SPENN’s Nigerian joint venture is ready to move
Recently incorporated, NASENI-SPENN Limited is now officially live and ready to do national disbursements on behalf of the Nigerian Government.
Investor News 8/22
NASENI-SPENN is a joint venture between the Nigerian National Agency for Science and Engineering Infrastructure (NASENI) and SPENN Technology. NASENI-SPENN has been established to deliver a co-branded disbursement tool and consumer app specifically for salaries, pension payouts, social intervention, manufacturing, and agricultural subsidies. NASENI is run by the Nigerian government and its Board of Directors is chaired by the President of Nigeria.
SPENN Nigeria, a fully owned subsidiary of SPENN Technology A/S, has a 70% stake in NASENI-SPENN and NASENI has a 30% stake.
Drawing on extensive experience of developing and deploying financially inclusive solutions, SPENN will license their existing SPENN Flow product to NASENI-SPENN which will enable government agencies to transfer subsidies to targeted beneficiaries directly to their NASENI-SPENN mobile Wallet. This is expected to significantly lower costs of governmental payments while at the same time earn income from products and value-added services into the NASENI-SPENN app. At scale this will be a significant revenue for NASENI-SPENN and indirectly to SPENN Nigeria and SPENN Technology A/S.
NASENI-SPENN is targeting three segments; Government agencies that wish to disburse salaries, subsidies and pensions, banks which have a stake in the Nigerian payments landscape, and recipients of such public schemes. Phase 1 is set to launch in February 2023 – in time for the upcoming Nigerian General Elections with a rollout to 10 million recipients soon thereafter. Currently, approximately 80 million citizens receive some type of disbursement.
“NASENI-SPENN is a game-changer for SPENN in Nigeria. It will greatly accelerate the penetration of SPENN products and services in the largest African market,” says Jens Glaso, CEO of SPENN Technology A/S.
For people to receive their disbursement, they will be required to download and use the NASENI-SPENN app, or through USSD from their feature phones.
“In record-time, Nigeria will be a dominant market for SPENN products and services. Recurring government payments make for a highly captive audience that will not only use our app but also be very interested in learning more about other financial services from SPENN,” says Glaso.
The SPENN digital disbursement tool is based on a technology initially developed for a United Nations project in 2018, where SPENN assisted in providing distributed financial relief to refugees in refugee camps.
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
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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