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ICT4D Week 2018

Tuesday, April 10, 2018

Fintech startup, Zoto, soars in customer adoption

Fintech startup, Zoto, has witnessed a soaring customer adoption through transacting user base and order volume in the last one year, reports ITRealms.

The transacting user base and order volume, ITRealms gathered, grew by 56 per cent and 200 per cent respectively, in the last financial year.

Zoto, which is a product of Hedonmark Management Services Limited and Nigeria’s fastest growing payment solution, promises to replicate an even higher growth curve in the financial year 2018 -19.

The fintech startup, ITRealms reports, processed 5 million orders in the last year which is expected to grow 300 per cent to 15 million orders in the financial year 2018-19 due to growing volume of electronic payments by Nigeria’s young and digitally savvy mobile users. Zoto has scaled quickly with over one million downloads and an app rating of 4.6. 

Nigeria has one of the fastest growing population in the world most of whom are mobile and digitally savvy due to prices of Android phones dropping by as much as 45% and data prices reducing by as much as 80%. The accessibility to mobile phones and data has led to an explosion in electronic payments, with 117 billion USD worth electronic transactions processed in Jan – Dec 2016. 

Reacting to this development, Oshone Ikazoboh, Co-Founder & COO of Zoto expressed delight at the rapid progress made by Zoto with a short time.

“These milestones will motivate us to work even harder and achieve the goal of becoming West Africa’s preferred digital payments solution. In near future we plan to expand vertically and horizontally by adding more categories and increasing the number of merchants in each category, this will help us provide better payment experience to our users and make us an indispensable channel for payments,” he said.


Chuks Egbune/GEE

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