According to McKinsey, African Fintech has generated 4–6 billion dollars between 2020 and 2021, estimated to triple in 2025.
The fintech industry in Africa has been proliferating over the past few years, with many innovative companies emerging and offering financial services to the unbanked or underbanked populations.
In 2022, Flutterwave managed over 200 million transactions valued at over $16 billion with a range of 16 countries across Africa.
While more Fintech companies are growing and serving the African market, one fintech company has come to change the dynamics of transactions; with over $300,000 worth of transactions within months of launch, it is safe to say another disruptor is here.
PayDay, Who and For What?
Payday has become one of the best transaction platforms for most Africans, with a user-friendly and straightforward payment gateway that allows users to send, spend, and receive money globally to friends, family, employers, and clients. It has grown tremendously since its initial release in 2021, with headquarters in Canada and Rwanda.
Payday is becoming one of the top fintech industries where users can perform different transactions. The most recent was its ability to allow quick and easy payment for StarLink products with less difficulty using this app.
This singular move created a surge on its platform; however, its ability to manage such high-volume traffic without fault gave it credibility and visibility among users.
Freelancing Just Got Better
Freelancing in Africa has become more challenging as getting paid is becoming more complex. Most freelancers need multiple platforms to get paid, creating delays and lost value.
Payday has allowed users, primarily freelancers and remote workers, to complete transactions with global currencies like USD, EUR, and GBP in their name/account.
PayDay allows users to create different accounts for free while spending with Payday Mastercard in the comfort of their homes.
Users who pay with their card save up to 16% on transaction fees while receiving fair exchange rates for foreign and local currencies. Users are also able to transfer money from the app to various banks.
Users can pay for their online applications and tuition fees in various countries, including the United Kingdom, the United States, and Canada, from the comfort of their own homes.
Payday has made banking more secure with a smooth transaction pace, enabling customers to check their balances quickly.
With the help of various artificial intelligent tools, Payday can understand customers’ needs and process their data, powering the company to produce a secure platform.
Features that made Payday a must to have.
- Users can add their account details to platforms like Deel, enabling them to receive salaries in seconds and minutes rather than waiting for days.
- Users can now buy airtime and pay most of their bills directly from the app at the confront of their homes.
- A new exchange added, enabling users to exchange from USD to NGN and vice versa.
- Payday offers a payment method in which users can send and receive money using their unique pay-tag id and create a payment link to receive payment from wallet accounts. With a pay-tag, users can send and receive money to any payday account for free.
- Payday has made it easy to sign up using BVN and a selfie to increase its security measures against impersonation. Payday provides a secure virtual account where all user credentials are encrypted and well-protected from external harm in Payday.
- Payday pro is a paid subscription allowing users to access multiple international accounts. Payday pro is a must-have feature if you are a freelance or business person.
- Payday MasterCard users can subscribe to various channels and websites/apps such as Apple, Amazon, Netflix, and others. Some websites, such as betting sites, cryptocurrency, and adult websites, do not accept payments or subscriptions.
Payday has been featured in various companies/organizations programs like CNBC Africa, daily mail 24, Vanguard, TheGuardian, etc.
Payday has the potential to be a leading fintech company by offering simple and accessible financial transactions and currency exchange with an innovative, user-friendly interface, empowering individuals and businesses in Africa.