A Unique Approach to Financial Inclusion
Unlike traditional fintechs that build direct-to-consumer apps, Fintava Pay provides white-label banking solutions to microfinance banks, cooperative societies, and agent networks. This enables these businesses to offer custom financial products tailored to their communities.
“It’s not that banks don’t exist in these areas,” CEO Tobi Arowolo explained. “The problem is that they are centralized in urban centers, while the majority of the population in rural areas lack the infrastructure or financial literacy to engage with digital banking.”
Fintava Pay’s solutions are particularly effective in Northern Nigeria, where digital literacy is low, and many rely on super agents for cash transactions. The platform allows super agents to open bank accounts for users, often customizing services in Hausa, the region’s dominant language.
Overcoming Barriers with Localized Solutions
To accommodate users without smartphones, Fintava Pay provides ATM cards for cash withdrawals. The company also employs a unique verification process: OTPs are sent to three family members in different locations to ensure agents cannot access user accounts.
“We still use the CBN-mandated approach to opening bank accounts, i.e., the use of BVN and NIN,” said Samuel Ojerinde, one of the co-founders. “Before users receive ATM cards, OTPs will be sent to the three numbers. If the three OTPs are not available at that point, the users will not be given cards.”
Partnerships Driving Growth
Fintava Pay’s partnership with BusyPay, a super agent network in Kano, exemplifies its impact. Within 24 hours of launching BusyPay’s custom banking app, the platform registered 1,000 downloads and began onboarding customers who previously had no access to digital banking.
The startup also addresses cultural and religious barriers. In Northern Nigeria, where many Muslims avoid interest-based banking, Fintava Pay leverages trusted local agents to build trust. “When people see a familiar face—a trusted local business or agent—they are more likely to engage with financial services,” Ojerinde noted.
Combating Fraud and Ensuring Security
Fraud remains a significant concern in regions with low digital literacy. To mitigate risks, Fintava Pay employs strict onboarding requirements for agents and uses ethical hackers to identify vulnerabilities in its systems. “One thing we have struggled against is human error. Some people expose their BVN, and bad actors use them to take loans,” Ojerinde said.
Fintava Pay generates revenue through service fees, subscription plans, and transaction charges. Businesses pay to access its API infrastructure, enabling them to offer financial services without securing a banking license. The company also earns from wallet top-ups, bank transfers, bill payments, and ATM withdrawals.
While Fintava Pay is yet to turn a profit, it has processed over ₦30 billion ($38 million) in transactions and serves over 100,000 customers. The startup is also exploring opportunities beyond Nigeria, with plans to replicate its model in Zambia.
Standing Out in a Competitive Market
Fintava Pay differentiates itself from competitors like Bloc, Anchor, and Maplerad by focusing on underserved markets and offering deeply customized solutions. Unlike Moniepoint and Opay, which operate agent-led banking, Fintava Pay empowers businesses to run their own fintech solutions.
The startup also claims to offer instant settlements for businesses using its API, a feature it says competitors lack. “Businesses who use competitor APIs to receive payments are only able to access their money after 24 hours,” Arowolo said.
Future Plans
Fintava Pay has no plans to expand into Lagos, opting instead to focus on underserved regions. “You want to focus on other parts of the country where people are not focusing,” Ojerinde emphasized.
With its innovative approach, Fintava Pay is not only addressing financial exclusion in Northern Nigeria but also positioning itself as a potential pan-African Banking-as-a-Service provider. As the startup continues to scale, its impact on financial inclusion across the continent could be transformative.