Canada-based digital transaction platform BlocPal International and its majority-owned Nigerian subsidiary PayPassage have partnered to launch a financial services marketplace in Nigeria.
The partnership marks BlocPal’s first launch in Africa, a statement from the company said. This is BlocPal’s third partner activation in 2021. The company is also looking to extend its solutions to India, Mexico, and indigenous communities in Canada.
Through the partnership, BlocPal is looking to build a solution that provides a range of mobile financial services through physical on-the-ground retailers in Nigeria. These services include deposits and withdrawal of funds, domestic money transfers, prepaid credit cards, micro-loans, savings plans, and mobile and wallet recharges.
The marketplace will function as a one-stop solution for financial services in Nigeria, with the opportunity to expand product offerings in the future, the statement said.
The model is similar to the “phygital” financial services marketplace solution mBnk, launched in India by BlocPal in August this year.
“What makes BlocPal so unique is the ability to scale our platform to different geographies while adhering to customer needs and regulatory requirements.
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,”
said Nick Mellios, CEO of BlocPal.
PayPassage is currently reviewing the regulatory requirements applicable to its proposed activities in Nigeria to obtain the necessary regulatory approvals or licences.
“There has been a strong need for offering affordable and accessible financial solutions in Nigeria through a retailer-enabled digital platform.
Partnering with BlocPal to bring these financial solutions into Nigeria is not only expected to drive financial inclusion but also provide the opportunity for the Nigerian population to participate in the global digital economy,”
said Folarin Tomori, CEO of PayPassage.
Featured image: BlocPal
