Sometimes when you get to the ATM, you find out it’s out of service or there is a queue that’s too long for you to bear. In fact, for some people, there is no ATM close-by. In short, you are unable to withdraw your own money. This is not a surprise because according to the World Bank, there are only 8 ATMs to 100,000 people in Nigeria. POS is also not solving the problem because the withdrawal fee is too high. What’s the way forward? PayMoni!
This piece will take you through the journey of how we get here. It will also show you how PayMoni is creating an ingenious solution to Nigeria’s age-long problem. If you are ready, here we go!
How it all Started
As you know, money is the most common medium used in the exchange of goods, values and services. Different nations around the world all have unique currencies which is generally accepted for use within specified countries or regions. However, the world’s economic boom has led to increase in daily transactions involving money expended mostly as cash.
As the frequency of cash usage increases, banks were built for people to keep their money while facilitating commercial lending operations as well. At the inception, these traditional banks operated only on week days and daily working hours. However, growth in business activities soon led to a stage when people needed to have access to cash 24 hours a day and 7 days a week. Just as the birth of every need opens door for innovative solutions, the rising need to access money at all times led to the invention of the Automated Teller Machine commonly referred to as ATM.
The ATM brought a great relief because of its effectiveness in making it possible for users to perform all kinds of cash related transactions including cash withdrawals, transfers, as well as airtime recharges among others. However, as the popularity of ATM’s increased, new challenges bothering on service stability, standing queues and satisfaction began to evolve. This makes withdrawing cash in Nigeria an extreme sport; a problem requiring an efficient and effective solution.
What Has Been Done So Far?
Several companies are trying to reduce number of cash transactions in Nigeria. They do this by providing alternative innovative solutions to aid transactions. Examples include Quickteller by Interswitch Group; Paga by Pagatech Ltd. and FirstMonie by First Bank Plc, Nigeria. According to Microsoft, Quickteller makes it easy to purchase airtime, perform payments, transfer money as well as receive money using the ATM card. Similarly, Paga is a mobile payment company that serves customers through agents and businesses. FirstMonie helps widen access to financial services especially people at the lower end of income spectrum in Africa.
As you can see, these companies are only focused on reducing the need for people to use cash for transactions. But no matter what, people still need cash for certain transactions. How do we bridge this gap?
The Real Solution is Here: PayMoni
Paymoni makes it easy for users to withdraw their cash anywhere near them such as malls, supermarkets, filling stations, grocery stores etc. In order to withdraw money for instance, all you need to do is to access the transaction page, select the amount to be withdrawn and pick the closest point of withdrawal. You don’t need to worry about finding the location. The platform annexes GPS technology to show closest withdrawal locations on a map and how to get there from where you are. Then, you simply complete an online payment process.
Finally, a withdrawal ID will be generated to you that will be taken to withdrawal location. The location itself would have received a notification of your coming via SMS.
The system is built with simplicity in mind and it has seamless user experience. The company is powered by Flutterwave and also partners with Bank of Agriculture (BOA).
If you have any enquiries or you want to be an agent/own a withdrawal location, contact PayMoni.