CashtoCode, the instant cash payment service for online merchants, today announced its launch in Nigeria.
Entering the African market for the first time, CashtoCode will now allow Nigerian customers to top up their iGaming or other merchant accounts via in-store cash deposits in their local currency Naira. The service will be available on the Payalat Bill Payment Platform, and at all ServPoint Agent locations - including corner shops, hotels, newsagents and supermarkets. These locations are already extremely popular for mobile top ups, utility bill payments and agency banking services (Payalat and ServPoint are operated by Globasure.)
CashtoCode aims to establish itself as the leading cash deposit service in Africa. It chose to enter the market via Nigeria, since it is a regional fintech hotspot with a high population of smartphone users, and therefore offers a prime opportunity to grow its services.
CashtoCode is also supporting iGaming operators hoping to enter the region by helping them set up payment collection services via cash payments and evouchers - helping them overcome the challenges around currency conversion and repatriation. CashtoCode has already partnered with several operators in Nigeria including Lottoland. CashtoCode was designed to be a low-risk payments solution since its vouchers cannot be transferred. They can only be redeemed by the account holder/iGaming customer, thereby eliminating the risk of fraud and eliminating chargebacks.
“We see a lot of potential in the African market, which is under-served for simple and accessible payment options that help people participate in eccomerce,” said CashtoCode CEO, Jens Bader. “Nigeria is a popular destination for new businesses hoping to succeed in Africa, especially in fintech. We think our service has a natural fit in Nigeria, and in the day-to-day routines of people’s lives there. Payalat and ServPoint locations perform a crucial service and are already extremely popular for bills payment services. With CashtoCode, people can now use the same service to top up their digital ewallets, iGaming accounts and other online merchant balances. For iGaming operators, we offer the instant ability to go live in the region and start accepting deposits from potential customers, without the common challenges of currency conversation and repatriation.”
According to Globasure’s CEO, Chris Ife, “Payalat and ServPoint are positioned to enable customers purchase and redeem CashtoCode vouchers easily and conveniently via web, mobile app, POS app and Agent locations”.