Offline payments remain cornerstone of Nigeria’s economic ecosystem – Crediometer

A Financial Technology company, Crediometer has stated that Offline payments remain a cornerstone of Nigeria’s economic ecosystem, particularly within informal markets and remote communities.

The Company’s Head of Legal Team, Miss Chiamaka Anyanwu, who stated this while interacting with journalists in Lagos, said cash-based exchanges continue to dominate many sectors, driven by factors such as accessibility, trust, and cultural norms despite rise of digital transactions.

According to her, From bustling marketplaces to rural villages, offline payments serve as the lifeblood of economic activity, facilitating seamless transactions and fostering financial inclusion.

She stated that it is the reason Crediometer recognizes the enduring importance of offline payments while also harnessing the potential of digital solutions to drive financial inclusion and efficiency.

Anyanwu explained that through innovative technologies such as the Credio Reader, Crediometer bridges the gap between online and offline transactions, empowering businesses to seamlessly transition between both modalities.

“Offline payments remain a cornerstone of Nigeria’s economic ecosystem, particularly within informal markets and remote communities.

“Despite the rise of digital transactions, cash-based exchanges continue to dominate many sectors, driven by factors such as accessibility, trust, and cultural norms.

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“From bustling marketplaces to rural villages, offline payments serve as the lifeblood of economic activity, facilitating seamless transactions and fostering financial inclusion.

“Crediometer recognizes the enduring importance of offline payments while also harnessing the potential of digital solutions to drive financial inclusion and efficiency.

“Through innovative technologies such as the Credio Reader, Crediometer bridges the gap between online and offline transactions, empowering businesses to seamlessly transition between both modalities.” She said

Speaking also, The Chief Technology Officer, Rasheed Raji explained that the approach does not only accommodates the diverse needs of consumers and merchants but also fosters a more inclusive and resilient financial ecosystem.

According to him, By championing a mixture of online and offline payment options, Crediometer offers businesses the flexibility to adapt to varying customer preferences and infrastructure constraints.

He further explained that In markets where connectivity may be limited or digital literacy remains a barrier, offline payments provide a reliable and familiar alternative, ensuring that no customer is left behind.
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