While digital payments have blown up in Nigeria in the last decade, contactless payments are still unpopular. CashAfrica, a Nigerian fintech startup that builds payment infrastructure for banks and fintechs, believes theres a business opportunity in contactless payments.
Launched in 2023, CashAfrica builds an API that allows banks and fintechs to offer customers a tap-to-pay option within their banking apps.
While working to integrate with banks, the fintech offers a mobile appCash Mobilethat allows users to make transactions using the tap-to-pay feature. All you have to do is to open the CashMobile app, enter your password, and tap your phone on the payment terminal. The entire transaction process takes less than two seconds.
Although contactless payments dont require authorization before a transaction, Cash Mobile often requires users to enter a password for use.
Asamu likened CashAfricas tap-to-pay infrastructure to the NIBSS real-time payment system introduced 14 years ago.
