in

Digital solution firm announces support for financial inclusion in Africa

financial

Building on its long-term vision of facilitating financial freedom for all in Nigeria and across Africa, Cashir, a leading fintech company and provider of commercial services to the business community, recently launched a financial app, the first of several innovations, to drive greater efficiency and business value while providing positive outcomes for users.

The digital solution, known as the Cashir App, aims to provide seamless financial transactions and address societal challenges such as inaccessibility to financial access points, time-consuming long queues at ATMs, and the attendant out-of-service issues, among others.

During the current administration’s tenure, for example, an acute shortage of naira, caused by an overnight fuel price hike, naira devaluation, and a new currency introduction policy, resulted in long lines across the country as citizens, seeking cash flow, resorted to buying naira at exorbitant prices from roadside vendors or wherever they could find it due to the failure of banks to provide the service.

Banks, as key suppliers of financial services, are required by law to do so, but they frequently fail to reach out to the hinterlands.

According to a recent report from EFInA, a well-known evaluator of Nigeria’s financial sector progress, more than 55% of Nigerians are unbanked or underbanked.

The failure of banks to cross the financial accessibility gap, particularly in the hinterlands where they have few or no operations, is a major impediment to providing timely and satisfying customer services.

Cashir’s new solution automates the process, allowing users to get cash from anywhere, at any time, by connecting to a location-based network of cash agents near them.

Wole Ademola Adewole, CEO of the Cashir App, stated that the platform is unique and that they are the first fintech to take on this topic in the African landscape.

  • ATTENTION: Techrectory gives ₦5,000 monthly to our top readers, CLICK HERE to become a winner.

According to the technology expert, the future is digital and cashless, which is why the organization is actively developing digital solutions to help its users with their daily financial activities.

“All you need to access the Cashir App is to own a smartphone, download the app, and you can make seamless financial transactions from your smartphone after downloading the app, and you can initiate transfers to any bank account in Nigeria, receive funds, pay bills, purchase airtime and internet data, and more, all at lightning speed.”

Adedayo Adewole, the Chief Product Officer of Cashir, confirmed that many young adults had already adopted its digital offering, stating that “many young people between the ages of 18 and 35 who are in school, women, and market sellers, etc., are our early adopters. You know they are more adventurous and love to try out new things.”

Cashir was one of only a handful of Nigerian businesses selected for the Unleash Plus 2023 cohort last year, demonstrating the organization’s devotion, agility, and innovation. The project is a six-month program designed to help emerging entrepreneurs by providing support so that their ideas and products, which could have been used for the good of humanity, do not expire too soon.

The program has far-reaching consequences for the financial company. The exposure has been immeasurable, even as the firm is currently aggressively building digital solutions to complement its users’ lifestyles and simplify their regular financial operations.

Given this, the new firm is optimistic that its client base will reach and surpass half a million customers within the next two years.

Cashir is a digital payment solutions firm that launched in 2022. Cashir, an independent worldwide services provider, seeks to increase its user base and transaction volume to reach a valuation of $1 billion and achieve unicorn status. But its immediate goal is to help 1 million Africans in distant locations become financially banked.

Techrectory with Agency Report.

Techrectory on Google News
See also Kaduna: Bills on provisions for devt of tech-enabled start-up signs into law

Leave a Reply

Your email address will not be published. Required fields are marked *

What do you think?

Written by Kelvin Bowoto

A social media manager or handler with suitable experience in graphic design and knowledge of front-end development.

Satgana

Satgana, a VC firm, has closed its first fund to promote early-stage climate-tech firms in Africa

Kogi

Guber Poll: Kogi Government Denies Attacking SDP Witnesses in Election Tribunal