The Chief Technology Officer of Errandpay, Paul Duke, and the other Co-Founders of the Company went on an excursion to Sub-Saharan Africa in 2018.
Like most tourists, they went to a country without enough U.S. dollars and had to look for different ways to change what money they did have into the local currency.
The Company’s founders were unlucky in that they quickly discovered that their international Commercial Debit Cards and other forms of payment were worthless. They started to consider how many others had the same issue, and eventually, the concept of developing a financial technology company known as Errandpay emerged.
Today, FinTechs, Microfinance Banks, and Microfinance Institutions in Ghana, Nigeria, Kenya, Rwanda, Cameroon, Côte d’Ivoire, Uganda, and the Benin Republic can use Errandpay’s agency banking applications and affordable point-of-sale (PoS) terminals.
Errandpay has already served over one million consumers across Africa with its 12,000 direct payout sites on the continent, thanks to its established partnerships to gain access to more than 100,000 payout points.
How can FinTechs, MFBs, and MFIs benefit from Errandpay?
To put it more simply, the platform allows an “aboki” in Kaduna to run a point-of-sale machine that can serve his entire neighbourhood. This “aboki” also has access to information regarding how his family and friends can repay loans, earn money, and share the weight of financial responsibilities. Information that will be helpful to any fintech companies, MFBs, and MFIs.
Errandpay can simplify the process of financing, insurance and investment goods, credit card payments, and registration for various services, among other things, allowing its partners to save money on unreasonably expensive fees. Any bank or other financial institution can also be readily integrated into Errandpay’s API, and this provides a chance for them to leverage the platform to increase their reach across Africa.
Both the number of people who can use financial services and the number of banks that can serve those persons have increased.
FinTech MFBs and MFIs have to deal with problems like hiring and managing developers, setting, Meeting deadlines, planning, collecting, and combining information from vendors, negotiating with other banks, onboarding customers, and filling out the paperwork that can now be simplified.
Paul Duke highlighted that the platform has been effective while answering inquiries from the press regarding its novel approach to microfinance banks, microfinance institutions, and fintech companies. The team has been able to succeed with the platform because they have concentrated all of their energy on developing technology suitable for usage by African financial institutions and markets.
Our system was developed from the very beginning with the continent of Africa in mind. It takes into account a variety of use cases, integrates several different channels, and can make the operations of other financial institutions easier. Building technology is complicated and takes a lot of time, so we gave all of our partners developer-friendly APIs that are easy to integrate.
Errandpay’s features are adjustable to meet the requirements of any possible partner, and they range from the ability to provide white-labelled services to the aggregation of major services and the capacity to interact smoothly with any core banking platform in Africa.FinTechs, MFBs, and MFIs don’t have to worry as much about building technologies and can instead focus on making their structures stronger through the platform.
The CBN’s Payment Service Bank has licensed the Company as a Super-Agent in Nigeria. Since then, the Company has grown by 50% every month.
Does Errandpay Make Any Money?
Without a doubt, Errandpay generates profit from every transaction that takes place, as well as every use of its API. Despite this, the Company needs significant partnerships in the financial industry to increase the level of inclusion it intends to remedy in Africa.
The financial technology (fintech) revolution in the Sub-Saharan African region has been driven by collaboration during the past ten years. Collaborations with Microfinance banks, financial institutions, aggregators, agents, fintech companies, and many other businesses are one of ErrandPay’s primary business strategies.
According to Ajibola Awojobi, “We have designed our platform for ambitious banks, enterprises, founders, and CEOs aiming to scale extremely quickly.”Errandpay is free to sign up for. You can access the platform at errandpay.com or a mobile app on iOS and Android devices. If you need help, you can email [email protected] at any time.