Advancio Interactive

A Branchless/Agency banking solution.
Startup name
Advancio Interactive
Web address
Founding date
July 2016
Total team member
Startup stage
Paying users
Enterprise, Software
Enterprise software, Financial & payment services, Mobile
Product usage or interact
Mobile/Tablet (Android), API, Server software (ie, databases)
Lagos, Lagos, Nigeria

Elevator pitch

We have built the best Branchless/Agency banking solution in Nigeria called COVr Branchless. Covr Branchless suite uses portable mobile phones, web and POS devices to automate key financial operations like account opening creation, agent-based deposit, cash withdrawals, funds transfer, bills payment and many more on the field by agents on behalf of banks & financial institutions.


Olufisayo Oludare

A technology evangelist that has a good combination of business and technology with many years of experience. Highly creative solutions provider with management experience in projects, business and technology. I possess strong people skills and good communication skills.

Ikenna Agugua

I am a confident, vision- and target-motivated person who communicates well, works hard and has good interpersonal skills. At present, I have skills in software testing, database management, Programming, including Windows , mobile & Web App Development, IT service delivery & Support.

Business model

Target customer

Financial institutions and Large Enterprises.

Customer acquisition strategy

Through partnerships and introductions directly to the board.

Revenue model

Today we run 2 main revenue models:
1. License/on-premise – this model is for customers that want the solution in their environment, they will be responsible for managing it. With this model, we charge a fee for the license, solution customization and support

2. Transactional – this model is offered as software as a service, which means the banks/financial institution can use the solution on our shared cloud environment. They pay us a percentage of every transaction charge.

Market info

Market size

$ 95,000,000



We are different because any agent network, banks, Government agencies and other financial institutions can "plug and play" our solution.


  • 550 Agents
  • 900,000 Transactions
  • 3,500 Accounts
  • 30,000 Transaction Count

Startup traction

Since we officially started in January 3 commercial banks. Bank are realizing they need to offer these services without increasing their operational cost drastically. That's why they chose us. Since then 2 of the banks have launched done the following
1. They have over 500 agents both fixed and roving
2. They have done transaction worth over 200 million Naira.
3. The have opened more than 3,000 bank accounts
4. Our platform has processed over 25,000 transactions.

The 3rd bank will be going to market in September and also Nigeria's postal service who plan to start with 20 pilot locations and then roll out to 700 locations nationwide.

Other information

Winner Startup Istanbul

Add comment

In the coming months we would we launching more applications to the market. We need this investment to expand our capacity and scale up operations. We would also begin our international expansion next year. We have identified 3 African countries we would be delivering solutions based on our research in those countries. These countries are Kenya, Rwanda and Ghana. We also plan to create some solution for French speaking west African countries in 2019.
Thank you

Publication date: 29 November 2017