De-fragmentation of the African Payment Market

The payment market in Africa is highly fragmented. There are many different currencies in use, and the regulatory environment is complex and often inconsistent between different countries. This makes it difficult and expensive to transfer money between African countries.

For example, if someone wants to send money from Nigeria to Kenya, they may need to go through several intermediaries and pay high fees along the way. This is where money remittance and fintech services come in. By providing a more streamlined and efficient way to transfer money, these services can help to cope with the complex and expensive nature of the payment market in Africa.

The Veengu Software Platform is an end-to-end solution that can help fintech companies build money remittance services in Africa. The platform includes KYC (Know Your Customer) procedures, payment orchestration, flexible fees and limits, online reporting, and the ability to integrate tens or even hundreds of various payment channels.

Veengu already has successful experience in delivering end-to-end software solutions to licensed fintech providers in Africa. By using the Veengu Platform, fintech companies can quickly and easily build their own money remittance services and expand their reach across the continent.

If you’re a CEO or CTO of a fintech organization or bank looking to expand your payment services in Africa, contact Veengu sales to learn more about how our platform can help.

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