A Nigerian contactless payments infrastructure startup, CashAfrica has entered a strategic partnership with ChamsSwitch, a licensed switching and electronic payments processor, in a move aimed at clearing long-standing compliance hurdles that have slowed the rollout of its tap-to-pay system.
At the centre of the partnership is a clear division of roles. CashAfrica will power the customer-facing contactless experience handling transactions when users tap a phone or contactless card on a point-of-sale terminal while ChamsSwitch will process the backend switching, routing payments between banks and updating account balances in real time.
For CashAfrica, the deal is less about expansion and more about unlocking stalled growth. The startup said several potential integrations including discussions with PalmPay, AltBank, and Sterling Bank had previously slowed or paused due to extended regulatory reviews and compliance concerns.
Without a licensed switching partner, the company struggled to meet the level of regulatory assurance required by banks and financial institutions, a gap that effectively blocked onboarding and wider adoption of its technology.
“With this partnership, we are directly removing the compliance friction that has been the single biggest blocker across capital raising, partnership launches, and integrations,” said Malik Asamu, CEO of CashAfrica. “It strengthens our regulatory position and gives us a clearer path to scale with banks and fintech partners.”
Founded in 2024 by Asamu and Bello Opeyemi, CashAfrica builds tap-to-pay infrastructure powered by Near Field Communication (NFC), a short-range wireless technology that enables devices a few centimetres apart to communicate. Its product, CashTap, allows users to complete payments by tapping a phone or contactless card on a POS terminal.
The push comes at a time when contactless payments remain relatively underdeveloped in Nigeria, where regulators have taken a cautious approach to new payment technologies. The Central Bank of Nigeria’s 2025 guidelines, which restrict POS terminals to a 10-metre operating radius tied to a single financial institution, underscore the strict compliance environment fintechs must navigate.
While Nigeria already supports instant digital payments through systems like QR-based transfers, widespread adoption of tap-to-pay remains limited. Industry players say success depends not just on technology, but on building trust with banks, regulators, and merchants something CashAfrica is now betting the ChamsSwitch partnership can help accelerate.
“ChamsSwitch has been part of Nigeria’s payments infrastructure for years, and this partnership reflects our commitment to enabling the next generation of digital payment experiences,” said Mudiaga Umukoro, CEO of ChamsSwitch.