Pengage Facilitates Strategic Partnership Between INTMAX and Two Microfinance Banks in Nigeria

In a significant move to drive financial inclusion and technological innovation in Nigeria’s banking sector, Pengage Finance has successfully facilitated a strategic partnership between INTMAX, a next-generation blockchain infrastructure provider, and two MFB’s namely; Source Microfinance Bank and Above Only MFB, two of Nigeria’s emerging financial institutions dedicated to serving underserved communities.

The collaboration, brokered by Simeon Ogunnubi, CEO of Pengage Finance, aims to integrate INTMAX’s scalable, low-cost blockchain technology into the operations of Source Microfinance Bank. This partnership is expected to enhance digital banking services, streamline transaction processes, and expand access to secure financial products for unbanked and underbanked populations across Nigeria.

Speaking on the partnership, Ogunnubi noted, “This collaboration represents a new chapter in Nigeria’s fintech evolution. By connecting a forward-thinking financial institution like Source Microfinance Bank with a cutting-edge blockchain protocol like INTMAX, we are enabling real-world use cases that will redefine access to financial services.”

Through this partnership, Source Microfinance Bank will explore blockchain-powered solutions for core banking services, including:

  • Frictionless payments and cross-border remittances
  • Digital identity management and KYC automation
  • Tokenization of micro-loans and savings products
  • Immutable, transparent record-keeping for audit and compliance

Philip Asaya, Country Head of INTMAX Nigeria, emphasized the potential of blockchain in empowering financial institutions to operate more efficiently and inclusively. “Our collaboration with Source MFB is designed to demonstrate how decentralized infrastructure can reduce costs, increase transparency, and create a more robust financial ecosystem for everyone, especially at the grassroots level.”

Source Microfinance Bank’s leadership also expressed enthusiasm about the initiative. “We are excited to pioneer this innovation in the microfinance space,” said a representative from the bank. “Blockchain is the future of finance, and with INTMAX’s support and Pengage’s vision, we are taking steps to ensure our customers are not left behind.”

This partnership is part of Pengage’s broader mission to build bridges between traditional institutions and emerging Web3 technologies. With this development, Pengage continues to cement its role as a catalyst for digital transformation within Nigeria’s financial and public sectors.

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