FagoPay, the business and personal financial services provider, has acquired a microfinance license. This license will help the bank broaden its reach, improve its services, and boost financial inclusion in Katsina and Nigeria as a whole.
With a large, digitally savvy youth population and growing internet penetration, Nigeria has embraced financial technological advancements. Currently, the country has up to 200 fintech companies operating and the fintech industry is thriving. This fintech boom is spurred on by a need to improve financial inclusion and increase access to formal financial services. This fintech boom so far has lived up to its purpose. According to the 2023 Enhancing Financial Innovation and Access (EFInA) survey, financial inclusion in Nigeria has grown significantly.
In 2020 it was recorded that 56% of the Nigerian population was financially included and now, that number has grown to 64%. Despite this increment, a large percentage of the northern Nigerian population remains financially excluded. According to the EFInA report, 38% of the North Eastern demographic and 47% of the North Western demographic are excluded from formal financial services.
With current estimates putting the population of northern Nigeria at 128 million (which is about 58% of the entire country’s populace), if the north is not properly catered to, a large chunk of the Nigerian population will not have access to financially participate in the modern world.
To solve this problem and help improve the access of northern Nigerians to modern financial services, FagoPay was created by Yusuf Salisu Daddy (CEO) and Abubakar Nasir (COO).
Launched in October 2023, FagoPay is an all-in-one banking solution for both personal and business needs. The fintech provides access to seamless and reliable banking services with its user-friendly products.
FagoPay is not just a financial service provider. According to the company, it aspires to be an ally in the growth and success of local businesses. The acquisition of this microfinance license is a further step towards its goal of empowering individuals and their businesses financially.
With access to this formal financial service, Katsinians and other Nigerians have access to credit and opportunities to grow financially. They also have opportunities to start businesses, employ labour and create jobs, get formal education, and ultimately escape poverty.
FagoPay’s mission is to improve financial inclusion for Katsinians but overall the bank is committed to fostering an inclusive financial environment for all Nigerians. In just three months of operating the bank has quickly gained popularity, surpassing 5,000 users and asserting its place in the fintech world.
In line with its mission to improve financial inclusion for all, the company is working to expand beyond Katsina and this newly minted microfinance license opens up a world of opportunities for growth. Speaking of its expansion goals, Abubakar states, “The company aims to transcend its origins and impact a more extensive audience. The vision for cross-border expansion reflects FagoPay’s commitment to making financial services accessible and user-friendly on a national scale.”
Fagopay isn’t just about payments, it wants to be partners in people’s personal and business success. By providing customers with stress-free financial services, it empowers customers with the tools they need to thrive