Many Nigerian fintechs have promised to “bank the unbanked,” but few have truly reached beyond Lagos. Fintava Pay, co-founded by Tobi Arowolo, Samuel Ojerinde, and Isaiah Tokinbo, is taking a different approach. The Banking-as-a-Service (BaaS) platform enables businesses—such as microfinance banks, cooperatives, and agent networks—to create tailored financial products for rural and underserved communities, particularly in Northern Nigeria, where financial exclusion is highest.
Unlike traditional fintechs that build direct-to-consumer apps, Fintava Pay provides white-label solutions that empower local super agents to open bank accounts and facilitate transactions for users. The platform customizes services in Hausa and implements verification methods that don’t require smartphones, making banking more accessible.
Security and fraud prevention are top priorities. The company verifies transactions using OTPs sent to three separate family members and employs ethical hackers to secure its systems. With over 100,000 customers and ₦30 billion ($38 million) in processed transactions, Fintava Pay is scaling rapidly, even attracting interest from businesses in Zambia.
Unlike competitors like Bloc and Anchor, Fintava Pay focuses on financial inclusion rather than general banking APIs. Its pricing model is also more flexible, offering instant settlements and negotiable transaction fees. While many fintechs prioritize Lagos, Fintava Pay is expanding across Nigeria’s north, east, and west—avoiding saturated markets in favor of reaching communities that need financial services the most.
Read the full news here: TechCabal