SPay hits N1.5bn transactions in 1 year of operations

“SPay’s cutting edge is hinged on a simple, secure, and seamless platform that works across different devices."

SPay hits N1.5bn transactions in 1 year of operations
Second from right Mr. Akinwale Ojo and some members of the SPay team
Spay hits n1. 5bn transactions in 1 year of operations
Second from right mr. Akinwale ojo and some members of the spay team

Nigerian-based licensed fintech, SPay has now processed over N1.5billion worth of transactions in just over a year of commencing operations.

This milestone achievement was confirmed by Mr Akinwale Ojo, founder/CEO of Spay. He said the company has continued to develop market-fit products to meet the payment needs of businesses as well as retail products to drive financial inclusion.

Akinwale also predicted more successes for the company, with the increasing adoption of electronic and digital payments in Nigeria.

He confirmed that many SMEs are also keying in to SPay’s suite of products as it is instrumental to the  growth of their business with its simple, user-friendly, seamless and secure payment platform.

Akinwale said “SPay helps its teeming customers focus on the end-to-end payment that meets their business cash flow needs, so that they can focus on what matters most to their customers.”

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He said “SPay’s cutting edge is hinged on a simple, secure, and seamless platform that works across different devices.”

Some of Spay’s offerings include:

  1. The all-in-one app for customers’ financial needs. Guarantees seamless payments. Send and receive money instantly, pay bills effortlessly, and top up airtime and data with ease.
  1. Secure Platform: Enjoy peace of mind knowing your money is safe with our robust security measures.
  2. Simplify payments: Accept payments easily via secure payment links, online checkout, and direct debit options.
  3. Automate your finances: Generate and send invoices automatically, manage transactions seamlessly, and gain valuable insights into your financial health.
  4. Fuel your business growth: Save time and resources by streamlining your financial processes, allowing you to focus on what matters most – growing your business.
  5. Sell your products or services online: Expand your reach and attract new customers through a dedicated marketplace.
  6. Manage your marketplace listings effortlessly: Easily add, edit, and manage your product listings.
  7. Secure and reliable platform: Benefit from a secure and reliable platform for all your marketplace transactions.
  8. Financial Goals Support: Set personalised savings goals, track progress, and receive automatic reminders to stay on track.

Akinwale concluded that SPay is a simple, easy, and secure process of accepting payments: “The SPay process requires zero prior know-how and customers can integrate with Spay  solution in a few simple steps through our different channels to give your customers options.”

BRANDPOWER reports that, according to Statista, total transaction value in the Digital Payments market is projected to reach US$21.32bn in 2024.

Total transaction value is expected to show an annual growth rate (CAGR 2024-2028) of 10.06% resulting in a projected total amount of US$31.28bn by 2028.

The market’s largest market is Digital Commerce with a projected total transaction value of US$18.23bn in 2024.

Statista also says  from a global comparison perspective it is shown that the highest cumulated transaction value is reached in China (US$3,744.00bn in 2024).


BRANDPOWER also reports that “Nigeria is fast becoming a posterchild across Africa for the successful digital transformation of the country’s economy,” according to Santhosh Rao, Head of Middle East, Africa, and South Asia, ACI Worldwide.

“Accelerated by the Covid-19 pandemic, Nigerians increasingly expect higher speeds, greater simplicity, and modern thinking from financial service providers. While cash is still being used widely, the shift towards greater adoption of digital and real-time payments services is testament to the success of government regulators in fostering rapid growth in digital openness, particularly payments.”