RedCloud partners with KongaPay, to give 190m Nigerian consumers access to distributed banking services

RedCloud Technologies, the world’s first open banking platform, today announced a partnership with Nigeria’s KongaPay; the payment system which aims to facilitate the initiation and completion of transactions in a seamless manner to accelerate distributed banking through a new payment ecosystem that allows unbanked customers to pay online.

Through the Banking as a Platform model, a first for Nigeria, KongaPay will use RedCloud technology to enable the banks to offer innovative digital financial services via its rapidly growing merchant network, with merchants benefiting from increased footfall and resulting bottom-line revenues.

Justin Floyd, CEO at RedCloud comments: “We believe Nigeria will realise its considerable untapped potential from this new kind of technology platform as it enables banks, retailer and agents to work together to deliver financial services at scale. Konga is a company we have admired for some time and who have a proven record in e-commerce – the next big step for financial products, as well as payment innovation. We are delighted to partner with them.”

With RedCloud One, a new technology model is born: one platform connecting all stakeholders in the financial ecosystem -whether they are cash users or not- and offering Distributed Banking at scale. With a highly secure technology that allows quick configurability for a fast time-to-market (a revolution in comparison to static core banking software) and extensible features, with an open API architecture (open banking approach, the BaaP model), ensuring a future-proof technology. RedCloud One redefines the customer experience and opens access to new personalised financial products (digital payments, loans, insurance) and new types of products/services through mobile and digital channels (mobile and e-commerce).

Speaking about the partnership Olayemi Jinadu VP, Payment Products and Digital Goods said “KongaPay payment solution’s partnership with RedCloud attests to our drive to make Nigerians and Africans at large experience the best of service at their convenience. This means we constantly evolve to be more relevant to customers and society. KongaPay is designed to be fast, reliable, secure, flexible and above all provides a best-in-class financial solution to Nigerians and Africa at large.”