NearPays founder - Victor Daniyan shares the inspiration behind launching a fintech solution for Nigeria’s payment challenges. Nearpays initially started by enhancing cashless transactions during the cash crunch in 2023, specifically to help simplify payment for logistics businesses. Now they are addressing infrastructure gaps in rural areas, and pioneering innovative tools like Virtual POS and Rural Virtual POS. With a strong focus on financial inclusion, strategic partnerships, and a vision to expand Africa’s contactless payment ecosystem, NearPays aims to empower businesses and individuals across Nigeria and beyond.
Victor Daniyan's shift from logistics to fintech during the COVID-19 pandemic began when his logistics startup started facing payment-related challenges. His logistics startup struggled to operate efficiently due to country-wide cash shortages and constant connectivity issues with traditional POS machines, especially in rural areas with poor network connectivity. These issues pushed Victor to create a practical solution, and he developed a prototype for NearPays.
We initially built NearPays for our logistics operations, but when colleagues in the industry saw its potential, it was clear this could help many others,
This contactless payment system was initially created to address his company’s challenges, the tool proved so effective that other logistics businesses expressed interest. This inspired him to expand NearPays beyond logistics, to address similar payment challenges for businesses across different industries. Now, NearPays is a fintech platform serving a wide range of industries.
The 2023 Nigerian currency crisis was a significant challenge for businesses in Nigeria and it brought into focus the need for alternative payment methods. Victor Daniyan and his team at NearPays responded by developing a contactless payment solution using NFC (Near Field Communication) technology. This innovation has simplified transactions and reduced reliance on cash and traditional POS systems.
The cashless policy made us rethink how we could solve payment problems innovatively. Our NFC-powered solution emerged from that need to keep businesses running despite cash shortages,
This technology not only addressed immediate concerns but also positioned NearPays as a leader in driving Nigeria's shift toward cashless payments, providing more convenient and reliable options for users across industries.
One of the primary challenges NearPays faced was the need for consistent internet connectivity, particularly in rural areas. Many regions in Nigeria lack the stable infrastructure to support continuous online payments, creating a significant barrier to digital transactions. The low penetration of smartphones and limited availability of NFC-enabled devices also added complexity.
We realised that many of our users were in areas with poor connectivity or without access to modern smartphones. It became clear that we needed solutions that worked for everyone,
These challenges highlighted the importance of designing inclusive payment solutions that could bridge the digital divide.
To address the connectivity challenge, NearPays developed a USSD-based payment system. USSD, which operates through text menus on even the most basic mobile phones, allows users in low-connectivity regions to conduct transactions seamlessly. It provides a simple way for people in underserved areas to access financial services without requiring internet or high-end devices. This alternative has improved economic participation and encouraged adoption in remote regions.
The Rural Virtual POS and USSD technology were key for us. They empower users in areas where traditional banking services are almost non-existent,
NearPays has prioritised onboarding unbanked populations by collaborating with local banks and other financial institutions. These partnerships have helped NearPays extend its reach to communities that traditionally lack access to formal financial systems. By integrating these users into the digital payment ecosystem, NearPays is creating opportunities for financial literacy and economic growth.
We’ve worked with banks and local institutions to ensure that even the most remote communities can access our services,
They also developed innovative methods to bring financial services to unbanked populations. Their strategy involves person-to-person interaction and the use of professional extension agents from these communities. These agents educate users in local languages, ensuring the payment platform is accessible and understandable.
We’ve realised the importance of educating users in a way that resonates with them, using their languages and building trust through closer engagement,
Victor Daniyan and NearPays's team are committed to financial inclusion, education and making modern payment solutions accessible to everyone, regardless of location or socioeconomic status. Their localised approach builds trust and ensures successful adoption in areas where financial literacy is low.
Despite their successes, NearPays has faced significant challenges with compliance and regulatory issues in Nigeria and across Africa. Navigating evolving financial technology regulations from institutions such as the NIPS (Nigeria Inter-Bank Settlement System) and the EFCC (Economic and Financial Crimes Commission) has been costly and time-consuming.
Compliance is a major challenge. Meeting evolving regulatory demands while ensuring our services remain affordable is a delicate balance,
The high cost of compliance and constant policy changes require agility and resources. Navigating Africa’s complex regulatory environment while scaling a fintech solution is no small feat. NearPays leverages partnerships and a lean scaling model to meet compliance requirements efficiently. By working closely with local regulators, NearPays ensures its solutions align with the legal frameworks in different regions.
Innovation is vital, but it must be guided by compliance. Our partnerships with regulators and lean scaling methods allow us to innovate responsibly,
NearPays has built strategic partnerships with international stakeholders to extend its footprint beyond Nigeria. Collaborations in Namibia and Ghana are already in progress, to scale contactless payment solutions across diverse markets. NearPays also plans to enter Europe and North America, targeting markets that offer advanced infrastructure for digital payments.
Our partnerships with international players are important. They not only help us expand but also ensure we maintain global standards in technology and operations,
NearPays maintains a balance between growth and regulatory needs, and secure collaborations that bring global expertise to local challenges, to stay competitive and relevant in both emerging and mature markets.
There's still a lot of problems that are not being solved... people still face the challenges while doing cross-border transactions. People end up spending more money unnecessarily. For instance, when I frequently travelled to Ghana, I had to convert my Naira to dollars at the airport, and then exchange the dollars for cedis upon arrival. When returning, I’d reverse the process, cedis to dollars, and then dollars back to Naira. It’s an inefficient system that shouldn’t still exist in this day and age,
Victor Daniyan emphasised the need to solve the inefficiencies in cross-border payments, especially between African countries like Nigeria and Ghana, as well as with other global regions. Through international partnerships and embedded finance models, NearPays aims to make transactions simpler and more cost-effective, eliminating the need for physical currency conversions.
The first time I saw a POS terminal, it was in a bank where it was used for ATM card transactions. Later, I saw one in a large store in Lagos, and a woman refused to use it, worried about hacking. Back then, POS seemed superstitious. Over time, as people began to trust the system, it became a norm. Now, POS is widely accepted, but this evolution took time, as all innovations do,
Contactless payment options are not yet widely adopted, and to promote their adoption, NearPays focuses on educating users, particularly in areas where traditional methods are still dominant. Through events and partnerships with organisations like Universe Capital, NearPays is teaching people about the benefits of digital transactions, including SoftPOS technology, which allows businesses to accept payments via smartphones without needing expensive POS terminals.
In the future, Victor Daniyan plans to give back to the entrepreneurial community through an acceleration program designed for aspiring founders. This initiative will offer mentorship and seed funding to help launch new startups with a focus on impactful solutions. Victor is also exploring clean energy solutions to address logistical challenges, including the rising cost of fuel. By developing EV charging stations, he aims to provide sustainable solutions for businesses that rely heavily on logistics.
I'm working on clean energy solutions because businesses can't keep relying on expensive fuel... we need to build a sustainable future,
NearPays is committed to promoting innovation and sustainability in fintech and beyond.
Visit NearPays website: [here]
