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New Nigerian fintech to launch digital wallet platform

SeamPay, a new Nigerian fintech startup plans to launch an innovative service for its local users, a mobile wallet. The new mobile wallet will allow users to send and receive money, pay for bills and services in a quick and efficient method. 

 SeamPay to launch mobile wallet in Nigeria

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Founded and launching in October 2020, the new fintech startup’s mobile wallet aims to provide an alternative solution to traditional fintech services, from digital banks to mobile patient solutions and more. 

Founded by brother duo, Abubaka, and Alhassan Mohammed, SeamPay aims to improve the current payment systems in Africa. Focusing on fostering financial inclusivity and a cashless payment system, SeamPay’s mobile wallet provides users with a fast and reliable transaction method. 

SeamPay (Supplied)

The fintech aims to provide this digital platform fintech to everyone, regardless of geographical location or social status. 

In an official press release, SeamPay points out that the fintech startup aims to set itself apart from leading competitors. 

“We currently have two direct competitors in the market who have created Mobile Wallets. These are PalmPay and Opay. However, we are creating something entirely and our goal is to disrupt payments in general rather than repackaging current methods of payment into mobile apps.”

SeamPay is in the process of developing their Minimum Viable Product (MVP) which is a model of the app that doesn’t include all the features. MVP is used for businesses to generate feedback from their customers which assists them with product fit within the market. 

The SeamPay site was launched on 1 October with more than 4 000 members joining their waitlist within the first week of launching.

Market entries

Once SeamPay is fully operating in Nigeria, the startup plans to expand to more countries and eventually the rest of Africa. Challenges present itself as SeamPay is self-funded and has limited resources. 

The Nigerian fintech successfully launched its website with the MVP, however with current bills and payments due they are willing to sacrifice some features and launch them at a later stage.

Read more: Fintech MFS Africa acquires digital payments provider Beyonic
Read more: ROAM Africa acquires Nigeria tech startup

Featured image: Przemyslaw Marczynski via Unsplash 

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