A new fintech company, CashAfrica, is aiming to revolutionize payments by enabling smartphone users to withdraw cash from Point-of-Sale terminals, eliminating the need for bank cards in a country where card ownership is not as prevalent.
By bypassing traditional card partnerships, CashAfrica can reduce costs and increase profits, addressing a common issue for Nigerian fintech companies dealing with international card networks.
However, the success of CashAfrica relies on widespread adoption of NFC-enabled smartphones and user familiarity with this technology, presenting challenges as not all phones in Nigeria support NFC functionality.
Despite these obstacles, CashAfrica’s CEO remains optimistic about the future, anticipating a rise in NFC-enabled phone imports and positioning the company as a pioneer in tap-to-pay services in Nigeria.
CashAfrica also plans to target banks and other fintech firms as potential clients to encourage the integration of its tap-to-pay solution.
For more information on CashAfrica, visit their website.