1) What is exactly that you do, and what is your start up about?
Nearpays is a fintech company at the forefront of digital payment solutions for brick-and-mortar businesses, offering innovative financial technology services. Our cutting-edge platform facilitates electronic payment acceptance for enterprises through diverse digital wallets, including mobile wallets, contactless cards, and other digital payment modes. Our objective is to transform the payment landscape by offering merchants and customers secure, streamlined, and user-friendly transactions.
2) What is the problem that your start-up is trying to resolve?
The current financial system poses several challenges for individuals and businesses seeking to conduct transactions and exchange money. Despite the growing availability of digital payment solutions, cash transactions continue to be prevalent, especially in local and small-scale transactions. This not only creates transparency gaps, making it difficult to track and account for expenses, but also increases the risk of theft and fraud, posing security concerns for both parties involved. Traditional banking systems and digital payment solutions have the potential to overcome these challenges. However, they are often unattainable, especially in remote or underbanked areas. Even when available, these systems face recurrent network challenges that disrupt transactions and cause delays. Additionally, they may not be optimized for local transactions, leading to inefficiencies and high transaction costs.
3) What inspired you to start this particular business?
Before Nearpays, I founded a logistics start-up called Yourrider, which specialized in providing logistics API checkouts to e-commerce companies and corporate clients.
During a particular period, we encountered significant challenges in facilitating payment through POS for individual users who requested post-paid delivery services. This resulted in numerous issues with remittances. To address this problem, we set out to develop a solution—an improved version of a POS. Thus, Nearpays was born.
Nearpays successfully resolved our immediate problems, prompting us to ponder why we should limit the benefits of this valuable solution to just ourselves. We realized that we could extend this value to a wider audience, benefiting everyone involved.
4) When was your start-up founded? What stage is your start-up currently at?
Nearpays was founded on March 19, 2023, and we currently have our MVP with growing traction.
5) Are you the sole founder? If not, how did your team meet? Who does what on your team?
I have a cofounder. Her name is Grace Akpoiroro, and she handles product management and quality assurance, while I manage administrative and strategic planning.
6) What exactly differentiates you from your competitor in the marketplace? Can you name a few?
Our product is focused on financial inclusion, building for the unbanked, users with low-spec phones, or no internet access.
Building for everyone
7) At what stage is your start-up currently at (early stage, growth stage, established)?
Growth stage
8) Can you discuss any significant milestones that your start-up has achieved so far?
Over 700 users and 10 top corporate organizations joined our wait list in less than a month. We have also secured partnerships with two major banks in Nigeria.
9) Can you provide some information about your target market and its size?
We have buildings for individual users, social commerce sellers, corporate individuals, etc.
Our TAM is about $194.1 billion, SAM $700 million and SOM $400 Million.
10) How do you acquire customers or users, and what is your customer acquisition strategy?
Cluster publicity approaches and target social media ads.
11) What are your main revenue streams?
Subscription model and charges per transition
12) Have you received any funding or investment for your start-up? If yes, can you share the details?
$10,000 grant from GITEX.
13) How do you plan to scale your business in the future?
Focus on dominating Nigeria and partnering with other fintech platforms across the border for swift growth.
14) What are the biggest challenges you have faced so far, and how did you overcome them?
Licenses and regulations, and we have to be able to get $10,000 from the $15,000 we require to get PCI DSS.
15) How will you measure success for your start-up or the achievements that your start-up has reached?
With major KPI as
- User acquisition
- Effective and easy KYC and KYB verification
- Product Education
16) How do you prioritize and manage your resources, such as time and budget?
We work using the Agile methodology, handling the most important tasks.
17) What is your marketing and branding strategy?
Physical publicity, reward systems and social media ads targeting.
18) How did customers’ users find out about you?
Physical publicity and social media Add targeting
19) What is your target audience?
Corporate organizations, social commerce sellers and individual users
20) Regarding your marketing strategy, do you use social media, and if so, is it in house or outsourced?
Yes, we use social media, and it is in house.
21) Have you faced any regulatory challenges?
Yes.
22) Can you discuss any partnerships or collaborations you have established?
We have partnerships with Providus Bank, Fincra, VougePay, and others.
23) What are the key things about your industry that outsiders don’t understand or misperceive?
Partnership is key.
24) How do you handle feedback and incorporate it into your product or service development?
We review and implement feedbacks immediately.
25) What is the biggest missing feature, meaning the one thing that customers’ users keep asking for?
A virtual dollar cards.
26) Are you going to internationalize? If so, how are you planning to expand internationally?
Yes.
27) How do you ensure the security and privacy of users’ data?
By using Defender for cloud, Azure sentinel and web application firewall
28) How do you stay updated on industry trends and adapt your strategies?
3 Years.
29) Are there any patents or trademarks associated with your start-ups?
Yes.
30) How do you plan to build and maintain customer loyalty?
Build trust and a reward system.
31) What are your plans for expanding your team in the future?
Partnership.
32) Can you provide examples of any social or environmental initiatives your start-up is involved in?
Abuja rural fintech development scheme was started by me.
33) How do you approach customer support and handle any issues or complaints?
Social media.
34) What have you learned so far from launching your start-up, and what pointers would you give a person reading this blog who is interested in having a start-up of his own?
Don’t be too eager to raise money; focus more on building the business and developing yourself. Bootstrapping is your best friend.
35) Six months from now, what will be the biggest problem?
Impact of bad government regulations.
36) Are you looking to hire new employees on your team? If so, what job openings do you currently have?
Noon.
37) Are you looking for start-seed investment or VC funding? If you are looking for funding, where can potential investors contact you?
Yes, they can reach out to me on +2348137934199 victor@nearpays.com
38) How did COVID affect your start up?
No.
39) How is artificial intelligence (AI) affecting your industry and your company?
Improved our product and services using AI.
40) Why should we feature you on our blog?
This is an opportunity for me to grant early founders the opportunity to learn from my story, both for the education and the motivation that hard work and diligence pay.
41) How did you hear about our blog?
Social Media.
