ZirooPay, a Nigerian retail POS solutions provider, has unveiled its intention to tap into African market opportunities through its recent funding round.
According to the payment company, this expansion into the African retail market is part of its long-term strategic growth plan, especially since the African Continental Free Trade Agreement (AFCFTA) with a combined market of 1.2 billion people and a GDP of $2.5 trillion takes off.
The company revealed that it will leverage unique technologies allowing small businesses to process card payments in real time, even when offline, as well as an investor capital injection of $11.4 million. dollars to carry out the plans.
Omoniyi Olawale, CEO of Ziroopay, recently stated that innovative payment solutions such as ZirooPay will remain imperative as the wholesale and retail sectors continue to dominate Africa’s contribution to its GDP, even as population growth and rapid urbanization continue to drive consumption across the continent.
“ZirooPay 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 necessary for retail to thrive on the continent. The lack of reliable payment technology for the mainland remains one of the major challenges that has significantly hampered commerce and the ZirooPay Mobile POS solution will address this challenge,” Omoniyi said.
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However, the company revealed that the services are fast, reliable and offer a 95% transaction success rate for POS transactions compared to the industry average of 25-50%.
Omoniyi said, “The solution leverages its unique, patented web-free technology to enable SMBs in the retail banking, hospitality and service industries to process in-person payments, track their sales and to manage their activities from their mobile devices.
Beyond payments, ZirooPay noted that it also provides merchants with automated sales history, sales analytics, and inventory tracking to help them monitor and manage their business more effectively.
Similarly, the payment provider said it has grown to 15,000 merchants processing over $500 million in 10 million transactions and is looking to replicate that 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 deliver similar innovative solutions that will help address the payment challenge on the continent in a sustainable manner.
He explained that the company is set to unveil several initiatives aimed at enabling more SMEs to take effect in their business in the coming days.