BY ROSEMARY IWUALA
Ziroopay, an indigenous Point of Sale (PoS) solution provider has developed a unique mobile PoS technology that enables small businesses to process card payments in real-time, even when there is no internet/data connection, as it sets itself up to exploit the growing opportunities in Africa’s retail sector.
Following its recent capital injection of $11.4 million, the innovative company said it is strategically positioned to explore Africa’s growing retail opportunities, capitalising on the Africa Continental Free Trade Agreement (AfCTA), which has a combined market of 1.2 billion people and a gross domestic product (GDP) of $2.5 trillion.
According to Ziroopay, the mobile PoS technology will not only operate in enabling financial inclusion but also serve as a backbone and operating system for retail businesses in Africa, while also supporting the payment infrastructure needed for the development of the continent’s retail sector.
Omoniyi Olawale, the chief executive officer of ZirooPay, said the innovation payment solutions offered by the company will remain imperative as wholesale and retail sectors continue to dominate Africa’s contribution to its GDP, even as population growth and rapid urbanisation continue to drive consumption across the continent.
Olawale, who identified lack of reliable payment technology as one of the major challenges hindering trade across Africa, expressed optimism that ZirooPay Mobile PoS solution will address the challenge.
He noted that the company’s payments solution is fast, simple and reliable, delivering a 95 percent transaction success rate for PoS transactions compared to the industry’s average of 25 – 50 percent.
The ZirooPay CEO also disclosed that its payment solution leverages unique and patented internet-free technology, to enable Small and Medium-scale Enterprises (SMEs), agency banking, hospitality and other services sectors across the retail market to process in-person payments, track their sales, and manage their businesses from their mobile devices.
He added that ZirooPay provides merchants with automated sales history, sales analytics, and inventory tracking to help them monitor and manage their businesses more efficiently.
The payment provider, which commenced operations in Nigeria in 2019, has grown up to 15,000 merchants processing over $500 million in 10 million transactions, a success it intends to reproduce across Africa.
According to Omoniyi, ZirooPay understands the unusualness of Africa’s infrastructure challenges and would continue to advance similar innovative solutions that will address the payment challenges in Africa.