Arca Payments Company Limited, one of the foremost financial technology (fintech) firms in Nigeria located at Lekki recently launched an Agency Banking solution known as Arca Money to ensure that Nigerians enjoy seamless banking and bridging the gap of the “unbanked” in the country. This is launch has cemented ARCA’s position as a fintech firm of repute which is making significant strides in shaping the future of digital payments in the country.
Arca Payments Company Limited is known for its expertise in payment gateways, payment switches, and the innovative ARCA Agency Banking, is setting new standards in fintech innovation.Founded in 2016, ARCA has rapidly established itself as a key player in Nigeria’s fintech landscape. Holding a comprehensive set of regulatory licenses issued by the Central Bank of Nigeria, including the coveted Switching License, Agency Banking License, and Processing License, ARCA has distinguished itself as one of the few entities with such a wide array of licenses. The company’s commitment to in-house development is evident in its proprietary switch technology, which has played a pivotal role in its journey, contributing to remarkable achievements within the fintech ecosystem and consolidating its position in the market.
ARCA’s primary mission centers around simplifying payment acceptance and processing for both financial institutions and SMEs. With a primary focus on Africa’s dynamic payments landscape, ARCA’s suite of products and solutions seamlessly bridges the gap between individuals, financial institutions, banks, and businesses, contributing to the growth of Africa’s digital economy.
In a media chat, Dare Owolabi, Executive Vice Chairman of Arca Payments Company Limited said that ARCA’s collaboration with the Central Bank of Nigeria (CBN) has been pivotal to its success. Owolabi commended the CBN for its support in creating a conducive environment for fintech growth, emphasizing the regulator’s dedication to addressing risks and complexities. He stressed the importance of continued collaboration from both operational and legal perspectives.
Owolabi said “As a stakeholder in Nigeria, ARCA Network has ambitious expansion plans across Africa. The company is poised to enter the East African region in the coming months, with efforts underway to secure licenses in Kenya. South Africa is also on the horizon, reflecting ARCA’s commitment to exporting its fintech expertise across the continent.”
He added that “ARCA’s Business-to-Business (B2B) solutions have been instrumental in reshaping the fintech landscape. The company’s Point of Sale (PoS) services, particularly the innovative Arca Pay feature, address common challenges in the PoS space. ARCA’s recently launched Agency Banking solution, known as Arca Money, empowers authorized agents to facilitate seamless financial transactions for customers, improving accessibility to banking services. ”
“Our groundbreaking solution is backed by extensive research, ensuring flawless transaction execution, instant settlements, and impressive uptime. Commission structures designed to benefit merchants have been integrated into the solution. ARCA’s PoS system has been made more readily available and cost-effective across different regions, simplifying banking and transactions for agents”, Owolabi opined.
On their payment gateway, ArcaPay, simplifies secure fund transfers for businesses, offering advanced technology for both single and bulk transfers. Additionally, Arca TMS, a software managing POS terminals, provides monitoring and analytics for ARCA Payments and its customers, along with a robust report engine for acquirers and merchants to access transaction data from their terminals. Arca Switch, a cutting-edge payment infrastructure built with cloud-native technology, facilitates seamless payments between financial institutions and non-financial players.
Security is paramount at ARCA Network. The company proudly holds the Payment Card Industry Data Security Standard (PCI DSS) certification, emphasizing its commitment to security and compliance with global best practices. Impressively, ARCA has maintained an impeccable record with zero instances of fraud. This success is attributed to the vigilance of dedicated fraud monitoring and compliance teams, who consistently prioritize security.
To ensure robust support and address potential downtime issues, ARCA has implemented a comprehensive mechanism to manage online real-time operations. Backup systems are in place to mitigate disruptions arising from external factors, such as internet network providers. ARCA’s support system operates around the clock, ensuring that queries and concerns are promptly addressed.
ARCA Network’s future plans include enhancing its Agency Banking offering with new features and functionalities. As the year approaches its end, ARCA Network is actively engaged in extensive awareness campaigns and sensitization efforts, particularly focused on their Agency Banking services.
ANTHONY EMEKA NWOSU
ArcaPay, simplifies secure fund transfers for businesses, offering advanced technology for both single and bulk transfers. Additionally, Arca TMS, a software managing POS terminals, provides monitoring and analytics for ARCA Payments and its customers, along with a robust report engine for acquirers and merchants to access transaction data from their terminals. Arca Switch, a cutting-edge payment infrastructure built with cloud-native technology, facilitates seamless payments between financial institutions and non-financial players.