Industries

• Fintech

Idea

Kobopay makes a broad range of financial services readily available to Nigerians especially the over 40 million who do not have access to the formal economy. Our mission is to bridge the infrastructural gap of the banking system by providing to the doorsteps of our users a broad range of formal financial services tailored to their needs.

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Challenge

Kobopay is trying to solve the problem of Financial Exclusion and ease payments in Nigeria. According to Enhancing Financial Innovation & Access (EFInA) over 41.6% of the Adult, population is financially excluded and this population is skewed towards the rural area because financial institutions find it unattractive for business.  Semi-urban and rural areas have little to no bank or ATM presence, we ease the difficulties caused from this by providing channels (agents) for cash withdrawal/deposit, fund transfers, bill payments. Also, residents of these areas have no access to financial services such as credit or insurance which reduces their economic contributions, we intend to provide these services on a micro scale to give them access to health insurance and micro-credit. We make payments easier for urban dwellers who can make payments from their mobile devices either through USSD, Web or Mobile App without going to a merchant’s office or bank branch.

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Solution

Kobopay provides ease of use for the end user, either the urban digital native or the rural/urban unbanked who are not tech savvy by breaking down the complexity of use. We do this through an easy to use application combined with a network of physical location.  The financially excluded can make payments, transfer funds, withdraw or deposit cash at their nearest Kobopay agent who we intend to be in every nook and cranny of the country.  The more tech-savvy can do all this directly from their phones using the Kobopay app or USSD channel (in cases if low internet penetration) and can withdraw/deposit cash at the nearest agent. We believe that in other to achieve the SDG’s goal of ending extreme poverty, the poor need to have access to the formal economy. Only then can they get themselves out of poverty.

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Story

My co-founder and I have known each other for more than 11 years. We went to the same university. Worked on side projects together and have lived together all through our post-university days. We experience on a daily basis the hurdle of making payments and accessing financial services. You have to navigate between different mobile applications to access different services. I have also been in a situation where I failed to make a purchase from a trader simply because I do not have cash and/or the trader has no bank account for me to make transfers to. That was how the idea kobopay was born. To build a one-stop shop for all financial services, break down the ease of use and offer it to our users at an affordable cost. We also have sector experience from working with financial institutions.