During the recently concluded 7th African Tech Summit in Nairobi, Nigerian fintech company Hizo Technology Limited seized the spotlight as it positioned itself to bridge Africa’s cross-border payment gap.
At an industry event attended by close to 2000 leaders and investors Hizo Tech, through the stewardship of CEO Victor Chiedu demonstrated its revolutionary mobile app platform through interaction with potential fund partners, helping the company develop its market direction plans.
The Chief Executive Officer informed us during a one-on-one meeting that Hizo plans to enter Kenya due to its vibrant technology industry and advanced digital payment infrastructure led by M-Pesa. The process of cross-border deals faces multiple obstacles because they require excessive transaction costs, multiple currencies and depend mainly on unofficial payment methods. The Naira-based virtual accounts and competitive exchange rates along with multi-currency solutions from Hizo Technology Limited, will solve the existing cross-border payment problems between Nigeria, Kenya and additional African markets.
At the African Tech Summit, Hizo’s team demonstrated its commitment to supporting Kenya’s efforts toward the African Continental Free Trade Area (AfCFTA) regional economic integration programs. The company’s leadership at Hizo sets their mission to allow Nigerian travellers to conduct borderless transactions without currency exchange complexities. Hizo presented its mobile application to Nigerians and other attendees at the summit showcasing features like; instant cross-border transfers and virtual wallets as well as fee-free peer-to-peer transactions enabled through Hizo Tags.
The extensive world conference of entrepreneurs highlighted that fintech startups completely control venture capital investments throughout 2024. Travelers together with small businesses based in Nigeria and Kenya conducted platform tests through Hizo’s platform and found it easy to use. As a result, Hizo which already provides a solution which helps Nigerians spend naira in Kenya, plans to solidify its stakes in the country as the CEO reveals; “We’re currently working with our lawyers to ensure we secure all proper documentation and licenses from the Kenyan authorities,” the CEO said.
The existing problems with cross-border payments in Africa are known to many observers. Hizo tackles multiple payment issues which span from high fees for remittances (8.2% average costs) to currency complexities and regulatory barriers. Hizo’s solutions directly tackle operational difficulties through its implementation of multi-currency accounts and blockchain efficiency and partnership approaches.
Hizo’s participation in the Africa Tech Summit signals its ambition to become a pan-African fintech leader. By aligning with Kenya’s digital transformation goals and addressing SME pain points, the company is poised to drive financial inclusion and intra-African trade. “With so many Nigerian students, workers and tourists in Kenya, this will be very helpful as well as to the many Kenyan and Nigerian SMEs making cross-border payments,” the CEO says.