It was an exciting day as we held another edition of #PageOneTWTRChat with with Jay Chikezie and Damilola Jegede, founders at Nairabox.
In case you are new to Nairabox, Nairabox started as an app that allow its users to pay for movie tickets and restaurant bills. Team Nairabox has gone a step further to launch a mobile wallet that allows its customers to pay for bills, buy airtime, pay for events and cinemas tickets, donate and more.
The chat unravelled their concerted efforts to building Nairabox to what it is today. As usual, here are key takeouts from the chat for your knowledge.
- Nairabox is very much aware of vulnerability of payment systems, the app is therefore secured and protected by a firewall that guides all transactions from cyber criminals and hackers.
We rely on encryption and secure data transport. Everything in Nairabox is encrypted behind a firewall
— Dámi (@DamiJegede) June 16, 2016
2. Just like few startups who are very promising, Nairabox is 100% Nigerian without foreign leadership or engineering team.
We're always very proud to say it's 100% Nigerian. From start to finish.
— nairabox (@nairabox) June 16, 2016
3. Although the team faced series of challenges when raising seed capital, proper planning by the team made their effort worthwhile.
We raised some seed investment, we have a great product and a good long term plan https://t.co/5HCmCZGz86
— Jay Chikezie (@JayCapoCapa) June 16, 2016
4. The mobile payment business needs good volume as the margin is very thin. According to Jay and Damilola, there is the need to drive user numbers to gain traction.
How big or small is the margin in this business? @JayCapoCapa @DamilolaJegede @nairabox #PageOneTWTRChat
— Vizier (@vizier234) June 16, 2016
The margins are quite small, it's a volume business so you need to have a lot of users https://t.co/ldWTRlzgI8
— Jay Chikezie (@JayCapoCapa) June 16, 2016
5. We prodded Jay and Damilola if they will be willing to sell Nairabox in future and this is what they have to say:
We didn't decide to go into this business to sell at some point, our motivation was solve a problem…. https://t.co/kqLUQdN5lo
— Jay Chikezie (@JayCapoCapa) June 16, 2016
