International Finance

African payment gateway fintech Innovate forays into Dubai

African fintech enters Dubai
According to Innovate I Pay, the increasing number of African expatriates in UAE was a crucial deciding factor

Leading African payment gateway and fintech startup Innovate I Pay has entered the Middle East market, with an office in Dubai, according to local media reports. The Dubai office of Innovate I Pay is aimed at providing easy and seamless money transfer services to the African expatriates staying in Dubai.

Payment gateway Innovate I Pay is a leading fintech players in the African continent and one of the first African fintech startups to enter Dubai and the Middle East. Besides being the only distributor of foreign currency to Bureau de Change (BDC) operators in Northern Nigeria, it provides services such as international money transfer and foreign exchange management.

According to estimates, by 2040 Africa will surpass India and China to be the biggest job market. Meanwhile Dubai, as a symbol of its friendly relationships with African nations, has reformed its visa procedures for African nationals. The renewed visa process has increased the number of African immigrants who come to UAE in search of good jobs.

African payment gateway fintech Innovate 1 Pay has entered Dubai, keeping in mind the expanding African population in UAE which has increased as result of the renewed visa procedures.

Innovate I Pay chairman, Mahmoud Ahmadu told the media, “With the maturing of financial markets in Africa, we have expanded our presence to a total of 56 countries currently, and with the promise that the new UAE visa regime holds for African professionals, we believe the prospects for growth in addressing this demographic is very promising indeed.”

Innovate I Pay is licenced by the Central Bank of Nigeria. There have always been strong ties between UAE and the African countries. The fifth edition of the Global Business Forum on Africa is to be held in Dubai. The forum is expected to forge strong economic co-operation and better economic relationships between Africa and UAE.

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