Nigeria’s Rising Startup Zoto Aims to Become the Single Largest Platform for Multiple Payments

Co-Founder & Chief Operating Officer (COO) of Zoto, Oshone Ikazoboh

Accra, Ghana, May 28, 2018//-Zoto, a product of Hedonmark Management Services Limited and Nigeria’s fastest growing payment solution is aiming to become the single largest platform for multiple payments in Nigeria and beyond.

The Co-Founder & Chief Operating Officer (COO) of Zoto, Oshone Ikazoboh who disclosed this in an interview explained that by becoming the single largest platform would enable them to provide all kinds of payments such as recharge and top-up, electricity, TV, Toll, Broadband and offline and online merchant payments and many more in future to their customers.

 

He noted: “Our tie-up with enterprises allows us to provide more value to our customers. For example, we are able to provide deeper discounts to our recharge customers because of our tie-ups with leading Nigerian telcos, similarly; we offer cash-backs to our customers”.

When asked why is Zoto different from other payment networks? Mr Ikazoboh answered that Zoto makes payments easy and hassle-free.

He continued: “It converges the payments space by bringing payments anytime, anywhere to everyone’s handset (Smartphone).

It is all about experience and habit; everyone working on Zoto has imbibed the values that the brand stands for, be it a tech developer or customer support”.

These values, according to him help them deliver a seamless experience that is unparalleled to any other payments app in the market.

“Some of the things that we focus on are as follows- Universal design, Intuitive interface, Lower failure rates, wide service coverage, Instant refunds & quickest response time”.

Intuitive recommendations powered by ML technologies, instant refunds and 24X7 support helps in empowering the customer financially. We are adding multiple merchants and categories to the application to improve customer experience and coverage, Mr Ikazoboh further disclosed.

Touching on security of the platform, Mr Ikazoboh  said: “Our platform is secure because all communications from the application is encrypted”.

The Zoto personal identification number (PIN) acts as a second layer of authentication. Only the user knows and can change his/her Zoto PIN.

This he explained ensures that all transactions on the platform are authentic, stressing that;  “Zoto maintains the highest level of security in line with industry standards (mention PCI-DSS)”.

“We follow all the industry best practices and have also developed in-house methods to detect and prevent fraudulent transactions on the platform”.

On financial performance, the managers of the Nigeria’s leading startup are confident that the company is set to replicate an even higher growth curve in the financial year 2018 -19.
The fintech startup 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. Zoto has scaled quickly with over one million downloads and an app rating of 4.6.

“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”, the co-founder and COO of Zoto added.

Zoto’s value proposition is built around providing convenience and making payments easier. While most payments are web centric, Zoto empowers users with a rich and hassle free experience on the user’s mobile.

Payments are quicker in less than 10 seconds because the user can use the wallet’s stored value for various transactions like bill payments, recharge, bookings etc.

Customers are provided with timely payment reminders making the entire service intuitive and user friendly. Payments are processed seamlessly without bank OTP which is another feature driving ease and convenience.

Zoto has leveraged these developments to cater to Nigeria’s youth segment, providing anytime, anywhere payments facility. It’s easy and intuitive interface has appealed to Nigeria’s youth segment which has led to higher conversion rates and number of repeat customers.

While conversation rates for new users in finance and ecommerce globally are at 14% and 8 % respectively, Zoto’s conversion rate is almost 67%, according to Mixpanel product report 2017.

Similarly, Zoto provides the highest level of customer experience through the use of deep analytics, AI, and instant refunds, which provides a repeat conversion of 60% compared to industry average of 17% in finance and 6% in e-commerce within a period of 8 week.

By Masahudu Ankiilu Kunateh, African Eye Report

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