Azimo partners Interswitch to improve financial inclusion

In a bid to enhance financial inclusion in Nigeria, Azimo, a leading fintech company, has partnered with Interswitch, a prominent Nigerian-based digital payment company. The CEO of Azimo, in a recent interview with CNBC Africa, highlighted the immense potential for British firms in the Nigerian market. While traditionally, sectors like mining and telecom have been the focus of collaboration, the CEO emphasized the growing significance of technology, particularly fintech. The CEO mentioned that while fintech is thriving in London and Europe, it requires large markets like Nigeria with millions of potential users to fully leverage its technology. The CEO further emphasized the vast opportunity present in the Nigerian market, with 40 million unbanked consumers and a total population of 180 million. Additionally, there are 15 million Nigerian expats globally, creating a significant flow of money in need of efficient financial services. Fintech aims to address the fundamental issue of financial exclusion by enabling these underserved populations to access banking services. Azimo's partnership with Interswitch has enabled faster and more cost-effective transactions into Nigeria. With the capability to process transactions within seconds, Azimo is revolutionizing cross-border money transfers from Europe to Nigerian bank accounts. Looking ahead, there is a promising opportunity for pan-African payment solutions, with Nigeria serving as a key player in facilitating seamless cross-border payments within the continent. The influx of investments from the US, China, and Europe into Nigeria and Africa as a whole signifies the recognition of the region's immense growth potential. Major global brands are eyeing the opportunity to tap into the next 500 million or billion customers, which are expected to come from emerging markets like Nigeria. The CEO highlighted the three crucial components for a successful tech ecosystem: capital, talented individuals, and expertise. With increasing funding from global players and ample engineering talent in Nigeria, the stage is set for significant tech advancements in the region. Azimo's approach to engaging with the local market goes beyond mere partnerships. The CEO likened partnerships to marriages, emphasizing the importance of long-term commitment and the evolution of goals and strategies over time. Azimo aims to not only deliver superior services to customers through strategic alliances but also to transfer knowledge and expertise in financial services to bolster the local fintech ecosystem. By sharing insights on essential aspects such as KYC protocols and payment systems, Azimo seeks to empower Nigerian startups and foster the growth of robust African payment businesses. As Azimo and Interswitch forge ahead with their partnership, the future of financial inclusion in Nigeria looks promising. With a focus on innovation, collaboration, and knowledge transfer, these companies are at the forefront of driving meaningful change in the fintech landscape of Africa.