Fredrick Adams

1 In 2 Businesses In Nigeria Still Prefer Cash Payments Over Digital Payments – Moniepoint Report The consensus that “cash is king” due to its ease of use in low-trust environments, is true for small businesses in Nigeria. This comes after a Moniepoint report revealed that despite the rise of digital payments in the country, 1 in 2 businesses in Nigeria said they prefer to receive cash over digital payments. The preference for cash was connected to safety and ease of doing business. Read more👇 #Digitalpayments #Moniepointreport #fintech

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Nigerian fintech innovator Grey (YC W22) has forged a strategic alliance with dLocal, a prominent player in the cross-border payment sector, to facilitate its growth into new and emerging markets. Founded in 2021 by visionaries Idorenyin O. 0bong and Joseph Femi Aghedo, Grey has quickly become a go-to service for international money transfers, offering its users the ability to swiftly send and receive payments across borders without limitations. The company’s offerings include the provision of foreign bank accounts, instant currency exchange services, and seamless international money transfers. Having secured a US$2 million investment in 2022 with the support of Y Combinator, Grey is on an aggressive expansion path, with Kenya serving as its gateway to the East African market. dLocal specializes in enabling local payment transactions in fast-growing economies, bridging the gap between global merchants and consumers across continents including Africa, Asia, and Latin America. The collaboration with dLocal will empower Grey to extend cross-border payment services to wallets and bank accounts in new territories such as Brazil, Indonesia, Mexico, the Philippines, and South Africa. Click the link to read more: https://lnkd.in/dnUYEduH   #innovationvillage #grey #dlocal #fintech #partnership #ycombinator #techtrends #technews #innovation #emergingmarkets #africabusiness

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Many bank customers who have dormant accounts crowded the banking halls when the directive to banks by the Central Bank of Nigeria was made public. In this episode, MarketSquare Host focused on the rationale behind this directive to banks and also the potential impact this can have on customers. Take a listen! #veegilmedia #economics #marketsquare #protest #banks #cbn #news #endbadgovernanceinnigeria

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In the early 2000s, Nigeria's banking sector was ripe for disruption. Amidst a wave of failed core banking software implementations, a young Nigerian company, CWG, saw an opportunity. With sheer determination and a deep understanding of the local market, CWG PLC led by Austin Okere brought Infosys Finacle, a revolutionary banking software, to Nigeria. Against all odds, CWG's tenacity and innovative approach led to Finacle's rapid adoption by major Nigerian banks. There is a story of the struggles, the under-happenings, the truths, the battles, the successes here. https://lnkd.in/dmuHNCZa

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Juicyway, a Nigerian cross-border payments startup that helps businesses get FX for international transactions, has raised $3 million in pre-seed funding. P1 Ventures led the round with participation from Ventures Platform, Future Africa, Magic Fund, Microtraction, and angel investors Andrew Alli, Gbenga Oyebode, and Tunde Folawiyo. Founded in 2021 by Ife Johnson and Justin Ziegler, Juicyway is a marketplace that allows businesses and individuals to convert local currency to dollars and vice versa. The company’s raise comes at a time when access to FX remains a challenge for Nigerian businesses dealing with frequent heavy international transactions. Juicyway is one of the many Nigerian upstarts pitching to solve the country’s cross-border payments problem. Get more details 👉 https://lnkd.in/dWB-UF2H

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New Cross-Border Payment Solution Launched in Nigeria! 🇳🇬 Fidelity Bank and Mastercard have partnered to launch a cross-border payment and remittance solution. Now, individuals and businesses in Nigeria can send funds to over 60 countries and collect them in different ways: cash, in a bank account, or in an e-wallet, depending on what the sender specifies. ✍️ Details on whether the $10,000 limit can be increased and if the source of funds will be verified have not yet been provided on the companies' official websites. #CrossBorderPayments #Payments #DigitalPayments #PaymentsAfrica #PaymentSolution #FinancialServices #Finance #Fintech #NewPartnership #Africa #Nigeria

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Happy new week. Have you had a good long weekend for those of us in the UK? As product managers, we are hired to create value. The quote this week speaks of what value is. Here is hoping that all your actions this week contribute to creating amazing value for your organisation. Have a productive week! #quoteoftheweek #createvalue #productmanagement

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A masterclass by Feyi Olubodun in product management that every product manager and product designer must watch, especially if building for the African market, market outside your own, or any market really. Understanding the cultural context, customer pain points, and grassroots-level product growth. "The only person that cares about your product... is you" "The only thing consumers care about is themselves, and their problem" "You as startup founders and owners, need to think of the problem that your target consumer is having. That problem is what you must marry. Your idea or product, you date them. If they don't solve the consumer problem, you break up!" Pretty great anology, to make a vital point about concept that most fail to understand. This post doesn’t do it justice. Watch it here: https://lnkd.in/gW4HrqGH Techpoint Africa

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Discover Interswitch Group A fintech pioneer transforming payments across Africa. Interswitch processes millions of transactions daily, driving innovation and growth. Overview: Interswitch, founded in 2002 by Mitchell Elegbe, is a pioneering fintech company revolutionizing payment systems in Africa. They aim to provide seamless, secure payment experiences for businesses and consumers. Founder’s Vision: Mitchell Elegbe, an engineer with a background in finance, saw the need for a unified payment system in Nigeria. His vision was to simplify transactions and bridge payment channels. Overcoming Challenges: From building a secure infrastructure to gaining user trust, Interswitch tackled challenges with innovation, strategic partnerships, and a customer-first approach, solidifying its place in African fintech. Key Achievements: Processes millions of transactions daily, Recognized as a leader in African fintech innovation, Multiple awards for advancing the payment ecosystem. #BizVitalSigns #FintechJourney #InnovationAfrica #EntrepreneurshipGoals #Interswitch Follow us for more inspiring business stories and success tips!

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Why stand in long queues when Digital Banking exists?! In our latest article, we take an in-depth look at how our convenient, flexible, and transparent approach is empowering Nigerians to take control of their finances - all from the comfort of their smartphones. From 24/7 accessibility to customizable products and rewarding savings, we are redefining the banking experience. No more long lines, hidden fees, or outdated processes! Read the full story by clicking the link below https://lnkd.in/dtwPESZ6

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We're excited to share that in 2024, we have achieved over 300% growth in transaction volumes, helping Nigerian businesses thrive despite economic challenges. From enabling suppliers to access cash in just 48 hours to supporting women-led businesses, we’re proud to drive resilience and growth across industries. Click the link to learn more about how we empower businesses to succeed! #financialtechnology #innovation #nigeria #fintech #invoicefactoring https://lnkd.in/dxC6rvnV

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Nigeria's fintech sector is a beacon of innovation, rapidly transforming the country's financial landscape. Through the power of technology, fintech companies are breaking down barriers and empowering millions of Nigerians who were previously underserved by the traditional banking system. From mobile banking that simplifies transactions, to digital lending platforms providing access to credit, and innovative payment solutions enabling seamless transactions - the fintech revolution is in full swing. Insurance tech (insurtech) is also disrupting the industry, offering tailored products that cater to the specific needs of Nigerian consumers. The impact of these fintech innovations has been profound. Millions of Nigerians who were once excluded from the formal financial system now have access to life-changing services. This increased financial inclusion is fueling economic growth and job creation, while also enhancing financial literacy across the country. While we celebrate the significant milestones we have crossed, there are still some gaps to be covered which might be hindered due to policies, laws and talent. So far, we are on to something great. What do you think about the transformative power of fintech in Nigeria so far and how will you rate it on a scale of 1-10? #nigerianfintech #financialinclusion #nigerianfintechfestival Picture credit : Google

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