transform the Fintech space. As the MD/CEO, Dr Markie Idowu puts it, “Xpress Payments would incorporate business investments that support and represent a company of global standards.”
Smarter financial living takes the front burner here. The company specialises in the design, implementation, and provision of electronic payment platforms. They also provide services including bill payment, funds disbursement, management of point-of-sale terminals, transaction switching, third-party processing, terminal service provision, solution service provision, agency banking, and fund sweeping.
At this point, it is safe to say that only the best should be expected from the fintech sector in Nigeria. If you are in doubt, look no further than Xpress Payments Solutions.