The embedded finance sector is experiencing significant growth in Africa, with Nigeria's market predicted to be worth over $8 billion by 2029. This growth is driven by factors such as limited access to traditional financial services among the adult population and a smartphone penetration rate of over 50%. Embedded finance involves integrating financial services, like lending and payment processing, into non-financial businesses' operations.
SeerBit, a payment solutions company, is making it easier for businesses to receive and move money. They offer solutions that help businesses manage internal and external money transfers more efficiently.
Integrating financial services into existing products offers benefits such as enhancing customer engagement and increasing revenue streams. However, it also poses challenges like data security, regulatory compliance, risk management, technology integration, scalability, and customer support.
Embedded finance technology, like SeerBit Alpha, provides a stable and faster route to offering financial services compared to building from scratch. This technology allows companies to expand their services within a shorter timeframe.
SeerBit Alpha ensures security and compliance through regulation and certifications like PCI DSS. They employ encryption and detection systems to protect data and monitor transactions for any discrepancies or anomalies.
Examples of businesses successfully using SeerBit Alpha include payments service banks, banks using digital banking services, and financial institutions using virtual account creation for customers.
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