Last Updated on February 2, 2021 by Ope Quadri
Positively using the wide range of opportunities in financial technology (fintech) is what one of the things wallet.ng, a Nigerian-based mobile payment solution, is bringing to the table.
The brains behind the innovation saw the opportunities and where the mobile banking world is tilting and now simplifying transaction, by making sending and receiving of money to all and from friends absolutely easy.
Founded by John Oke, and launched in 2016, wallet.ng is gradually becoming a household name in the fintech world.
The platform goes beyond sending and receiving money via phone number, wallet.ng also allows its users to pay bills and withdraw from ATMs.
John Oke’s idea isn’t the only one in the market at the moment, but Infobase Media Nigeria is particularly interested in the mobile solution due to the fact that it knows no boundaries.
Morale behind wallet.ng
“The name came out of the number of times I had to create a wallet solution for my previous employers, most products we had had a wallet then and luckily the domain name was available,” John, a former employee of Wema Bank was quoted as saying by techcabal.
With the little experience on the platform, we discovered that wallet.ng has actually simplified online purchases, as it has completely made easy payment for Apple Music, Coursera courses, gadgets on Aliexpress and book hotels online.
According to John, “Money plays a huge part in our daily lives. We trust banks to help us keep our money secure until we are ready to spend it.
Banks have done a good job of providing this basic requirement, but have not innovated significantly beyond this in providing improved and better financial products and services that we want.”
Progress made so far
Its audience include students, entrepreneurs, young professionals and expats, and it has reportedly garnered 5,000 users so far compared to what it had in 2017.
According to report, it has processed ₦234 million across 17,000 transactions, doing an average of 78% month-on-month growth in transaction volume and value since January 2018, techcabal says.
Its mission states it further, “To bring success to our clients by making payments and transactions easier, faster and more accessible to both businesses and individuals.
“At Wallet.ng we believe advanced technology and exceptional talent alone cannot guarantee success in this demanding economy, rather a customer centric approach to offering quality service that spells class due to this, we come to work everyday asking our clients to envision the future of payments and we work to build a sytem that supports your dream.”
To us, we see wallet as a cross-border payments solution, while taking a step ahead of the existing conventional banking method.
All financial banks in Nigeria, just like their counterparts globally, are embracing new technology, but we see wallet.ng doing even more, if it continues to expand its solutions to areas not covered by Nigerian banks.