The new partnership will help the fintech company to tackle the problem of financial exclusion in a country where 40% of the population is unbanked.
Digital money transfers play a significant role in the growth of Nigeria’s economy. Remittances to the nation were worth USD 22 billion in 2017, the equivalent of 5.6% of Nigeria’s GDP and higher than the country’s oil revenues, according to Pulse.
Azimo is part of a business delegation with UK Prime Minister to tour three African countries. The company will promote fintech innovation in South Africa, Nigeria and Kenya.
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