Nigeria’s retail Point-of-Sale (PoS) solution provider, ZirooPay said it will leverage its recent funding round to tap into the growing opportunities in Africa’s retail sector.
ZirooPay said it has a unique technology that enables small businesses to process card payments in real-time, even when there is no internet/data connection, as well as an investors’ backing with a capital injection of $11.4 million recently.
It said it is strategically positioned to explore the continent’s growing retail opportunities, especially as the Africa Continental Free Trade Agreement (AfCTA) with a combined market of 1.2 billion people and a GDP of $2.5 trillion takes off.
The chief executive officer, ZirooPay, Omoniyi Olawale said innovation payment solutions such as ZirooPay will remain an imperative ad wholesale and retail sectors continue to dominate Africa’s contribution to its GDP, even as population growth and rapid urbanisation 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 has hindered trade tremendously and ZirooPay Mobile POS solution will address this challenge.”
ZirooPay’s payments solution is fast, simple and reliable, delivering a 95 per cent transaction success rate for POS transactions compared to the industry’s average of 25 to 50 per cent.
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 also provides merchants with automated sales history, sales analytics, and inventory tracking to help them monitor and manage their businesses more efficiently. ZirooPay’s superior transaction success rate and the integrated nature of its service stand it out from the competition.
The payment provider, which started operations in Nigeria in 2019, has organically grown to 15,000 merchants processing over $500 million in 10 million 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.