- Nigeria’s fintech and payment platform, Touch and Pay (TAP) just received $3 million in preliminary funding. Senegal and Ghana will spearhead the expansion in other African nations made possible by this funding.
The company has had substantial growth since its beginnings. TAP processes millions of dollars’ worth of transactions while serving 2.3 million customers.
A range of near field communication (NFC)-based payment systems have been developed by Touch & Pay, a company that was launched in 2019. The company is working to move closer to a world where there is actually no cash, according to co-founder Michael Oluwole.
According to him, there are currently two different kinds of transactions in Africa. The first category includes large-scale transactions like paying for tuition or buying a house or car. These transactions are digitalized and handled electronically.
Through a variety of channels, including financial ones, Touch and Pay Technology Services Limited (TAP) is digitizing and integrating microtransactions in Africa.
By promoting financial inclusion and ensuring 99.9% reliability in cashless transaction procedures, TAP is actively changing the payment landscape in Nigeria. We have a presence in a number of industries, including education, transportation, health insurance, and event ticketing.
By providing 99.9% reliability in cashless transactions with its offline feature and utilizing the TAP Automation Solution to address the biggest issues in the informal sector tax collecting process, TAP will enable an organization to fulfill its revenue objective in the unorganized sector. The organization will receive help from our revenue assurance technology to track, register, and collect payments made in the field.
In collaboration with Lagos State, Touch and Pay developed the Cowry card to handle payments for public transit in Lagos.