Nigerian fintech company PayZeep has announced the expansion of its digital payment services, reinforcing its commitment to enhancing financial access and strengthening its position in the country’s fintech sector.

The company revealed that it has spent the past three years developing solutions to redefine digital payments and bridge Nigeria’s financial inclusion gap. This aligns with ongoing efforts to provide access to financial services for millions of unbanked Nigerians.

According to the Central Bank of Nigeria (CBN), over 28 million Nigerians still lack access to formal financial products and services as of November 2024. The rise of internet penetration has significantly contributed to improving financial inclusion, enabling access to digital services such as mobile banking and online payments.

Driving Cashless Transactions Through Technology

PayZeep’s suite of digital payment solutions includes point-of-sale (POS) systems, payment gateways, and financial applications designed to support businesses, institutions, and government agencies in driving cashless transactions.

The company emphasized that its services are backed by key regulatory approvals, positioning it as a major player in Nigeria’s fintech space.

It holds a Payment Solution Service Provider (PSSP) license, enabling seamless online transactions, and a Payment Terminal Service Provider (PTSP) license, which allows it to deploy and manage POS terminals nationwide. Additionally, its agency banking approvals have expanded financial services, particularly for young Nigerians, by providing alternative banking access points beyond traditional bank branches.

Innovations in Digital Payments

Reflecting on PayZeep’s growth, Chief Executive Officer Ayodele Adeluka said,

“Our mission at PayZeep has always been clear—to make seamless transactions accessible to all. Over the past three years, we have worked tirelessly to build a robust payment ecosystem that empowers businesses and individuals alike. Our strategic partnerships, technology-driven solutions, and regulatory milestones position us as a trusted leader in the fintech space.”

Among its key innovations is the ‘Smallie’ mobile POS device, which has been instrumental in reducing reliance on cash transactions, particularly in the transportation sector.

PayZeep also highlighted that all its POS and mobile POS (mPOS) devices come equipped with contactless ‘Tap and Pay’ technology, enabling faster and more secure transactions without the need for physical card swipes or cash handling.

Commitment to Financial Inclusion

As digital payments continue to reshape Nigeria’s financial landscape, PayZeep reaffirmed its commitment to driving efficiency and financial inclusion through technology.

With strategic partnerships, regulatory approvals, and innovative solutions, the fintech firm aims to accelerate the adoption of cashless transactions and enhance financial accessibility for millions of Nigerians.