ZirooPay, a Nigerian-based Point-of-Sale retail solution provider has unveiled plans to tap into opportunities in the African market with its recent funding round.
According to the payment company, this expansion in the African retail market is part of its long term strategic growth plan especially as the African Continental Free Trade Agreement (AFCFTA) with a combined market of 1.2 billion people and GDP of $2.5 trillion takes off.
The company disclosed that it will leverage unique technologies that enable small businesses to process card payments in real-time, even when there is no connection, as well as an investors’ capital injection of $11.4 million to achieve the plans.
Omoniyi Olawale, CEO of Ziroopay, while speaking recently said innovation payment solutions such as ZirooPay will remain an imperative as wholesale and retail sectors continue to dominate Africa’s contribution to its GDP, even as population growth and rapid urbanization continue to drive consumption across the continent.
“ZirooPay has set out to build an operating system for retail in Africa by providing solutions that not only drive financial inclusion but also support the payment infrastructure needed for retail to thrive on the continent. Lack of reliable payment technology for the continent remains one of the major challenges that have hindered trade tremendously and ZirooPay Mobile POS solution will address this challenge,” Omoniyi said.
However, the company disclosed that the services are fast, reliable and deliver 95 percent transaction success rate for POS transactions compared to the industry’s average of 25 to 50 percent.
Omoniyi said, “The solution leverages its unique and patented internet-free technology, to enable SMEs across the retail agency banking, hospitality and services sectors to process in-person payments, track their sales, and manage their businesses from their mobile devices.”
Beyond payments, ZirooPay noted that it also provides merchants with automated sales history, sales analytics, and inventory tracking to help them monitor and manage their businesses more efficiently.
Similarly, the payment provider stated that it has grown to 15,000 merchants processing over $500m in 10m transactions and looks to replicate this success across Africa.
According to Omoniyi, while it is still early days for payments in Africa, ZirooPay understands the peculiarities of the continent’s infrastructure challenges and would continue to advance similar innovative solutions that will address the payment challenge on the continent on a sustainable basis.
He explained that the company is on a move to unveil several initiatives aimed at empowering more SMEs to take effect in their business in the coming days.