- Sector: Financial Services
- Country of operations: Nigeria
TechAdvance is a Nigerian payments infrastructure company. It provides a platform to enable transaction processing and payment collection, aggregation and reconciliation. The Lagos-based company started in 2009 and has built up, and launched, a network of subsidiaries, each of which focuses on different segments of the market, such as the payment of utilities bills, financial services and transport fares.
The list of subsidiaries includes GPay, which provides payments services for corporate clients, and Transfer2Africa, an online money transfer platform. The strategy of targeting many different market niches with dedicated divisions has served the group well, with its utilities-focused subsidiary said to have performed particularly well over the past year.
“We have grown the business in recent times by focusing on more recession-proof aspects of the industries we operate in. Notably, utility payments and the need for more streamlined financial services via digital financial products,” says Edmund Olotu, Founder and CEO.
The company continues to innovate and launch new products and platforms. One area that it sees as particularly promising is digital banking. TechAdvance is currently preparing for the launch of a new online arm called Advance Bank, which will offer loans as well as bespoke financial and investment advice to customers and budgeting tips. “With the rise of FinTech and the opportunities that exist for disruption in the financial services space, we see the development of this product as one of our greatest opportunities,” says Edmund.
He adds that one of the most important challenges facing high-growth companies in Nigeria is the “inadequate access to intelligent finance that understands the life cycle of technology companies”.