As part of its long-term strategic growth plan, Nigerian retail POS solutions provider, ZirooPay, will leverage its recent funding round to tap into growing opportunities in the retail sector in Africa.
Armed with technology that enables small businesses to process card payments in real time, even when there is no internet/data connection, as well as backing from investors with a $11.4 million capital injection dollars recently, ZirooPay said it was strategically positioned to explore the continent’s growing retail opportunities, especially as the African Continental Free Trade Agreement, the AfCTA, with a combined market of 1. 2 billion people and a GDP of $2.5 trillion, takes off.
Speaking recently, Managing Director of ZirooPay, Omoniyi Olawale, said innovative payment solutions such as ZirooPay will remain imperative and the wholesale and retail sectors will continue to dominate the contribution of the industry. Africa 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 continent remains one of the major challenges that has significantly hampered commerce and the ZirooPay Mobile POS solution will meet this challenge,” he said.
ZirooPay’s payment solution is fast, simple and reliable, delivering a 95% transaction success rate for POS transactions compared to the industry average of 25-50%.
The solution leverages its unique, patented Internet-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 also provides merchants with automated sales history, sales analytics, and inventory tracking to help them monitor and manage their business more effectively. ZirooPay’s superior transaction success rate and integrated nature of its service sets it apart from the competition.
The payment provider, which started operations in Nigeria in 2019, has organically grown to 15,000 merchants processing over $500 million in 10 million transactions and is looking to replicate that success across Africa.