Nigeria’s fintech firm Innovate 1 Pay launches in UAE to serve the expanding market segment
Nigeria’s payment gateway Innovate 1 Pay has opened its Dubai office to serve the growing customer base to the region.
Innovate 1 pay sees the UAE office as an opportunity to provide African expatriates in the region with payment services, international money transfers and wholesale foreign exchange management, as well as being their exclusive distributor of foreign currency.
According to Mahmood Ahmadu, chairman, Innovate 1 Pay: “With the maturing of financial markets in Africa, we have expanded our presence to a total of 56 countries currently, and with the promise that the new UAE visa regime holds for African professionals, we believe the prospects for growth in addressing this demographic is very promising indeed.”
With growing trade between Africa and Asia, UAE has become the meeting point of top traders from both worlds. UAE has also increasingly become one of Africas top business and tourism destination hence the need for financial services for Africans in the region.
Innovate 1 Pay is strategically positioning its payment gateway and financial services platform to link between Dubai and several African nations, and meet their financial needs. Innovate 1 Pay says it has processed over a million client transactions and payments in Nigeria and globally on its platform. The launch in UAE is part of its mission to grow its geographic reach and business operations internationally through partnerships in targeted markets.
Innovate 1 Pay offers business organizations, government agencies, and individuals the ability to collect their payments in a fast, easy and secure manner. The platform enables payments to be made and received online and offline using credit and debit cards, cash deposits at the bank, and a virtual wallet.
Innovate 1 Pay is licensed by the Central Bank of Nigeria to provide international money transfer services, payments services, wholesale foreign exchange management, and distribution of foreign currency within Nigeria. Innovate 1 Pay is the exclusive distributor of foreign currency to Bureau de Change (BDC) operators in Northern Nigeria (via Abuja and Kano) and provides currency services to travelers at major International Airports in Nigeria.
Africa is currently the second fastest growing continent, after Asia, and we are looking at an average GDP growth of 5 per cent across the continent that has lasted a decade now. Africa is home to 40 per cent of the people in the world who lack access to banking services and we at Innovate 1 Pay see our business mission within the context of this larger social goal,” said Anthony Nwachukwu, CEO, Innovate 1 Pay.
