Paul Dureke, the Chief Technology Officer of Errandpay, and his co-founders took a trip to Sub-Saharan Africa in 2018. Like other visitors, they arrived in a foreign country with insufficient US dollars and had to look for alternative ways to exchange what little they did have for the local currency.
Soon, these founders found out, to their dismay, that their worldwide commercial debit cards and other payment methods were not working. They started to consider how many other people had the same issue, and gradually the idea of creating a fintech company as Errandpay emerged.
In Ghana, Nigeria, Kenya, Rwanda, Cameroon, Côte d’Ivoire, Uganda, and the Benin Republic, Errandpay provides FinTechs, Microfinance Banks, and Microfinance Institutions with agency banking software and reasonably priced point of sale (PoS) terminals.
Errandpay works with more than 100,000 payout sites in Africa, and its 12,000 direct payout locations on the continent have helped more than a million people.
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Learn How Errandpay Helps Tech Startups
Simply put, the platform makes it possible for an “aboki” from Kaduna to run a PoS device that can serve his whole community. Additionally, this “aboki” has knowledge of ways his family and friends can pay back loans, make money, and split financial loads. Any fintech, MFB, or MFI will be pleased to obtain this. In response to inquiries from the media regarding the platform’s distinct approach to MFBs, MFIs, and FinTechs, Paul Dureke stated that the platform’s success was due to the team’s dedication to developing technology that could serve the African markets and financial institutions. In response to questions from the media about the platform’s unique approach to MFBs, MFIs, and FinTechs, Paul Dureke said that the platform’s success was due to the team’s commitment to developing technology that could serve the African market and financial institutions.
We’ve been thinking about Africa from the beginning, so we’ve built technology that can help other financial institutions do their jobs. We’ve taken into account different use cases and multiple corridors. Building technology is hard and takes a lot of time, so we gave all of our partners’ access to developer-friendly APIs that are easy to integrate. Errandpay’s features can be changed to fit the needs of any potential partner. These features include white-labelled services, aggregation of major services, and seamless integration with any African core banking platform. FinTechs, MFBs, and MFIs can worry less about building technologies and focus more on strengthening their structures through the platform.
The company has had a 50% month-over-month growth rate since receiving a Super-Agent license from the CBN’s Payment Service Bank in Nigeria.
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How Profitable Is ErrandPay?
In the African region, collaboration has driven the fintech revolution. One of ErrandPay’s core strategies is collaborations with microfinance banks, financial institutions, aggregators, agents, fintech companies, and lots more. Ajibola Awojobi said, “We made our technology for ambitious banks, organizations, founders, and CEOs who want to grow very quickly.”