Two years later, Payant, a fintech startup that provides online payment solutions, recently announced over ₦1 billion in transactions.
Based in Kaduna the Northern part of Nigeria, Payant is essentially a web-based invoicing software that lets users create invoices, automatically send payment reminders and accept instant payments online with over 1,600 registered users as at June 2018.
According to a blogpost, Payant’s first transaction was worth ₦500 on the 1st of January, 2017. The platform now boasts around 1,500 users. Lowest and highest single payments processed are ₦1 and ₦400,000 respectively.
Payant explained in a post that: “In 2018, we are focused on building up our system, improving the quality of our services and increasing our transactions with more merchants.”
“So far in 2018, we have processed over N1,000,000,000 (One Billion Naira) in total transaction volume with over 1,600 registered merchants.”
Aminu Bakori, Founder/CEO of Payant Technologies Limited in an email note to Business Insider Sub-Saharan Africa on Tuesday, July 3, 2018, said:
“To reach this milestone, we had to increase both our customer base and our channels of payments. While card payment was the goto option for online payments, we’ve found alternative payment options like account payments, internet banking transfers and cash collections at banks taking a significant volume of transactions we processed. Nigeria is a unique country where cash payment is still king”
He said for fintechs to survive in the financial industry in Nigeria and Africa there is must be frequent innovations.
“We believe that for us to survive the next pace of the financial industry in Nigeria/Africa, we have to truly stay innovative and think about new ways of making payments easy and painless. Most importantly we have to make sure we significantly reduce the number of unbanked and underbanked individuals in Nigeria/Africa so we have a smooth payment experience.”
“The fact that we are physically located in the Northern part of Nigeria is a cause of potential scepticism in clients. But regardless of this, over 60% of our clients are from Lagos and the South West,” he says. He also cited lack of funding for team expansion as another major issue Payant currently faces, According to cofounder Kabir Shittu.
“In this period, we have been able to incorporate more payments and invoicing channels. Asides paying with debit cards, users can now add their bank accounts and also pay with USSD. And there is also a portal for school fees collection that has exceeded ₦1.5 million in monthly transactions.” He added.
The Kaduna-based fintech startup said over the next months, it will add USSD payments and other features to its platform.