VANCOUVER, British Columbia - December 16, 2021 - BlocPal International Inc., a leading digital transaction platform whose mission is to improve the affordability and accessibility of financial products and services, has signed a Memorandum of Understanding with its majority-owned Nigerian subsidiary, PayPassage. The intent is to leverage BlocPal’s powerful platform to drive financial inclusion in Nigeria.
“There has been a strong need for offering affordable and accessible financial solutions in Nigeria through a retailer-enabled digital platform,” says Folarin Tomori, CEO of PayPassage. “Partnering with BlocPal to bring these financial solutions into Nigeria is not only expected to drive financial inclusion but also provide the opportunity for the Nigerian population to participate in the global digital economy.”
BlocPal is leveraging the advanced technology and proven business model it has used in India with mBnk. This same marketplace is expected to offer mobile financial services through physical on-the-ground retailers in Nigeria to help drive financial inclusion in Nigeria’s communities. This solution is intended to provide a range of mobile financial solutions, including the ability to deposit and withdraw funds, execute domestic money transfers, purchase prepaid credit cards, micro-loans, savings plans, and mobile and wallet recharges. This marketplace is expected to enable a one-stop solution for the broader community in Nigeria, allowing them to access a range of financial solutions, with the opportunity to expand product offerings in the future.
“What makes BlocPal so unique is the ability to scale our platform to different geographies while adhering to customer needs and regulatory requirements,” says Nick Mellios, CEO of BlocPal. “We are excited to leverage our insights and experience from our India operations and bring our advanced technology to Nigeria. We are committed to partnering with retailers in Nigeria and providing a wide variety of affordable financial solutions to communities all across the country.”
This new market launch with PayPassage marks BlocPal’s third significant partner activation in 2021.
BlocPal’s vision is to provide the world a simple, fast, and secure digital transaction platform that allows anyone to transact in their currency or asset of choice. An emerging leader in the digital economy, BlocPal empowers consumers, merchants, and enterprise customers to actively participate in an evolving digital economy, which includes both fiat and as regulations permit cryptocurrencies. With its suite of applications, BlocPal’s ecosystem supports a range of solutions via integrated APIs, point-of-sale, e-commerce, white-label enterprise solutions, loyalty rewards, financial network integrations and robust consumer digital wallets.
PayPassage’s vision is to provide a seamless, fast, simple and secure digital payment experience across industries and consumer segments, with the intention of empowering consumers, merchants, and enterprise partners. PayPassage provides a suite of services that will not only drive financial inclusion but provide more opportunities to the African population to participate in the global digital economy. PayPassage leverages BlocPal's technology to uplift and integrate financial services in Africa building on their experience in India, Mexico, and Canada. This Partnership is expected to position PayPassage as one of the leading financial solutions providers in Africa.
BlocPal International Inc
Alex Hammill - Talk Shop Media