Innovate 1 Pay, a leading Nigerian payment gateway and fintech startup has expanded its footprint into the Middle East market by opening an office in Dubai.
The Dubai office of Innovate 1 Pay is aimed at providing easy and seamless money transfer services to the African expatriates residing in Dubai and one of the first African fintech startups to enter Dubai and the Middle East.
Founded in 2013 and licensed by the Central Bank of Nigeria (CBN), Innovate 1 Pay provides international money transfer, wholesale foreign exchange management, distribution of foreign currency and other payment services.
With offices in Abuja and Kano, Innovate 1 Pay is the exclusive distributor of foreign currency to Bureau de Change operators in northern Nigeria. It also provides currency services to travelers at major international airports in Nigeria.
According to estimates, by 2040 Africa will surpass India and China to be the biggest job market.
Meanwhile Dubai, as a symbol of its friendly relationships with African nations, has reformed its visa procedures for African nationals. The renewed visa process has increased the number of African immigrants who come to UAE in search of good jobs.
Innovate 1 Pay chairman, Mahmoud Ahmadu said, “With the maturing of financial markets in Africa, we have expanded our presence to a total of 56 countries currently, and with the promise that the new UAE visa regime holds for African professionals, we believe the prospects for growth in addressing this demographic is very promising indeed.”
“Africa is currently the second fastest-growing continent after Asia, and we are looking at average GDP growth of 5 percent across the continent,” said Anthony Nwachukwu, CEO of Innovate 1 Pay. “Africa is home to 40 percent of the people in the world, who lack access to banking services. At Innovate 1 Pay, we see our business mission within the context of this larger social goal.”
