Press Release: QuickCheck partners with Jumia & PayAttitude for further Financial Inclusion in Nigeria
Wednesday, December 11, 2019
Not 1, but 2 partnerships! QuickCheck, a micro-lending mobile platform that provides collateral-free loans, has announced its new partnerships with Jumia and PayAttitude, to get even closer to the majority of Nigerians who still lack access to credit.
According to CEO Fabiano Di Tomaso, “The QuickCheck app was specifically designed to solve the difficulties Nigerians face in seeking access to credit. I believe that the increasing importance of financial inclusion as a catalyst for economic growth and development cannot be overemphasized. Internet is on the rise and according to NCC, Nigeria had 123 million GSM internet subscribers in September this year, up 19 million from last year. More and more digital consumers use digital services, pay bills, shop and make payments online. Increased e-commerce transactions and smartphone penetration are indicative of a population segment seeking for a higher quality of living, it typically corresponds to the underbanked, which we currently serve.”
`For the past six months, QuickCheck has been the only credit provider for Jumia customers subscribed to the JumiaOne app. JumiaOne, Nigeria’s top lifestyle app lets consumers buy airtime, pay bills and have access to all Jumia services in one place. QuickCheck takes it one step further by partnering with Jumia to provide their customers with access to loans, through its own credit scoring algorithm used for the underwriting of borrowers. QuickCheck’s affiliation with Jumia will allow customers to easily take loans on a mobile app they are already actively using.
QuickCheck is also collaborating with PayAttitude – Payment Scheme and a key player in the fin-tech industry. Pay Attitude is the first and only multi-bank USSD and Mobile app for POS, Web payments, ATM Cash Withdrawal, and person-to-person transactions using just a phone number.
Speaking shortly after the official sign-off, Babatunde Okeniyi, the CEO of PayAttitude, stated that “This partnership is a testimony to the commitment of PayAttitude to democratizing access to financial/payment services. The future is mobile and PayAttitude is driving inclusion through mobile in a way never before done.” This partnership with PayAttitude will, therefore, provide a
convenient platform for QuickCheck to make loans available to hundreds of thousands of customers.
What does this mean for Nigerians? People who have been financially excluded now have multiple avenues to take loans from, on platforms they are already using. These digital partnerships support the rapid emergence of new cross-industry business models as everything becomes connected and digital.
Fabiano, commenting on the partnership expressed his excitement at the opportunity QuickCheck has in reducing the inclusion gap in the country and enabling consumers’ participation in the economy through its digital financial services.
“Yes, we do rely on our leading product, the QuickCheck app, that is our main focus. However, we are driven by the relentless pace of innovation – we see challenges every day and we want to solve them and improve people’s lives. We have a team dedicated exclusively to problem validation and testing of new ideas. If we can imagine a solution, we can build it. We also have a few other projects in the pipeline with third parties We believe they will push us to an even wider audience and help to achieve our end goal- financial inclusion.” Remarked Di Tomaso.
He concluded with a message to potential partners: “If these lines relate to your way of being and you have access to a large pool of consumers, contact us! We can explore win-win options.”
Photo courtesy of uditha wickramanayaka.