Zoto, a product of Hedonmark Management Services Limited and Nigeria’s payment solution, has announced on Monday, 09 Aril2018 that its transacting user base and order volume grew by 56% and 200% respectively in the last financial year and it 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.
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.
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.”
While most payments are web-centric, Zoto enables users to make payments using their mobile phones. Payments are made 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 payment reminders. Payments are processed without bank OTP. Zoto has leveraged these developments to cater to Nigeria’s youth segment, providing anytime, anywhere payments facility.
Its interface has appealed to Nigeria’s youth segment which has led to higher conversion rates and the number of repeat customers. While conversation rates for new users in finance and e-commerce globally are at 14% and 8 % respectively, Zoto’s conversion rate is almost 67% (Source: 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 weeks.