By Chinwendu Obienyi
ARCA Payments Company, an advanced technology platform company, based in Lagos, has made its debut at the prestigious Nigeria Fintech Week, 2023.
ARCA, which prides itself as an industry disruptor, featured two of its proprietary payment solutions at the event, ArcaMoney (Agency Banking and ArcaPay (Payment Gateway), in line with its brand promise to deliver cutting-edge digital solutions, to its clients, partners and users alike.
The Nigeria Fintech Week, which prides itself as being Africa’s largest fintech event, kicked off on the 24th – 26th of October, with the theme “Resilience, Innovation, and Diversification,” at the Landmark Event Center in Lagos. As a prominent player in the fintech sector, ARCA will actively contribute to industry efforts to provide up-to-date, seamless and effective payment solutions for businesses that increasingly are breaking e-commerce boundaries using digital solutions.
The debut by ARCA further supports its move to drive digital inclusion across the African commercial landscape and complements recent market storms and commercial engagement activities launched across commercial nerve centers in Nigeria, with market storms conducted in Plateau State and the Federal Capital Territory (FCT), Abuja this October. The primary objective of these roadshows is to showcase to critical stakeholders, customers and partners in commercial and traditional communities, the immense benefits and transformative power of ARCA’s payment solutions – ArcaMoney and ArcaPay.
Speaking on the rollout objectives recently embarked on by the fintech company, Executive Vice Chairman of ARCA, Dare Owolabi, in a recent interview stated that ARCA’s primary objective was to bridge the gap between traditional banking and underserved communities, bringing banking services closer to people.
Fielding questions in an exclusive media chat, Owolabi said “ARCA’s mission revolves around simplifying payment acceptance and processing for financial institutions and SMEs, with a primary focus on Africa’s dynamic payment landscape. Its suite of products and solutions seamlessly, operates within the multifaceted payments environment, effectively bridging the gap between individuals, financial institutions, banks, and businesses, all contributing to the growth of Africa’s digital economy”.
He noted that both ArcaMoney and ArcaPay would be game changers in the fast-evolving digital payment ecosystem.
“Our Agency Banking solution, named ArcaMoney, empowers authorized agents to facilitate financial transactions for customers, enhancing accessibility to banking services. In our quest to develop this innovative solution, we thoroughly analyzed existing agent banking models, including their relationships with merchants and aggregator frameworks.
Moreover, we carefully considered commission structures that would satisfy our merchant partners, incorporating these features into our solution. We are also actively engaging with our communities to ensure they take advantage of our offerings and price regime that will keep them both happy and fulfilled,” Owolabi said.
When asked about industry concerns relating to risks and security breaches in the fintech sector, Owolabi emphasized ARCA’s commitment to safeguard depositor’s funds, noting that the company had Payment Card Industry Data Security Standard (PCI DSS) certification, which is a set of security standards formed in 2004 by Visa, MasterCard, Discover Financial Services, JCB International and American Express.
“We are a brand you can trust, and our service offerings are uniquely designed to provide you the best experience possible, as far as digital payments solutions are concerned”, he concluded.