Parkway
Parkway Projects Limited is a Nigerian fintech licensed by the Central Bank of Nigeria that operates ReadyCash (20,000+ agent banking network), Parkway Wallet (consumer digital wallet), and Central Billing System (government billing platform), serving underbanked individuals, SMB agents, and public-sector clients across Nigeria.
- Company typePrivate
- Founded2004
- HeadquartersLagos, Nigeria
- Headcount101–250
- GTM typeB2B and B2C
- OfferingServices
What Parkway does
Parkway Projects Limited, founded in 2004 and headquartered in Yaba, Lagos, is a Nigerian fintech operating under a Central Bank of Nigeria dual-license as a Payment Solution Service Provider (PSSP) and Mobile Money Operator (MMO). The company runs three integrated product lines: ReadyCash, an agency banking platform with more than 20,000 agents across Nigeria providing cash-in/cash-out, BVN registration, bill payments, and account opening to underbanked populations via mobile app, USSD, and POS terminals; Parkway Wallet, a consumer mobile application that aggregates bank accounts, offers free transfers to any Nigerian bank, issues virtual and physical Mastercard/VISA/Verve debit cards, and processes bill payments; and Central Billing System, an enterprise e-invoicing and multi-institution settlement platform used for State revenue and Federal MDA collections.
The technology stack combines multi-channel access (mobile, web, USSD, POS) with compliance certifications spanning PCI DSS, ISO 27001, ISO 22301, and ISO 20000, plus alignment with Nigeria's Data Protection Regulation (NDPA 2023). The company pivoted from a B2B software provider for banks (2004-2016) to a hybrid B2B/B2C operator, executing a corporate rebrand in July 2022 and launching Parkway Wallet in late 2023.
Parkway generates revenue primarily through transaction fees and commissions on cash-in/cash-out, money transfers, bill payments, card issuance, and POS services, retaining a slice of each transaction while agents earn the bulk of per-transaction commission. Tiered KYC structures govern consumer limits. Customer segments are diversified across three primary groups: underbanked individuals (long-tail consumer base), ReadyCash agents (20,000+ SMBs/individuals earning commission), and government/institutional clients using the Central Billing System.
Parkway firmographics
Firmographics- Name
- Parkway
- Legal name
- Parkway Projects Limited
- Website
- https://parkway.ng
- Company type
- Private
- Founded year
- 2004
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Parkway Projects Limited is a Nigerian fintech licensed by the Central Bank of Nigeria that operates ReadyCash (20,000+ agent banking network), Parkway Wallet (consumer digital wallet), and Central Billing System (government billing platform), serving underbanked individuals, SMB agents, and public-sector clients across Nigeria.
- Ownership category
- akta.pro rank
Parkway industry classification
Industry- Product category
- Digital Payment Services
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)
- akta.pro primary industry
- Digital Payments & Money Movement (ACH/SEPA/FPS, Bill Pay, P2P) (FSAGAAAF)
- akta.pro secondary industries
- Merchant Payment Gateways (API/Hosted Checkout) (FSAMACAA), Payment Gateways & Orchestration (BPAMAFAA), Cash-to-Digital Networks (PayNearMe, Barcode/Cash-in) (MPAEALAF)
Keywords
Where Parkway is headquartered
LocationHeadquarters
- HQ city
- Lagos
- HQ country
- Nigeria
- HQ region
- Africa
Offices1 record
Markets served
Parkway business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure, Others
Revenue model
- Transaction fees and commissions: Parkway earns commissions from financial transactions processed through its platform, including cash-in, cash-out, money transfers, and bill payments. ReadyCash agents earn commission on every transaction they facilitate, with Parkway retaining a portion of each transaction fee.
- Bill payment processing: Revenue is generated from processing bill payments including electricity bills, airtime/data recharges, pay-TV subscriptions, WAEC and JAMB payments, and other utility bills.
- POS device services: Agents use POS terminals provided or supported by Parkway to facilitate cash withdrawals and payments, generating transaction-based revenue.
- Card issuance: Parkway issues physical and virtual cards (Mastercard, VISA, Verve) through its wallet product, potentially generating issuance or maintenance fees.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Tier 1 Customer - Basic account with BVN, passport photograph, phone number and full name |
| Transaction based/ take rate | Pay-as-you-go | Tier 2 Customer - Enhanced account with additional ID verification |
| Transaction based/ take rate | Pay-as-you-go | Tier 3 Customer - Full KYC account linked to bank account |
Go-to-market motion2 records
Distribution channels5 records
Marketing channels7 records
Parkway product offering
Product offeringCore offering
Parkway operates an integrated digital payment infrastructure licensed by the Central Bank of Nigeria, providing agency banking services (ReadyCash) through a 20,000+ agent network for cash-in/cash-out, BVN registration, and bill payments; a consumer digital wallet (Parkway Wallet) enabling free bank-to-bank transfers, virtual and physical debit card issuance, and bill payments; and a Central Billing System for enterprise and government e-invoicing and multi-institution settlement. Revenue is generated through transaction fees and commissions across these channels.
Product overview
Parkway is a Central Bank of Nigeria licensed Payment Solution Service Provider and Mobile Money Operator offering a platform of financial services products. The portfolio consists of three core offerings: ReadyCash (agency banking network with POS, mobile app, and USSD channels for cash-in/cash-out, BVN registration, bill payments), Parkway Wallet (consumer-facing mobile app for free bank transfers, virtual/physical debit cards, and bill payments), and Central Billing System (enterprise e-invoicing and settlement platform for government collections). These products work together to serve the underbanked through an agent distribution network while providing digital payment solutions to consumers and businesses.
Differentiator
Problem solved
Functional benefit
Brands
- ReadyCash: Agency banking and financial services platform that allows agents to provide services such as account opening, BVN registration, cash-in cash-out services, bill payments, and other value-added services using mobile application or POS devices.
- Parkway Wallet
- Central Billing System
Products and services
- ReadyCash An agency banking and financial services solution enabling agents to offer account opening, BVN registration, cash-in/cash-out, money transfers, hospital collections, bill payments (electricity, airtime/data, pay-TV, WAEC, JAMB), and other value-added services to communities through mobile applications, USSD strings, and affordable POS devices.
- Parkway Wallet A consumer-facing mobile wallet application that provides access to all bank accounts in one place, free transfers to any Nigerian bank, physical and virtual debit cards (Mastercard, VISA, Verve), bill payments (cable TV, electricity, school fees), and e-wallet money management.
- Central Billing System A secure billing and e-invoicing platform that generates and processes payments, including State revenue and Federal MDAs collections, with multi-institution settlement capabilities and preconfigured routing rules for complex payment flows.
- ReadyCash Agent App A mobile application for ReadyCash agents to perform agency banking operations including BVN registration, wallet creation, cash-in, cash-out, and access to commission payouts across Nigeria.
- Payment Collection Infrastructure Payment collection infrastructure that enables businesses to integrate with Parkway for subscriptions, ticket bookings, and essential service payments, ensuring smooth and secure payment collection processes.
Quantifiable outcome
- Over 20,000 agents serving communities across Nigeria with financial services
Companies that use Parkway
Customer profileNamed customers1 record
Segments4 records
Ideal customer profiles4 records
Parkway technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature6 records
Parkway partnerships and signals
Strategic signalScale indicators3 records
Recent moves7 records
Expansion highlights5 records
Parkway competitors and assessment
Company assessmentBroad incumbents
- Flutterwave: Pan-African payment gateway and remittance platform serving merchants and developers; overlaps with Parkway's Central Billing System and card-driven cross-border use cases such as international subscriptions.
- Interswitch: Largest Nigerian payments infrastructure company (Verve scheme, Quickteller, switching/processing); overlaps with Parkway through payment processing, card issuance rails, and bill payments at a broader enterprise scale.
Direct peers
- OPay: Nigerian mobile money and agent banking platform offering transfers, bill payments, POS, and cards; competes head-on with Parkway's ReadyCash and Parkway Wallet for the same underbanked consumers and agents.
- PalmPay: Nigerian mobile wallet and bill payments app offering free transfers, airtime, and cashback — a direct Parkway Wallet competitor for digital-first Nigerian consumers.
- Moniepoint: Nigerian agency banking and merchant acquiring platform serving agents and SMEs with POS, accounts, and payments — directly overlapping Parkway's ReadyCash agent distribution and merchant value proposition.
- Paga: Pioneer Nigerian mobile money operator with an agent network for cash-in/cash-out, bill payments, and merchant services; competes with Parkway's ReadyCash agent channel in the same underbanked segment.
Emerging players
- FairMoney: Nigerian digital bank with microloans, savings, and bill payments; overlaps with Parkway Wallet on consumer-facing financial services and could compete for agent banking customers.
- Paystack: Nigerian-origin online payment gateway (now owned by Stripe); competes with Parkway's Central Billing System for business payment collection and subscription billing use cases.
- Carbon (formerly Paylater): Nigerian digital lender and consumer finance app; not a direct payments competitor but targets the same underbanked consumer base Parkway serves via Parkway Wallet, and could extend into payments.
Regional players
- MTN MoMo (MTN Group Fintech): Pan-African mobile money operator with MTN Nigeria distribution; a regional incumbent in the same mobile money and agent banking category that Parkway addresses domestically.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat3 records
Key risks6 records
Key highlights7 records
Customer concentration
Parkway social profiles
Digital presenceParkway compliance and trust
Trust signalCompliance5 records
Parkway financial estimates
Financial estimateRevenue estimate
Valuation estimate
Parkway leadership team
Management profileNumber of profiles
Profiles9 records
Parkway funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Parkway M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Parkway
What does Parkway do?
Parkway operates an integrated digital payment infrastructure licensed by the Central Bank of Nigeria, providing agency banking services (ReadyCash) through a 20,000+ agent network for cash-in/cash-out, BVN registration, and bill payments; a consumer digital wallet (Parkway Wallet) enabling free bank-to-bank transfers, virtual and physical debit card issuance, and bill payments; and a Central Billing System for enterprise and government e-invoicing and multi-institution settlement. Revenue is generated through transaction fees and commissions across these channels.
Is Parkway a public or private company?
Parkway is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Parkway founded?
Parkway was founded in 2004. It employs 101 to 250 people.
Where is Parkway based?
Parkway is headquartered in Lagos, Nigeria, in the Africa region.
How does Parkway make money?
Four revenue lines are on record. Transaction fees and commissions are the primary driver. The others are bill payment processing, POS device services and card issuance.
Who are Parkway's main competitors?
Broad incumbents on record are Flutterwave and Interswitch. Direct peers are OPay, PalmPay, Moniepoint and Paga. Emerging players are FairMoney, Paystack and Carbon (formerly Paylater). MTN MoMo (MTN Group Fintech) is listed as a regional player.
Does Parkway have an API?
No public API is recorded for Parkway.
What industry is Parkway in?
Parkway's product category is Digital Payment Services. Its primary akta.pro industry code is FSAGAAAF, Digital Payments & Money Movement (ACH/SEPA/FPS, Bill Pay, P2P), with a secondary code of FSAMACAA, Merchant Payment Gateways (API/Hosted Checkout). Its NAICS code is 522320.