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Fintech startup Bluecode set to enter Nigerian market

The Bluecode payments service is about to launch in Nigeria with two partner banks.

Bluecode is a “pull-based” payment system that works like a cheque or a credit card in giving merchants a means to “pull” a payment out of a customer’s bank account. That contrasts with “push” payments which are initiated by the customer.

The next two weeks will reportedly see two unnamed Nigerian banks start using Bluecode, with more about to follow suit. In fact, reports say that Bluecode is in talks with a total 30 banks in Nigeria, Ghana and South Africa.

The payments solution helps to reach a viable price point for both merchants and banks.

Nigeria In Focus:

Population: 206.6 million (Compared to South Africa's 59.6 million)

GDP: $504.57 billion (Compared to South Africa's $369.85 billion)

GDP Per Capita: $2,465 (Compared to South Africa's $6,193)