In 2018, Errandpay Chief Technology Officer; Paul Dureke and his co-founders went on an adventure in sub-Saharan Africa. Typical of tourists, they visited a country without enough US dollars and had to research various options to convert the spare cash they had into available local currency.
Unfortunately for these founders, they quickly discovered that their international commercial debit cards and other payment options were useless. They started thinking about how many other people are having the same problem and slowly the idea of building a fintech like Errandpay started.
Today, Errandpay offers affordable agency banking applications and point-of-sale (PoS) terminals to FinTechs, Microfinance Banks and Microfinance Institutions across Ghana, Nigeria, Kenya, Rwanda, Cameroon, Côte d’Ivoire, Uganda and the Republic of Benin.
So far, Errandpay has partnered across Africa to access over 100,000 payment points and has now served over 1 million customers with its 12,000 direct payment points on the continent.
How does Errandpay help FinTechs, MFBs and MFIs?
Quite simply, the platform allows an “aboki” from Kaduna to operate a PoS machine that can serve their entire neighborhood. This “aboki” also has access to information on how his family and friends can repay loans, earn money and share financial burdens. Information that any Fintech, MFB and MFI will be happy to have.
Errandpay can facilitate loans, insurance and investment products, credit card payments, registration for different services, etc., so that its partners can avoid unreasonably high fees.
Any bank or financial institution can also be easily integrated with Errandpay’s API, allowing them to leverage the platform to expand its reach across Africa. More people have access to financial services and more banks have access to more customers.
Regular issues that MFB FinTechs and MFIs face such as recruiting and managing developers, setting and meeting deadlines, projecting, collecting and aggregating vendors, negotiating with other banks , customer onboarding and documentation, can now be reduced.
While answering questions from the press about its unique approach to MFIs, MFIs and FinTechs, Paul Dureke explained that the platform has been a success because the team has focused all its resources on delivering technology that can meet to the needs of African markets and financial institutions.
“With Africa in mind from day one, we built technology that considered multiple use cases, integrated multiple corridors, and can facilitate operations for other financial institutions. Building technology is hard and time-consuming, so we’ve made developer-friendly and easy-to-integrate APIs available to all of our partners. From white label services to aggregation of major services and the ability to seamlessly integrate with any core banking platform in Africa, Errandpay’s features are fully customizable to any partner’s needs. potential. FinTechs, MFBs and MFIs can worry less about building technologies and focus more on building their structures through the platform.
The company is licensed as a super agent in Nigeria by the CBN Payment Services Bank License and has since recorded a growth rate of 50% month-on-month.
Does Errandpay make money?
Definitely, Errandpay earns money on each transaction made and each time their API is used. However, the Society needs major collaborations in the financial sector to strengthen the inclusion it seeks to redress in Africa.
“Over the past decade across the Sub-Saharan Africa region, collaboration has been driving the fintech revolution. One of ErrandPay’s main strategies is working with microfinance banks, financial institutions, aggregators, agents, fintech companies and more. We have designed our technology for ambitious banks, organizations, founders and CEOs looking to scale very quickly,” said Ajibola Awojobi.
Integration on Errandpay is free. The platform can be accessed at errandpay.com or via the mobile app on iOS and Android devices, while its always-on technical team is available 24/7 at [email protected]