Folopay launches 9PSB Mobile wallet

By Idris Bakare

A new digital finance company, Folopay, has unveiled its products and services with the introduction of several financial packages to enable seamless cashless transactions.

Folopay is Africa’s first financial products distribution company registered and licensed with the CBN, using mobile technology. Folopay’s team is made up of 80 per cent women and youths.

The CEO, Oliver Grace, speaking at the launch explained, “The Folopay fintech goals are in line with the overarching CBN cashless and financial inclusion policies for the economy. They are our major drive, enabling people to be included in the mainstream of offering and accessing financial services with the use of a mobile wallet.

“There are millions of Nigerians with NIN but who do not have access to financial services because they do not have bank accounts. In Nigeria, there are 45 to 50 million persons with BVN whereas the population is over 200 million with people between 15 and 65 years over a 100 million.”

Some of the services include mobile payment using 9PSB, a payment service bank, for purchases, cash transfer, health insurance, auto/gadget insurance, pension, car maintenance plans, loans and savings. The mobile wallet enables access to health insurance and pension for individuals.

There are also special packages one of such is called study abroad JAPA loan for students who dream of studying and migrating abroad. The 9PSB mobile wallet was officially launched at LASU last week while a second activation was launched at the Aswani market, Isolo-Lagos.