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E-Settlement Limited poised to change Nigeria’s digital payment space – COO

E-Settlement Limited is an independent, private sector led, limited liability company located in Lagos

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E-Settlement Limited, Lolade Akinsete
COO, E-Settlement Limited, Lolade Akinsete

As the digital payment space is growing tremendously in Nigeria, in line with the apex bank Central Bank of Nigeria (CBN) directives on cashless economy years ago.

A lot of innovation has been brought into the industry as of today. Nigeria’s foremost financial technology (Fintech) firm, E-Settlement Limited has taken the “bull by the horn” in ensuring that the financial inclusion gets to the nooks and crannies of the country.

They are doing this through massive deployment of agents in the rural areas.

The Chief Operating Officer of E-Settlement Limited, Lolade Akinsete, said that the Company is positioned to change the way Nigerians transact with a bouquet of world-class products that will make transaction easier, seamless and above all secured.

Speaking on their need to solve financial solution she said “We are a financial technology company with solutions tailored to solve financial problems with IT.  E-Settlement Limited is an independent, private sector led, limited liability company located in Lagos, Nigeria focused on providing Innovative, Dependable, Easy-to-use, Affordable and Secure payment solutions to everyday financial problems in Africa.”

On the Paycentre Solution, Lolade added that “Paycentre is a financial inclusion solution that provides some banking hall services outside of the brick bank especially in underserved and unbanked communities.  Paycentre also aims to be a lifestyle solution with bill payment features ranging from airtime, to cable and also electricity. Paycentre aims to provide everyday needs for funds without you having to visit a bank. The PayCentre Web and Mobile app grants you the freedom to receive and provide banking hall services by offering you the best agency banking solution in Africa. Our easy-to-use platform grants you total control and insight into your business performance”

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Also deploying other innovative solutions such as PayPad, she said that” paypad is a merchant solution and is only card present. It is your regular POS but ours is mPOS where the merchant/shop owner has an application and can input the cost of the item bought on the app and the mPOS serves as a card reader. Interesting fact, Paycentre was born out of the Paypad solution. PAYPAD is an mPOS solution that enables businesses receive payments via a smart phone. PayPad grants its users access to functions such as E-marketing, smart printing, sales analytics, payment acceptance, seamless integration, multi-location support, invoice & order issuance.”

The Fintech boss also brought to fore the need for rural dwellers to embrace digital and agency banking.

She said that agency banking helps protect funds in a way. People in underbanked areas won’t need to travel with large amount of cash since there would be a PayCentre agent that they can get cash from once they reach their destination. Agency banking is not the cause of insecurity but it is helping to curb it in its own way.

She recommended the Central Bank of Nigeria for playing a superb regulatory role while hinting that they have their eyes in the West African and Sub-Saharan market.

“The CBN is regularly evolving and coming up with guidelines and rules to put structure in this market that is constantly growing and changing. CBN is not only protecting us but protecting the end users which are the everyday customer. They have an enormous task at hand and they perform it graciously and even beyond scope. We totally align with their policy directives as a regulator and I must tell you the truth, we commend them for their directives…

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“We are definitely looking to expand to other countries in Africa that have these same issues that we experience here in Nigeria. We do not want to be only Nigerian based market. We have that in the plan, we hope to expand to other African countries, but it is one step at a time”, she concluded.

E-Settlement Limited is an independent, private sector led, limited liability company located in Lagos, Nigeria focused on providing Innovative, Dependable, Easy-to-use, Affordable and Secure payment solutions to everyday financial problems in Africa.

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