Digital payment platforms

Digital payment platforms

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Digital payment platforms
SectorMost major industry classification systems use sources of revenue as their basis for classifying companies into specific sectors, subsectors and industries. In order to group like companies based on their sustainability-related risks and opportunities, SASB created the Sustainable Industry Classification System® (SICS®) and the classification of sectors, subsectors and industries in the SDG Investor Platform is based on SICS.
Services
Consumer Services
Business Model Description

Provide digital payment services especially for healthcare and transport service providers.

Expected Impact

Improve financial inclusion across the country as well as drive financial literacy and economic growth.

Indicative ReturnDescribes the rate of growth an investment is expected to generate within the IOA. The indicative return is identified for the IOA by establishing its Internal Rate of Return (IRR), Return of Investment (ROI) or Gross Profit Margin (GPM).
10% - 15% (in IRR)
Investment TimeframeDescribes the time period in which the IOA will pay-back the invested resources. The estimate is based on asset expected lifetime as the IOA will start generating accumulated positive cash-flows.
Short Term (0–5 years)
Market SizeDescribes the value of potential addressable market of the IOA. The market size is identified for the IOA by establishing the value in USD, identifying the Compound Annual Growth Rate (CAGR) or providing a numeric unit critical to the IOA.
USD 100 million - USD 1 billion
Average Ticket Size (USD)Describes the USD amount for a typical investment required in the IOA.
USD 1 million - USD 10 million
Direct ImpactDescribes the primary SDG(s) the IOA addresses.
Decent Work and Economic Growth (SDG 8)
Indirect ImpactDescribes the secondary SDG(s) the IOA addresses.
Reduced Inequalities (SDG 10) Sustainable Cities and Communities (SDG 11)
Bankly kiosk
Photo by Bankly
Case Study: BANKLY meets the needs of financially excluded Nigerians
BANKLY, a finalist of the EU-UNDP Nigeria Growth Stage Impact Ventures (GSIV), is the “bank to the unbanked,” meeting the needs of the financially excluded Nigerians by providing the personal and technological touchpoints they require to digitize their cash and grow their income in a safe and simple way. Established in 2018 in Lagos, BANKLY has deployed its customer application to over 150,000 users, testing the service across Nigeria in 2022, and aims to expand to Cameroon, Benin and Democratic Republic of Congo.
HERVEST Clients
Photo by Hervest
Case Study: HERVEST closes the gender financing gap in Africa
HERVEST, a finalist of the EU-UNDP Nigeria Growth Stage Impact Ventures (GSIV), is closing the gender finance gap in Africa by increasing access to savings, investments and credit - credit particularly for female farmers and women-owned/led small businesses. The company was established in 2021 in Lagos and its mobile application and internet banking platform is connecting over 20 000 women in Nigeria, Ghana, Rwanda, South Africa, the United States, the United Kingdom, Canada, India, the Netherlands, Benin, Mauritius, France, Australia and Germany.
Sector Sources
  • 1) SDG Center for Africa and Sustainable Development Solutions Network (2019). 2019 Africa - SDG Index and Dashboards Report. 2) Nigerian Bureau of Statistics (2019). 3) Federal Republic of Nigeria (2017). Economic Recovery and Growth Plan 2017 - 2020. Abuja: Ministry of Budget and National Planning. 4) Energy Mix Report (2020). NERC orders DisCos to go cashless over billing. https://www.energymixreport.com/nerc-orders-discos-to-go-cashless-over-billing/
IOA Sources
  • 5) Nibss-plc.com.ng. (2020). Instant payments mid-year analysis 2019. https://nibss-plc.com.ng/data_image_central/2019/08/INSTANT-PAYMENTS-MID-YEAR-2019-ANALYSIS-min.pdf 6) UNDP/PwC Interviews (2020). 7) USAID (2020). Enabling market conditions for pay-as-you-go solar - Executive summary. https://www.usaid.gov/sites/default/files/documents/1860/Enabling_Market_Conditions_for_Pay-As-You-Go_Solar_Executive_Summary.pdf 8) Oxford Business Group (2015). The Report: Nigeria 2015. https://books.google.pl/books?id=CvRrDQAAQBAJ 9) Elias, G., Jikenghan, E. and Edojariogba, N. (2020). International Legal Business Solutions - Global Legal Insights. https://www.globallegalinsights.com/practice-areas/fintech-laws-and-regulations/nigeria 10) Startup Nigeria (2021). Startup Nigeria is here. https://www.startupnigeria.ng/ 11) The International Comparative Legal Guides (2021). Nigeria: Fintech Laws and Regulations 2020. https://iclg.com/practice-areas/fintech-laws-and-regulations/nigeria 12) Kazeem, Y. (2019). 'Everything you need to know about African fintech right now', QuartzAfrica, https://qz.com/africa/1751701/everything-you-need-to-know-about-african-fintech/ 13) United Nations Development Programme (2020). Human Development Report 2020. https://www.ng.undp.org/content/nigeria/en/home/library/human_development/the-2020-human-development-report.html 14) Federal Republic of Nigeria (2020). Integration of the SDGs into National Development Planning: A Second Voluntary National Review (2020). https://sustainabledevelopment.un.org/content/documents/26309VNR_2020_Nigeria_Report.pdf 15) Sachs, J., Schmidt-Traub, G., Kroll, C., Lafortune, G., Fuller, G., Woelm, F (2020). The Sustainable Development Goals and COVID-19. Sustainable Development Report 2020. Cambridge: Cambridge University Press. https://dashboards.sdgindex.org/profiles/NGA 16) Dada, B. (2020). Carbon reports ₦112.6 million PAT and 2.2 million active customers. https://www.benjamindada.com/carbon-financial-result/