Pulse

Xprizo: encouraging financial inclusivity

By William - 10 October 2023

In September, fintech platform Xprizo officially launched to offer frictionless transactions and user experiences across multiple sectors.

Headquartered in Abu Dhabi and featuring local offices in core markets such as Nairobi, Xprizo offers a streamlined wallet solution and payment aggregation technology for instant peer-to-peer and online payments.

Speaking to G3, CEO Richard Mifsud explains how Xprizo stands against any form of discrimination as one of the world’s most inclusive platforms.

Xprizo was founded by like minded people to help people living primarily within third world countries. The service integrates them into a fintech solution with the level of financial services we are accustomed to in the west and beyond.

Unfortunately, the majority of these people begin life in tough situations compared to Western based societies that have made it hard to be properly banked. Anyone in a tough spot, like living in a slum because housing is unaffordable, having access to a bank account feels unattainable. This is deeply unfair as these situations often arise through no fault of the person and they deserve better opportunities.

At Xprizo, we change the narrative for the better, one community at a time. We offer a genuinely inclusive system, allowing clients to have a basic account even if they struggle to meet typical KYC standards. Using an ID, phone number, and name, anyone can make transactions up to 500 euros in their local currency. We’re proud of our strategy, making us one of the world’s most inclusive fintech companies. We stand against any form of discrimination.

Xprizo’s mission statement is to ‘revolutionise the future of fintech’. What gaps have you identified in existing fintech platform offerings in the betting and iGaming industry?

Our unrivalled access to an extensive list of societies and local payment methods places us in a prime position for e-commerce, especially for iGaming companies which come across a multitude of payment issues. Xprizo’s service allows businesses to operate in a market like Kenya using a payment method like Mpesa, reaching over 30 million people.

This goes well beyond Kenya; everywhere we operate, we connect to local payment methods and thousands of cash points. Xprizo users greatly benefit from the on-the-ground cash points, enabling retail and online payments. This means iGaming companies can utilise payment solutions that were unreachable before Xprizo’s launch.

Tell us more about the development process. What challenges did you face, how long was the platform in development, and what roles have been filled in the senior leadership team?

Our platform has evolved significantly over the past 12 months, building on the tech foundations put in place. Our team has grown considerably, now boasting members from 10 different nationalities. We operate from two physical offices and employ remote workers to maintain both development and operations in the regions we serve.

This ensures we are connected to our target audience. Key roles in business development, marketing, tech, legal, compliance, and finance are all occupied by talented and trustworthy professionals.

On a technical level, how is Xprizo different from existing fintech platforms? What can the platform achieve that others can’t?

Xprizo offers a number of IP-protected features, but it’s vital to view our platform as an end-to-end solution. We provide cutting-edge technology, a specialised payment aggregator, and a strong local presence in the territories we operate. This guarantees that our merchants receive a bespoke solution for specific markets.

Xprizo also serves as a payment service aggregator. What does this mean for operator clients and their customers?

We’ve been able to aggregate a wide choice of payment methods to enhance the Xprizo user experience, allowing users to manage accounts through cash points as well as with familiar local payment options. A recent decision has been made to extend this aggregation service to our merchants. In practical terms, in certain regions, we provide the Xprizo wallet for user-to-merchant payments and our integrated payment methods.

For example, an iGaming operator could display options like Xprizo, Debit/Credit Card, and Mpesa – all provided by us. Being able to do this ensures a seamless experience for users and gives merchants an optimised management solution through one API integration and supported by a unified back office.

Xprizo has been built to work across multiple sectors. Is the decision for Xprizo not to specialise in the betting sector – one with its own unique challenges and requirements – an advantage for operators?

In short, yes. iGaming is a key part of our business, but Xprizo’s focus embraces a wider range of e-commerce and retail operations. We currently serve various merchants, from supermarkets and universities to greengrocers, butchers, and even crypto exchanges.

Our core mission is to encourage financial inclusivity, which dictates we immerse ourselves in all sorts of industries, including iGaming. This all-encompassing approach positions us as a highly flexible fintech solution for many sectors.

How will you be assessing the platform’s performance to identify areas of improvement? What key metrics will you be keeping an eye on?

We monitor a range of metrics, from tech uptime and support responsiveness to the number of activated users, trained cash agents, and onboarded merchants across various sectors. Every one of these metrics ensures we’re always providing a superb service.

Is Xprizo designed to be a global offering, or one that specialises in specific markets?

We designed the service to easily operate globally, but we’ve made a call to base ourselves in the UAE. This means we can focus on catering for customers from Africa, South-East Asia, and Latin America.

What are the next steps for Xprizo post-launch?

We’ve put in considerable efforts to make sure our progressive technology is robust, our team is outstanding, and our agents have been well-trained. The focus for us now is expanding our user base while simultaneously amplifying brand awareness and trust. As technology evolves, we’re committed to driving innovation at pace and therefore offering our clients the very best products and services.