PageOne Interview: Nairabox Wants To Be The ‘Preferred Payment Solution In Africa’

nairabox

Nigeria’s mobile payment ecosystem is getting super-charged. Many payment platforms, verticals and payment aggregators are showing up on the scene with promising prospects.

One of the unique product that caught our attention is Nairabox. Nairabox allows anyone with an Android or iPhone smart phones to make payments for movie tickets, events, restaurants and many other services right on their mobile phone either offline or online.

We reached out to Jay Chikezie, co-founder, of Nairabox and he gave us a very interesting interview piece that will interest you.

What led you to start nairabox?

My partner and Co-Founder (Damilola Jegede) and I realised there was a huge problem in the payment solution space as far back as 2012, we also noticed the loyalty schemes in the country were not attractive enough to the consumer so we decided to device means to bring this to play. We wanted to develop an application that simply makes life easy for our users, whether is payment in stores or buying airtime, or simply buying Cinema tickets.

What edge does nairabox has over competition?

First and foremost we have the best user experience, we also currently have the best payment solution (online/offline payments), we provide convenience and quick service in the digital ticketing space, our users can buy tickets at their own convenience and on the go and not queue when they get to the Cinemas or Event venue, first of its kind. Automatic recharge and Bill payment is a feature that lets Nairabox make payments for you. We are clearly the best amongst the pack.

We are currently doing about 60,000+ and climbing

Are you going after the big merchants, small or medium or a segment?

The goal is to get into every store, provide enough avenues for our users to use their wallet. We are going after the big merchants, small, medium and all segments.

What makes nairabox app thick?

The user interface is second to none in Nigeria currently, we have the most exciting features on the app which has been well thought of to fulfill the needs of our users, it is the only social digital wallet in Africa and we will wow our users in subsequent updates. We have a team of dedicated and passionate young minds, I will gladly say my team makes the app thick.

Can you provide any figure on your user base? Or growth numbers?

We are currently doing about 60,000+ and climbing. We are impressed with our growth rate.

What are the risks involved in your business?

The fact that we have to deal with 3rd party providers, there is that risk of them not providing the service or a disruption on their end which could affect ours but we have identified them and working hard to avoid such scenarios.

What is your view on Nigeria’s tech startup environment?

It is a beautiful space to be in, in the next 5 years it would definitely be the new ‘Oil’. We have brilliant solutions springing up, it is amazing what has happened in the last 5 years

What are the challenges you are facing at nairabox. With clients/startups and the government?

Just like every start-up mostly funding and the right skilled set but we are not complaining. The situation of the country does not make things easy for businesses but we have to try to make the best out of it.

What is your 5-10 year plan for nairabox any plan of expanding to other cities/countries within West Africa?

Our plan is to be the preferred payment solution in Africa or maybe the rest of the world, already started making plans for expansion.

Is nairabox backed by any venture capital? If not how much (you can choose not to mention figures)

No, we are not… Not just yet

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