PENPAY, an Awabah product with a vision to create the largest distribution network for financial services in Africa, is thrilled to announce its partnership with Quickteller, the preeminent consumer digital payments platform powered by Interswitch, a prominent integrated payments and digital commerce company in Africa.
This strategic collaboration is aimed at delivering structured retirement savings plans to workers in the informal sector through Quickteller. The exciting news is that PenPay is now accessible at ATMs nationwide, offering millions of Nigerians a chance to secure their financial future.
The informal sector plays a substantial role in Africa’s economy, comprising a significant portion of the workforce. However, due to the lack of formal employment and limited access to financial services, many individuals in this sector struggle to plan adequately for their retirement.
Recognizing this challenge, PenPay and Quickteller have joined forces to bridge this gap and ensure that no worker in the informal sector is left behind.
With PenPay’s extensive distribution network, they provide an innovative and convenient solution for individuals to save for retirement. Leveraging the well-established Quickteller platform by Interswitch, PenPay gains the ability to reach both online and offline customers, significantly expanding its accessibility and impact.
This collaboration will enable informal sector workers to contribute to their retirement savings through PenPay at various Interswitch-enabled ATMs across Nigeria, providing millions of individuals with previously limited options to secure their financial future.
The integration of PenPay with Interswitch‘s Quickteller platform marks a significant step in enhancing financial inclusivity in Africa. The partnership is not only set to facilitate retirement savings for informal sector workers but also contribute to the overall economic growth and stability of the nation.
By unlocking the potential of these workers, this partnership aims to drive financial resilience and prosperity for individuals and communities across Nigeria. Furthermore, with PenPay’s robust network and Interswitch’s extensive reach, this collaboration has the potential to extend its impact beyond Nigeria’s borders, positively influencing the lives of millions in the region.
Oluwaseun Adekanbi, Growth Manager at PENPAY, expressed their enthusiasm about the partnership, stating, “We are thrilled to join forces with Interswitch to empower the informal sector workers across Nigeria. Through this collaboration, we will ensure that everyone, regardless of their employment type, can access retirement savings and plan for their financial future. This is a significant step towards achieving our mission of fostering financial inclusivity in Africa.”
Omoniyi David-Mosaku, the Insight and Growth Specialist, Corporate Ecosystems at Interswitch, also commented on the partnership, saying, “This partnership with PenPay will further boost our sustained efforts to deepen financial inclusion across Nigeria and beyond. We are excited about this partnership with PenPay, a powerful step towards empowering informal sector workers with a secure path to retirement.”
This collaboration between PENPAY and Interswitch represents a pivotal moment in the journey towards economic development and financial inclusion. By offering retirement savings to the informal sector workforce, they aim to create a society where every individual can build a secure financial future.
For more information about PENPAY and its partnership with Interswitch, please visit www.penpay.com.ng or contact 01-2296733.
About PENPAY
PENPAY is an Awabah product. Awabah is a leading financial technology company in Africa, focused on fostering financial inclusivity through innovative solutions.
About Interswitch
Interswitch is a leading technology-driven company enabling access to financial services across Africa. Its Quickteller platform provides safe, convenient, and reliable payment solutions to millions of individuals and businesses.
ODBA champion visionary founders who leverage technology to craft extraordinary success stories. Our portfolio boasts investments in over 15 technology companies spanning 10 countries, generating more than 1,500 direct jobs and serving a vast community of over six million users and customers. We take immense pride in the profound impact our portfolio companies have already achieved across the continent and eagerly anticipate future contributions to the transformative landscape of Africa.