Payant, Nigerian fintech startup that allows easy payment across the platforms, has hit the N1 billion transactions milestone in 2018.
Launched in 2017, with the first transaction of N500, recorded over N100 million in total transaction volume with just a little over 1,000 registered merchants.
In a blog post on Monday, July 2, 2018, Payant said: “In 2018, we are focused on building up our system, improving the quality of our services and increasing our transactions with more merchants.”
“So far in 2018, we have processed over N1,000,000,000 (One Billion Naira) in total transaction volume with over 1,600 registered merchants.”
Aminu Bakori, Founder/CEO of Payant Technologies Limited in an email note to Business Insider Sub-Saharan Africa on Tuesday, July 3, 2018, said: “to reach this milestone, we had to increase both our customer base and our channels of payments. While card payment was the goto option for online payments, we’ve found alternative payment options like account payments, internet banking transfers and cash collections at banks taking a significant volume of transactions we processed. Nigeria is a unique country where cash payment is still king.”
He said for fintechs to survive in the financial industry in Nigeria and Africa there is must be frequent innovations.
“We believe that for us to survive the next pace of the financial industry in Nigeria/Africa, we have to truly stay innovative and think about new ways of making payments easy and painless. Most importantly we have to make sure we significantly reduce the number of unbanked and underbanked individuals in Nigeria/Africa so we have a smooth payment experience.”
“That’s why we launched “Dot.” – a complete mobile banking service that allows anyone with a mobile phone have access to modern financial services that opens up endless windows of opportunities for both individuals and businesses. We are also focused on making our products better through customer insights and feedbacks and also introducing new forms of payments like USSD payments over the next few weeks or months,” Bakori told Business Insider.
The Kaduna-based fintech startup said over the next months, it will add USSD payments and other features to its platform.
Payant based in Kaduna, Northern Nigeria is essentially a web-based invoicing software that lets users create invoices, automatically send payment reminders and accept instant payments online with over 1,600 registered users as at June 2018.