Leading global fintech brand, Unlimint, is set to launch its operations in Nigeria, after receiving its Payment Solution Service Provider (PSSP) License from the CBN.

This milestone development authorizes Unlimint to operate as a recognized payment service provider in the region, enabling the delivery of a wide range of payment services and methods that will help local businesses expand their reach to a local and global audience.

Headquartered in London, and with a presence in over four continents including Asia, Europe and South America, Unlimint’s entry into Nigeria comes at a critical time when the country is experiencing an increasing demand for faster and more secure payment solutions.

Over the last few years, the fintech industry has experienced consistent growth, prompting companies to recognize the significance of providing diverse payment solutions to their clients.

Unlimint is poised to leverage its expertise and experience in the global payments industry to deliver tailor-made solutions that meet the unique needs of the Nigerian market.

Commenting on this remarkable accomplishment, Trevor Goott, Director for Africa & India, expressed immense satisfaction with the expansion, citing the organization’s vision to be a key player in the region, and riding on the wave of the digital and technological innovations sweeping across the financial technology and payments sector within the African continent.

He said: ‘‘The African technology and payments sector has witnessed an exciting transformation over the past few years, with Nigeria being at the forefront of the African payments revolution. The Nigerian economy holds significant potential for fostering the development of innovative organizations such as Unlimint. We are here to offer a safe, secure, and reliable payments experience to businesses, entrepreneurs, and their customers. We have been perfecting our customer journey and our payments experience for our customers, on a global scale, over the past 13 years and are now bringing this capability to the Nigerian market. This launch is the first step in Unlimint’s African market expansion, with other announcements expected to be made over the coming months. We are excited about the endless opportunities our presence in Nigeria will bring for businesses and their customers alike and we look forward to being part of the Nigerian Payments Landscape”

“Unlimint’s expansion to Nigeria is a testament to our unwavering commitment to empowering businesses globally with our innovative payment solutions. We are proud to bring our cutting-edge technology and deep expertise to the Nigerian market, and we are confident that our solutions will enable businesses of all sizes to thrive and succeed in the digital age.” Kirill Evstratov, Unlimint’s CEO, added.  “We also understand that digital business transactions especially, must be borderless and boundless, as such, its financial infrastructure must be increasingly flexible, timely, seamless, and reliable. Our vision is to create a world where payments are seamless, secure, and accessible to everyone, and our expansion to Nigeria is a significant step towards realizing that vision.”

Founded in 2009, Unlimint is a global fintech company that offers a large portfolio of financial services, including payment processing, banking as a service (BaaS), and an on-ramp fiat solution for crypto, DeFi, and GameFi. The company’s mission is to deliver solutions that eliminate financial borders, enabling businesses to operate both locally and internationally with ease across Europe, the UK, LatAm, APAC and Africa.

Based in London, Unlimint has 500 employees across 16 offices and five continents, including Frankfurt, Singapore, São Paulo, Hong Kong, and Mexico.

.

Entrepreneurship journeys are not always the same for everyone, as they can be influenced by various factors such as their interactions with digital technology, commercial networks, and financial services.

These experiences are not immune to gender-based effects either; access to digital tools, commercial resources, and financial literacy can impact the opportunities and challenges that arise as individuals (both men and women), pursue entrepreneurship.

In some ways, digital entrepreneurship, as a by-product of fintech solutions, has emerged as a key enabler of financial inclusion for women.

In recent times, there has been a remarkable upsurge in digital entrepreneurship, and women have been leading this trend.

This is because it has opened up new business opportunities, leading to increased economic participation by women.

With increased access to digital technology and financial services, women are overcoming barriers and developing innovative solutions to tackle societal challenges.

The more access they have to digital technology and financial services, the more barriers are being broken down.

These digital financial services, including mobile banking, online lending, and crowdfunding platforms, have allowed women to access financing and expand their businesses without facing the conventional obstacles of gender bias and limited networks.

However, despite the significant progress made in recent years, women continue to face significant barriers to accessing digital entrepreneurship opportunities and financial services. These issues are often multifaceted, cutting across several challenges including under-representation, limited access to finance, lack of digital skills, and discriminatory legal and cultural norms.

A study by the International Finance Corporation (IFC) found that women entrepreneurs face a $1.5 trillion credit gap globally, with only 16% of women entrepreneurs in developing countries able to access the credit they need to grow their businesses.

Let’s explore what strategies can be employed to address these challenges, and who the critical stakeholders required to implement them effectively are?

Closing the Gender Divide in Digital Entrepreneurship and Financial Inclusion Together

The gender divide in digital entrepreneurship and financial inclusion is a complex issue that requires a multifaceted approach.

The focus needs to evolve from finding generic solutions to addressing the unique requirements of specific communities. One such approach is through education.

Women face greater obstacles as they progress to higher levels of education, particularly in Sub-Saharan Africa, leading many to pursue informal ambitions.

As a result, women are disadvantaged in income-earning opportunities and are more likely to experience unemployment, informal employment, or lower-paying jobs than men. Education however serves as a tool for enlightenment demonstrating that providing access to resources and training schemes can transform women’s participation in economic activities.

For instance, in 2021, the United Nations Educational, Scientific and Cultural Organization (UNESCO) collaborated with the Women in Africa Initiative (WIA) to offer online courses targeted at promoting African women’s digital entrepreneurship and digital literacy in the field of Artificial Intelligence.

Addressing cultural barriers that limit women’s access to digital entrepreneurship and financial services is also critical.

This ranges from challenging gender stereotypes, increasing women’s representation in leadership positions, and promoting women’s economic empowerment at the policy level. Additionally, encouraging gender-disaggregated data collection is essential for understanding the needs and experiences of women in digital entrepreneurship and financial inclusion.

This can help identify gaps and barriers and inform the design and implementation of policies and programs to foster the development of digital entrepreneurship and financial inclusion for women.

The African Gender Data Book published by the African Development Bank Group (AFDB) in 2019 is a great example.

It provided the AFDB regional member-states with gender-specific data collection tools that can ultimately aid the development of government policies that foster women’s empowerment and financial inclusion.

Facilitating purposeful and results-driven partnerships or collaborations among various stakeholders namely governments, financial institutions, non-governmental organizations (NGOs), the private sector, and civil society is an immense contribution to bridging the gender gap.

Collaboration between various individuals and entities is crucial in bringing about the necessary institutional changes.

Ultimately, the promotion of positive representation involves building more inclusive spaces and engaging with authentic voices that truly represent the underserved community.

Many companies are recognizing the importance of this and are actively working towards creating more authentic and representative environments for women entrepreneurs. This is just the beginning of greater things to come.

The traditional debit or credit card payment, cash and cheque payments have been replaced by more advanced, digital, and user-friendly solutions for customers of payment service providers.

Although Advanced Payment Methods (APMs) like mobile payments, eWallets, and cash transfers are pushing the boundaries of traditional payment methods, they have several drawbacks, leading to some speculations about how payments may function in the future.

What is The Future of Payments?

Including smart and basic cell phones, Bankmycell estimates that there will be 7.26 billion mobile phone users worldwide in 2022, or 91.16 % of the world’s population.

Mobile device connections have overtaken the global population since the invention of the cell phone in 1973, making it the fastest-growing human-made technology phenomenon ever.

Which answers the lingering question in the headline above: the future of payments is mobile.

If the future of payments is truly mobile, it is important to take a deeper look into the way people interact with their mobile devices – what are they searching for through this interaction? And more importantly, what is it that can be done differently to improve and enrich their overall experience?

Mobile device users spend the majority of their time on messaging apps and social media sites.

According to a 2021 report by Messaging App Revenue and Usage Statistics, messaging apps had a user base of over three billion, making them one of the most widely used app categories.

How can Messaging Apps be Integrated into Payment Services?

A messaging app is a chat platform or application that allows users to connect and send instant messages to one another via their desktops or mobile devices.

As texting is more popular than face-to-face communication, messaging apps have grown to become convenient platforms that can be leveraged to bring consumers value that goes beyond a simple message exchange with friends and family.

Imagine you making enquiries about a dress and paying for it with the aid of a messaging app or texting your friend about a weekend getaway, making reservations and payment, all in a single app. Super amazing!

To prove that this is possible, Brazilian newspaper globo.com, stated that WhatsApp pay has now debuted with 30 institutions and in the same breath,, Facebook Payments has been authorized as a “payment initiator.”

According to the Central Bank approved model, WhatsApp will only start transactions between client accounts at banking firms where they have an account.

The debit or prepaid card number for Visa or MasterCard is the credential that must be entered into the application.

The Unlimint-Telegram Integration

Unlimint announced integration with Telegram on June 29, 2022, becoming its official payment provider.

Clients of Unlimint can use the fintech’s solution directly from the messenger in addition to their website or app thanks to the integration, providing customers with a seamless experience.

In the past years creating an omnichannel experience for customers really helped retailers stand out from competition.

For example, a recent case study revealed that the worldwide famous fashion retailer Zara, boosted its digital sales by 74% thanks to omnichannel adoption in the first half of 2020.

A commissioned Forrester Consulting study conducted on behalf of Shopify also found that 49% of brands plan to increase their investment in social commerce in 2022.

With the integration, Unlimint’s clients will be able to use the fintech’s solution straight from the messenger as well as their website or app, creating a seamless experience for end users.

Unlimint is an award-winning global fintech offering advanced payment capabilities through an evolving financial interface to startups and businesses across the globe, operating from five continents.

Telegram allows its more than 500 million active users to send messages, photos, videos, and files of any type, and create groups for up to 200,000 people or channels for broadcasting to unlimited audiences.

The payment integration powered by Unlimint is a result of modern consumers’ demands and a response to the evolution of online shopping.

The integrated capabilities include paid features for subscribers and a payment system built into the platform to facilitate purchases of services and goods directly through the chat.

The platform includes a 3DS user authentication system for every transaction and to ensure customers’ information is kept private, sellers on the marketplace cannot store and process personal data from buyers, whilst the automated anti-fraud system sifts out suspicious transactions.

With social commerce on the rise and marketplaces becoming the norm for online consumers, merchants need to be prepared to adapt to new trends.

According to Statista, the value of social commerce sales will reach around $2.9 trillion USD by 2026. Research by Shopify shows that 38 percent of consumers purchase products through marketplaces at least once a month.

Commenting on the new payment integration, Irene Skrynova, Chief Customer Officer at Unlimint, said:

“We are delighted to be Telegram’s official payment provider. The integration comes at a perfect time as the eCommerce world evolves into a more complex space to include safe purchases through multiple channels, including messenger platforms.

“At Unlimint, we are always monitoring all current trends, platforms, and systems to make sure that our payments solution has all the latest integrations and tools that would be useful to our existing and potential merchants. For those looking to increase sales, this dynamic partnership brings continuous innovation and secure payments across the multifaceted Telegram platform.”