This startup is betting on tap-to-pay in a transfer-dominated market
- CashAfrica launched tap-to-pay functionalities on 1,000 PalmPay POS terminals in a pilot in 2025.
- The startup partnered with ChamsSwitch to improve payment switching and settlement processes.
- CashAfrica has secured undisclosed investments from Timothy Draper and the Afropreneur Angel Group.
CashAfrica's approach to positioning itself as a specialized infrastructure provider for contactless payments is promising, especially given the growing interest in digital payment solutions in Nigeria. However, the challenge remains in changing consumer behavior and merchant acceptance, which could hinder rapid adoption. A focus on education and awareness will be crucial for the startup's success in this competitive market.
