RedCloud partners with Nigeria’s payment system to give millions of consumers access to distributed banking services
RedCloud Technologies, the world’s first open banking platform, today announced a partnership with Nigeria’s KongaPay; the payment system which aims to facilitate the initiation and completion of transactions in a seamless manner to accelerate distributed banking through a new payment ecosystem that allows unbanked customers to pay online.
Through the Banking as a Platform model, a first for Nigeria, KongaPay will use RedCloud technology to enable the banks to offer innovative digital financial services via its rapidly growing merchant network, with merchants benefiting from increased footfall and resulting bottom-line revenues.
Justin Floyd, RedCloud’s CEO comments, “We believe Nigeria will realise its considerable untapped potential from this new kind of technology platform as it enables banks, retailer and agents to work together to deliver financial services at scale. Konga is a company we have admired for some time and who have a proven record in e-commerce. We are delighted to partner with them to offer a new technology model: one platform connecting all stakeholders in the financial ecosystem.”
RedCloud One redefines the customer experience and opens access to new personalised financial products (digital payments, loans, insurance) and new types of products/services through mobile and digital channels. It’s a highly secure technology that allows quick configurability for a faster time-to-market.
Speaking about the partnership Olayemi Jinadu VP, Payment Products and Digital Goods said, “KongaPay payment solution’s partnership with RedCloud attests to our drive to make Nigerians and Africans at large experience the best of service at their convenience. This means we constantly evolve to be more relevant to customers and society.”