PayFina

Moving money better in Nigeria,Africa and Diaspora
Startup name
PayFina
Founding date
February 2017
Incorporation
Yes
Total team member
0
Startup stage
Prototype
Category
Software
Sector
Financial & payment services
Product usage or interact
Desktop, Mobile/Tablet (Android)
City
Ilorin, Kwara State, NG, NG

Elevator pitch

PayFina develops wallet solutions that people in emerging economies and Africans in diaspora use to move their money safely, cheaper, and faster. Our wallet solution works even in areas where there
is low connectivity. PayFina focuses on using peer-to-peer technology to take away the pains of high cost of transactions , failed transactions, and inadequate access to financial services.

Team

Obasanjo Onireti Onireti

Obasanjo is a technology entrepreneur with a passion for using technology to address needs identified in the market and doing so profitably. I have led technology projects across various sectors including providing the technology to enable one of the largest Microfinance organisations in Nigeria.

Stephen Lawal

Insightful, results-driven IT professional with notable success directing a broad range of corporate IT security initiatives while participating in planning, analyzing, and implementing solutions in support of business objectives. Excel at providing comprehensive secure network design.

Business model

Target customer

Tech-savvy young people in Nigeria and Diaspora

Customer acquisition strategy

Channel distribution through partners and direct sales

Revenue model

Our revenue streams vary by use cases.
1. Transaction charges for transfers and payments
2. Commission on sales for tickets and airtime with partners
3. Revenue sharing with channel partners
Our pricing strategy is to make sure we give customers the right incentives to use our services : convenience and affordability. Banks currently charge 0.14 USD per transaction and PayFina with our service architecture can offer better experience in a cost effective manner.

Market info

Market size

$ 155,000,000,000

Competition

Competition includes solutions Paga, PayAttitude, Cellulant, Verve, SimplePay, thrivesend among others. Our business model uniquely positions us to me more responsive and customer-centric. We have built service delivery models that enable us to respond to change in a cost-effective manner. We are able to be deliver innovative products faster by creating a clear path through responsive IT architecture. Our system is proactive and personalized to ensure that we deliver differentiated service.

KPI's

  • 300,000 Pre-launch queued signups

Startup traction

We have acquired clients through one of our channel partners. Our distribution channel as part of our business model focuses on the acquisition of channel partners. We have signed up a channel partner SEAP MFI who are looking to use our solution to do disbursement to their clients and as a wallet product within their offering. SEAP MFI is one of the largest Microfinance in Nigeria in terms of customer outreach. We see this as a validation of one of the use cases of PayFina.

Publication date: 30 September 2017