Startup News

E-Settlement Nigerian Fintech Platform processes $2.5m daily

E-settlement - cfamedia

E-Settlement is processing a daily amount of $2.5 million in transactions throughout all its platforms to enable it to further extend its services.

The digital banking startup provides financial services to diverse targeted markets, thereby placing itself as a leading provider of affordable, innovative and secure payment solutions on the continent.

According to Olaoluwa Awojoodu, the founder, E- Settlement has processed up to 2.7 billion so far in transactions. Founded barely two years ago, the startup is growing its daily financial figure by $2.5 million.

E-settlement processes its transactions across multiple platforms while targeting diverse customers. The digital banking startup introduced PayCentre an agency banking solution responsible for offering regular banking services in the rural and outskirts of urban centres.

“These are regions where people have no access to banks or ATMs. PayCentre is targeted at the financially excluded or underserved, and in practice, creates new jobs and improves the economy of the community in which it is deployed,” said Awojoodu

Other E-Settlement platforms include PayPad and CashEnvoy. They were put in place to enable the widespread distribution of financial inclusion beyond some major Nigerian cities.

“People outside of Lagos have limited access to financial services. The banks are too far away. We bridge this gap by converting existing retail outlets like pharmacies and grocery stores into agent locations that can provide access to financial services,” Awojoodu stressed

Speaking on the platform’s milestone, Awojoodu noted that, “We offer business growth opportunities in terms of loans, the lowest charges in the market, referral bonuses, and so much more. We have been able to impact communities, create employment and help our customers also become employers of labour,”

E-Settlement charges a specified fee on transactions made via its platforms. It’s major operation, for now, is in Nigeria, although it has business expanded to Ghana and the platform hopes to expand beyond its borders soon.

E-Settlement got named in this year’s Inclusive Fintech 50, a global competition set up to encourage and promote early-stage fintechs who use their solutions to drive financial inclusion.

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