Jun 7, 2022

Signed agreement for SPENN to enter Nigeria

SPENN Technology is preparing an entry into the largest country and market in Africa: Nigeria.

Investor News 4/22

Today, SPENN has entered into an agreement with the intention to establish a company that will offer SPENN products and services in Nigeria.

“Our intention is to build a Nigerian SPENN organization to penetrate the largest market on the African continent,” says Jens Glaso, CEO of SPENN Technology.

Nigeria is the most populous country in Africa with an estimated 216 million people. At the current growth rate, Nigeria is adding approximately 5 million people to its population every year.

“We will work relentlessly to make Nigeria a huge market for SPENN. We are keen on exploring the opportunities for SPENN products and services in this great nation, and we are pleased to have started the process of entering Nigeria. Building on experiences and results in our current markets, we are now able to plan a roll-out with larger public disbursement partners,” says Glaso. 

SPENN operations in Nigeria will be set up as a joint venture with Nigerian partners. SPENN Technology will have 70 per cent ownership of SPENN Nigeria.

When the joint venture is established, it will search for an appropriate bank partner and apply for approval from the Central Bank of Nigeria and other relevant Nigerian authorities. 

“This could take 1-2 years, but we hope that our local partners will be able to speed up the process,” says Karl-Anders Grønland, Chairman of the Board of SPENN Technology.

For further Information, please contact:
Jens B. Glaso, CEO SPENN Technology A/S. Phone +47 40 40 47 50, e-mail: [email protected]
Certified Adviser: Baker Tilly Corporate Finance P/S, Att.: Gert Mortensen, Partner. Phone: +45 33 45 10 00, www.bakertilly.dk

SPENN Technology A/S
CVR nr.: 26518199
Njalsgade 76, 4.
2300 København S
Tel: +45 8830 0000

About SPENN Technology A/S

In a world where 1.7 billion people are still unbanked, SPENN Technology has democratized access to financial markets by bridging the crypto sphere with traditional finance. By utilizing blockchain technology Blockbonds has created a robust real-time payment system in which everyone can manage their savings, payments, investments and loans in an honest, transparent and secure way through the SPENN App platform. Although SPENN Technology A/S is a purpose-driven company with our vision to empower people, we are also a commercial player that always strives to develop new services for our customers.

The SPENN app is an innovative and unique digital banking platform for the unbanked as well as the banked to be able to send and receive money completely cost-free, in markets where the cost of financial services is the highest in the world. SPENN is disrupting the existing mobile payment distribution channels. SPENN has recently launched new integrated services in the platform and expects to launch more crypto services going forward.

SPENN is a technology provider to banks and governments based on a Software as a Service (SaaS) solution and has grown to become a key partner for their bank partners to drive deposits and to stay in front of innovation. SPENN is helping governments regulate the unregulated utilizing new technology and visionary ideas which have ultimately solved the biggest issue within financial inclusion.

SPENN Technology A/S is listed on the Nasdaq First North Growth Market Denmark. Ticker code: SPENN


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