African fintech leader enters UAE market

African fintech leader enters UAE market

Dubai - Innovate 1 Pay is one of Africa's leading providers of payment gateway.


Sandhya D'Mello

Published: Tue 6 Aug 2019, 4:17 PM

Last updated: Tue 6 Aug 2019, 6:24 PM

Leading African payment gateway Innovate 1 Pay announced on Tuesday that it is launching its Dubai office, bringing easy and seamless money transfer and payment services to African expatriates in the region. A market leader on the African continent, Innovate 1 pay is licensed by the Central Bank of Nigeria to provide services including international money transfers and wholesale foreign exchange management, as well as being the exclusive distributor of foreign currency to Bureau de Change (BDC) operators in Northern Nigeria.
Africa is set to surpass China and India as a job market by 2040, and with the recent visa reforms in the UAE, Dubai has emerged as an attractive destination for Africans to pursue career advancement and professional fulfillment. Innovate 1 Pay's secure and convenient payment gateway and financial services platform, which integrates seamlessly between Dubai and several African nations, looks set to emerge as the solution to address this expanding market segment and its unmet needs.
Mahmood Ahmadu, chairman, Innovate 1 Pay said: "With the maturing of financial markets in Africa, we have expanded our presence to a total of 56 countries currently, and with the promise that the new UAE visa regime holds for African professionals, we believe the prospects for growth in addressing this demographic is very promising indeed. The next generation of financial services needs to reflect customer expectations around secure and quick transfer of funds. Our relationship with government bodies and comprehensive presence in the African market positions Innovate 1 uniquely in being able to leverage these strengths, and amplify them with the use of appropriate and user friendly technologies."
The impressive performance of Innovate 1 Pay represents the tremendous room for growth and expansion that exists at the intersection of increasing demand, market growth and the outreach potential of tech-enabled services. The company was universally lauded for its efforts to empower financial inclusion at the recent Central Bank Payment Conference in Berlin, which included representatives from the European Commission, the Federal Reserve, Deutsche Bundesbank, Visa, and the Assistant Governor of Australia's Reserve Bank, among others. At a forum featuring nearly 200 thought leaders representing a hundred financial organisations and more than 50 central banks from around the world Innovate 1 Pay created huge interest and stood out among a field of exhibitors that included a stellar lineup of stalwarts, such as Visa and Vocalink Mastercard. 
 Also felicitated as a recipient of the Euro-Knowledge 'Most Innovative IT company of the year award' at the British House of Lords, in April this year, Innovate 1 Pay is gaining global acclaim as a company that reconciles sterling business performance with outstanding social impact.  Anthony Nwachukwu, CEO, Innovate 1 Pay, said: "Africa is currently the second fastest growing continent, after Asia, and we are looking at an average GDP growth of 5 per cent across the continent that has lasted a decade now. Africa is home to 40 per cent of the people in the world who lack access to banking services and we at Innovate 1 Pay see our business mission within the context of this larger social goal."


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