Nigeria’s growing payment solution, Zoto, Monday announced 56 and 200 percent growth in its transacting user base and order volume respectively in the last financial year.
The fintech startup, a product of Hedonmark Management Services Limited, processed 5 million orders in the last year which is expected to grow 300% 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.
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 of mobile phones and data has led to an explosion in electronic payments, with 117 billion USD worth electronic transactions processed in Jan – Dec 2016.
Speaking on the occasion, Oshone Ikazoboh, Co-Founder & COO of Zoto said, “We are delighted at the rapid progress made by Zoto in such a short period of 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.