Olasubomi Jegunmah, the chief operating officer (COO) of WallX Africa, has disclosed that the fintech firm is broadening its payments offering across Africa in its next phase of growth by shifting its focus from a conventional payment application to building financial infrastructure to support African businesses.
He stated that Africa’s fragmented financial ecosystem, varying currencies, banking systems, payment networks and regulations presented an opportunity for technology companies to develop infrastructure suited to the continent’s realities.
According to Olasubomi, Nigeria remained WallX’s primary operating market but stressed that the company’s ambition extended across Africa and, eventually, to global markets with WallX is also eyeing to launch its services in Canada Considering it recently acquired MSB License.
According to him, the expansion drive was driven by the need to tackle the fragmented payment systems, manual processes, cash dependence and poor financial visibility confronting businesses across the continent.
‘Many businesses still operate with fragmented payment systems, manual processes, cash dependence and limited visibility over their financial operations,’ Olasubomi stated, adding that the technology could ultimately become an infrastructure layer that banks, financial institutions and payment partners could integrate into their own systems.
He stated that the platform was designed not simply as another payment application but as a technology layer that could connect businesses, consumers and financial institutions while reducing the friction associated with everyday financial transactions.
According to Olasubomi, the fintech company had evolved from its initial business-to-business payments focus into a broader fintech ecosystem featuring business-management tools, PayCode-based payments, soft POS capabilities and cross-border payment solutions.
According to him, one of the company’s key technologies, PayCode, was designed to enable users to initiate and receive payments without repeatedly exposing sensitive banking or card information.
‘The longer-term opportunity for WallX is much broader, with PayCode becoming an infrastructure layer that financial institutions, banks and payment partners can integrate into their own ecosystems.’
According to him, the firm was exploring technology capable of bridging the gap between offline and online transactions without relying entirely on continuous internet connectivity, physical payment terminals or the direct sharing of sensitive financial information.
The company, according to the statement, is also pursuing partnerships with regulated financial institutions, with WallX positioning itself as a technology and infrastructure partner rather than a replacement for the existing financial system.
‘WallX’s strategy is increasingly focused on working with regulated financial institutions and established payment infrastructure rather than attempting to replace the financial system,’ Olasubomi stated.