If you dive into Nigeria's payment space, two things are easily noticeable. One, cash is still king. Two, digital payment is on the rise, increasing from N19.92 trillion in 2014 to 105 trillion naira ($256 billion) by 2019. These stats suggest that electronic payments in Nigeria still have a long way to achieve its true potential. Untapped Global is ready to exploit this opportunity; an investment company focused on emerging markets.
Untapped Global has teamed up with Paga to scale digital payments in Nigeria. According to Yahoo Finance, "The program finances point-of-sale devices (POS) for merchants in Nigeria."
Untapped Global offers Smart Asset Financing to asset-based businesses across Africa and other emerging markets. Smart Asset Financing is an innovative investment model that provides flexible capital for fast-growing enterprises like Paga, leveraging technology to make investments safer and more profitable for investors by tracking assets and capturing revenue in real-time.
The partnership between Paga and Untapped is centered on empowering small businesses to accept digital payments and bring financial services to the masses. The financing is designed to reduce the overall cost of entry for merchants to acquire a handheld POS terminal and other digital tools for their businesses, making it easy for them to buy, sell, and get paid.
"We are excited to scale our POS rollout program with Untapped," said Tayo Oviosu, Founder and CEO of Paga Group. "We have built the best on-ramps and off-ramps for cash in Nigeria through the Paga agent network and are further digitizing merchants via our new merchant platform, Doroki. Across our ecosystem, we currently have over 33,000 merchants. Our collaboration with Untapped is accelerating our progress to reaching 120,000 merchants in the next two years by lowering the startup and onboarding costs for merchants."
"The network of the POS devices that will be available for merchants via this partnership is powerful," Untapped founder and CEO, Jim Chu, commented. "It enables a seamless process for merchants and their customers to buy, sell, and get paid. We're excited to use Smart Asset Financing to greatly increase access to financial services across Nigeria with partners that know the space best, like Paga."
Nigeria in focus
GDP: $432.294 billion in 2020 compared to $448.12 billion in 2019
Population: 206,139,587 in 2020 compared to 200,963,03 in 2019
GDP per capita: $2,097 in 2020 compared to $2,229 in 2019