wallet.ng

paymentsmobile/digital walletp2p paymentsbill payments

FOUNDING YEAR: 2016
LOCATION: Nigeria
Last Update: 12/08/2020

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About

Wallet.ng allows people access to financial services using phone numbers. Its much better than bank accounts, because more people in Nigeria have phone numbers than access to financial services. Wallet.ng leverages on a soaring growth of mobile phone users in Africa, to deliver access to financial services to a large unbanked population. It allows people send money to other people using phone numbers, send money to any bank account, pay bills, receive payments, and make cardless cash withdrawals at ATMs. Wallet feels more like a bank account that you have control over (unlike what the usual Nigerian bank feels like). By allowing people sign up and get a Wallet.ng account instantly we’ve lowered the entry barrier, opening up an array of quality financial services to people that have long been neglected.

MEDICI Analysis

Wallet.ng is a digital payments platform that enables users to conduct financial transactions. The platform also enables users to track their financial transactions by classifying their expenses into various categories. It facilitates money transfer between individuals via mobile phone numbers.

Focus

PRODUCTS & SERVICES

The digital payment app enables users to send and receive money, and make payments via their phone numbers. Additionally, it allows users to create virtual dollar cards to conduct international transactions.

REVENUE MODEL

We'll make money on transaction commissions.

MAIN CLIENTS

Retail consumers

PRIMARY PROBLEM SOLVED

Financial inclusion

INTELLECTUAL PROPERTY

Patent(s) NOT_FILED

COMMENT

The company allows users to create virtual dollar cards which help them to complete international transactions and to send and receive money easily by making payments through their phone numbers. (Aug. 2018)

Traction

ACTIVE USERS:

500

TRACTION COMMENT:

As of September 2017, Wallet.ng had up to 430 active users, and could boast of processing around USD 80 K after about 2,400 financial transactions.

People

FOUNDERS

John Oke

John Oluranti Oke

Joseph Benson-Aruna

NUMBER OF EMPLOYEES

11-50

INVESTORS:

9Yards Capital

Microtraction

Y Combinator

KEY EMPLOYEES:

Joseph Benson

Kashema Bahago

COMMENT:

Wallet’s team is lean,young, with a strong background in banking, fintech,,product development. We take pride in continuous development of our products,services to find more ways to empower individuals,businesses across Africa.

Momentum

FUNDED

YES

DATE OF LAST FUNDING

Jul 2020

SEED CLOSED ON

Mar 2019

SEED PRIOR FUNDING COMMENT

An undisclosed amount of funds were raised.

LISTED

NO

For Investors

FUNDING NEEDED:

$500 K

BASICS

FOUNDING YEAR:

2016

LOCATION:

Nigeria

Views:

164 VISITORS | 228 VIEWS
TOTAL EMPLOYEES
11-50

About

Wallet.ng allows people access to financial services using phone numbers. Its much better than bank accounts, because more people in Nigeria have phone numbers than access to financial services. Wallet.ng leverages on a soaring growth of mobile phone users in Africa, to deliver access to financial services to a large unbanked population. It allows people send money to other people using phone numbers, send money to any bank account, pay bills, receive payments, and make cardless cash withdrawals at ATMs. Wallet feels more like a bank account that you have control over (unlike what the usual Nigerian bank feels like). By allowing people sign up and get a Wallet.ng account instantly we’ve lowered the entry barrier, opening up an array of quality financial services to people that have long been neglected.

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!

MEDICI Analysis

Wallet.ng is a digital payments platform that enables users to conduct financial transactions. The platform also enables users to track their financial transactions by classifying their expenses into various categories. It facilitates money transfer between individuals via mobile phone numbers.

Focus+
Momentum+
Traction+
People+
For Investors+
Other+

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wallet.ng

About

Wallet.ng allows people access to financial services using phone numbers. Its much better than bank accounts, because more people in Nigeria have phone numbers than access to financial services. Wallet.ng leverages on a soaring growth of mobile phone users in Africa, to deliver access to financial services to a large unbanked population. It allows people send money to other people using phone numbers, send money to any bank account, pay bills, receive payments, and make cardless cash withdrawals at ATMs. Wallet feels more like a bank account that you have control over (unlike what the usual Nigerian bank feels like). By allowing people sign up and get a Wallet.ng account instantly we’ve lowered the entry barrier, opening up an array of quality financial services to people that have long been neglected.

Focus

PRODUCTS & SERVICES

Personal accounts This is for people whose primary need is to make purchases and send money to family and friends. With a personal account users can do things like: Send and request money from friends and family. Buy goods and services. Pay for bills and airtime recharge. Make ATM withdrawals. You can also use a personal account to receive money for the sale of goods and services, through our me.wallet.ng platform but if this is the primary use of a users wallet account, a business account will be more appropriate. Business accounts We recommend business accounts for people and organizations that primarily use wallet.ng to sell goods or services or accept donations. With a business account, you can do things like: Integrate our payment gateway to your website Manage and track the business finance with our analysis tool Reward customers with our loyalty reward scheme and many more.

REVENUE MODEL

We'll make money on transaction commissions.

TOP PROBLEM SOLVED

Financial inclusion

PRODUCT DEVELOPMENT STAGE

V2.0 or BEYOND

KEY DIFFERENTIATORS

Our novelty is in our responsiveness to young people’s financial needs. We feel the Nigerian bank does not understand the way young people like to make their transactions and we hope to change that. We also would love to finally address the people that have been wary of opening bank accounts and so have stuck to cash only transactions in Nigeria. We want to build a trust environment in a country where the trust level is not only sub-normal, but choking to business relationships.

PRIMARY CUSTOMER TYPE

Enterprise - Retailers

Enterprise - Others

Small and Medium Business - Physical Retail

Small and Medium Business - Online Retail

Small And Medium Business - Other

Consumer

PRODUCT ATTRIBUTES

Back Office

Customer facing

Other

STRATEGIC CLIENTS AND PARTNERSHIP

Interswitch : Partner

Stanbic IBTC Bank : Acquiring Bank

Microsoft : Partner

Flutterwave : Partner

People

FOUNDERS

John Oke

John Oluranti Oke

Joseph Benson-Aruna

NUMBER OF EMPLOYEES

1-10

KEY EMPLOYEES:

CEO, FOUNDER: John Oke

Product Development Lead: Joseph Benson

VP Sales and Strategy: Kashema Bahago

FOUNDER: John Oluranti Oke

FOUNDER: Joseph Benson-Aruna

TEAM COMMENT:

Wallet’s team is lean,young, with a strong background in banking, fintech,,product development. We take pride in continuous development of our products,services to find more ways to empower individuals,businesses across Africa.

INVESTORS:

9Yards Capital

9Yards Capital

9Yards Capital

9Yards Capital

9Yards Capital

9Yards Capital

9Yards Capital

9Yards Capital

Microtraction

Microtraction

Microtraction

Microtraction

Microtraction

Microtraction

Microtraction

Microtraction

Microtraction

Y Combinator

Y Combinator

Y Combinator

Y Combinator

Y Combinator

Y Combinator

Y Combinator

Y Combinator

Momentum

FUNDED

NO

LISTED

NO

FUNDING SERIES