Nigeria’s Fintech startup, Zoto announced that it increased its transacting user base by 56 percent, with plans to record a significant improvement in the 2018/19 financial year.
The fintech start-up processed 5 million orders in the last year, which is expected to grow 300 percent to 15 million orders in the financial year 2018-19 due to growing volume of electronic payments by Nigeria’s young and digitally savvy mobile users. Zoto has scaled quickly with over one million downloads and an app rating of 4.6.
Nigeria has one of the fastest growing population in the world most of whom are mobile and digitally savvy due to prices of Android phones dropping by as much as 45 percent and data prices reduced by as much as 80 percent.
The accessibility to mobile phones and data has led to an explosion in electronic payments, with $117 billion worth electronic transactions processed in Jan – Dec 2016.
Speaking on the occasion, Oshone Ikazoboh, Co-Founder & COO of Zoto said, “We are delighted at the rapid progress made by Zoto in such a short period of time. These milestones will motivate us to work even harder and achieve the goal of becoming West Africa’s preferred digital payments solution.
“In the near future, we plan to expand vertically and horizontally by adding more categories and increasing the number of merchants in each category, this will help us provide better payment experience to our users and make us an indispensable channel for payments.”
Zoto’s value proposition is built around providing convenience and making payments easier. While most payments are web-centric, Zoto empowers users with a rich and hassle-free experience on the user’s mobile.
Payments are quicker in less than 10 seconds because the user can use the wallet’s stored value for various transactions like bill payments, recharge, bookings etc. Customers are provided with timely payment reminders making the entire service intuitive and user-friendly.
Payments are processed seamlessly without bank OTP which is another feature driving ease and convenience.
Zoto has leveraged these developments to cater to Nigeria’s youth segment, providing anytime, anywhere payments facility.
It’s easy and intuitive interface has appealed to Nigeria’s youth segment which has led to higher conversion rates and the number of repeat customers. While conversation rates for new users in finance and eCommerce globally are at 14 percent and 8 percent respectively, Zoto’s conversion rate is almost 67 percent (Source: Mixpanel product report 2017). Similarly, Zoto provides the highest level of customer experience through the use of deep analytics, AI, and instant refunds, which provides a repeat conversion of 60 percent compared to industry average of 17 percent in finance and 6 percent in e-commerce within a period of 8 weeks.
