Nigerian fintech startup Touch and Pay is planning expansion into a number of other African markets after securing a seed funding round worth US$3 million. Founded in 2019, Touch and Pay has developed a suite of near field communication (NFC) based payment solutions for all sorts of situations. Co-founder Michael Oluwole said the startup was trying to move towards a truly cashless society. “Today there are two types of transactions in Africa, firstly macro ones like buying a car or house, or payment of tuition, These transactions have been digitised and are processed electronically,” he said. “But the other type of transactions are micro-transactions, like payment of transportation fares, getting snacks or a cup of coffee, or buying groceries. These are all cash-based and they account for 70 per cent of all daily transactions in Nigeria today.” Even those that have bank accounts, therefore, still have to withdraw cash to perform these microtransactions.
SOURCE: DISRUPT AFRICA