Nigeria’s Fintech Kippa, a platform that helps small businesses in Nigeria manage their financial books, and also functions as a payment platform, has received the Payment Solution Service Licence from the Central Bank of Nigeria, to function as a Super Agent.
The Payment Solution Service Licence is under the CBN PSP Super Licence. To be given this licence, applying business must be able to provide services like Switching, Payment Terminal Service, Payment Service Solution, or be a Non-Bank Merchant Acquiring super agency.
This Approval gives Kippa the ability to develop its network of merchants, enabling them with the important tools they need to proffer financial products and features to their consumers and customers.
With the assistance of its substantial merchant distribution in all the Thirty-six states of Nigeria, Kippa users can directly receive payment and also scale their customer profitability, retention and revenue through the provision of their financial services on Kippa’s platform.
Kippa was Co-founded in 2021, by Kennedy Ekezie-Joseph, Duke Ekezie-Joseph and Jephtah Chidozie-Uche. It is designed to assist owners of small businesses to have accurate bookkeeping practices. This further helps them acknowledge profits, losses, and business growth patterns and to offer the best prices for their products.
In November 2021, Kippa announced that it had raised per-seed funding of Three Million, Two Hundred Thousand US dollars ($3.2 million).
Speaking with journalists, Kippa’s CEO Kennedy Ekezie-Joseph said, “We’ve done an incredible job acquiring and onboarding merchants from all nooks and crannies of Nigeria. We aim to further empower these merchants by providing them with the tools and infrastructure to provide financial services to their customers. This is already yielding results”.
He further said, “Looking at our counterparty data, merchants activated on KippaPay are in the 90th percentile of Kippa merchants regarding customer retention: so, they have more customers and a higher number of transactions per customer”
Addressing the approval of the licence, Executive Director of Payment Services, Toyin Albert said “We are excited to offer further financial services to our merchants, which align with the CBN’s broader financial inclusion strategy. We are fully aware of the existing regulatory framework and requirements and will continue to drive our initiatives to millions of Nigerians while engaging all stakeholders concerned.”
Since its launching, the startup has offered its services to over 500,000 merchants, therefore building a strong network that has increased the startup’s revenue to about Three Billion US dollars ($3 billion).