Electronic settlement limited (ESL)

Electronic settlement limited (ESL) is an indigenous payments company with over four years of experience in revolutionizing the payment industry in Nigeria. CashEnvoy and Paypad are products of ESL.

CompanyElectronic Settlement Limited
VerticalsPayments
Websitewww.eslgroup.ng

Info

Electronic settlement limited (ESL) is an indigenous payments company with over four years of experience in revolutionizing the payment industry in Nigeria – it owns the CashEnvoy and Paypad products. 
 

Cashenvoy is a web payment processor used by over 3,000 e-commerce merchants in Nigeria.

PayPad is the first certified mPOS solution in Nigeria. PayPad registered over 500 merchants in its first three months of active deployment. Over 10,000 devices have been purchased for deployment by 10 leading banks in Nigeria. PayPad is like United States ‘Square’ for Nigeria

The Paypad solution comprises of two major components, a pin-pad or card reader to read the card (credit, debit or loyalty) and a PayPad application that sits on a mobile device(Android, iOS, blackberry and Blackberry10). The PayPad  converts an individual’s mobile device to a POS with the aid of a card reader. This technology has a lot of advantages over a traditional POS which includes – mobility, portability, pricing, flexibility, simplicity and adaptability.

Age: 4-years (Since 2011)
Stage: Series A (Growth Stage)

10x growth in GIBE investment value under 24months; 70x exit by 2018 negotiated

Status: Fully-committed

Lead Investor: GoSwiff (Switzerland-based global leader in security currency printing)

Management:

-Olaoluwa Awojoodu (Founder/CEO)

Olusegun Okin (Founder)

Tim Akinbo (CTO)