Singapore’s FinTech startup Nium is bringing its infrastructure platform to Africa, where domestic economic growth and customer spending is on an upswing despite the shaky global economy, Nium said in a statement on Tuesday (Oct. 27).
The office in Africa will be headed by Dana Nino, the newly-appointed senior vice president for growth and partnerships. She will be assisted by Kenya-based Clara Wanjiku Odero, vice president, partnerships and growth, Middle East and Africa.
Consumer spending in Africa is forecast to hit $2.1 trillion by 2025, partly due to the region’s solid foundation — a growing population of young people, rising incomes and digital adoption. Mobile payments are also on track to grow five times faster than in any other region and are considered a key component of the economic growth this year.
Prajit Nanu, co-founder and chief executive officer of Nium, said the company’s expansion to Africa “is an important milestone for us” as it strives for new partnerships and international growth.
He added that Dana Nino brings extensive expertise “in all aspects of the payment ecosystem” including cross-border, FX strategies, B2B, B2C, P2P, and C2B. Clara Wanjiku Odero will be instrumental in helping to build Nium’s channel partnerships.
“In a short span of five years, Nium has established itself as a respected leader in Fintech innovation globally, and I am excited to be working with such an incredibly talented and driven team to accelerate the delivery of innovative and scalable solutions, breaking new boundaries in the cross-border payments space,” Nino said.
Nium recently formed new partnerships in Latin America and appointed Ayoub Jemail as the new general manager in the Middle East.
“During a global pandemic in just a span of three months, we have expanded our presence into new regions such as Latin America, the Middle East and Africa. This is a testament to how much we have grown as a business, and it is truly an expression of confidence and trust in our vision and the global market opportunity ahead,” Nanu said.
The company’s Middle East expansion was announced earlier this month, where FinTech adoption has been on an upward trajectory. It is anticipated to grow 30 percent by year-end.
Nium also recently partnered with Aptiv8 to facilitate remittances and payments for the many foreign workers in Singapore. An estimated 20 percent of the population is made up of migrant workers, with many seeking higher salaries to support their families back home.