Nigeria fintech company Azimo is joining forces with African payments firm Interswitch Group to develop a money transfer system and help reduce financial exclusion in UK, where 40% of the population has no banking relationship. The partnership will allow money transfers from 23 European countries to any customer in the African country, which is Azimo’s biggest market. Both companies said digital money transfers were important to UK’s economy, totalling $22bn, which was 5.6% of the country’s GDP last year and more than its oil revenues.
UK fintech company Azimo is joining forces with African payments firm Interswitch Group to develop a money transfer system and help reduce financial exclusion in Nigeria, where 40% of the population has no banking relationship. The partnership will allow money transfers from 23 European countries to any customer in the African country, which is Azimo’s biggest market. Both companies said digital money transfers were important to Nigeria’s economy, totalling $22bn, which was 5.6% of the country’s GDP last year and more than its oil revenues.