BuxMe: Disrupting local inter-bank money transfer

Products
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Hi guys,

I’d like to introduce you to BuxMe by Wema, an app that enables you send, receive or request money from anyone. Important features include:

  • You can send money to anyone using their phone number or email address or bank account.

  • Sending money across banks costs just 50 naira only.

  • Money moves directly from your bank account to the receiver’s bank account. In other words, this is not a wallet.

  • You get to see a clear summary of how much money you have sent versus how much you have received.

  • You can add friends and also send them money requests when you need a quick loan.

  • The app is bank-agnostic and works with any Nigerian bank-issued debit card.

  • You don’t need to forcefully signup or download the app to receive money by email or phone number
    …and many more.

We have launched in private beta and have room for a maximum of 1000 people (we may review this as we go along). I’d like you guys to try out the app and give your feedback. You can visit http://buxme.ng to request for an invite.

P.S.
The app is available only on Android for now. Kudos to @udezekene, @leslie, @shollsman (though he slyed us at the last minute :slight_smile: ) of Paystack and @frontstar for their immense contribution.

Thanks.

6 Likes
2

The UI is lovely… Williams i now understand why the UI is awesome :stuck_out_tongue_winking_eye:

3 Likes
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I am already thinking of how I can plug buxme into eccomerce whatsapp/instagram based shops…

4

@alpontif I’d like to know your thoughts on this sir.

5

So you are here as @philiprohv, Cool. :slight_smile:

Waiting for my activation tomorrow. I should ask, are you followup up on Stellar yet?

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Yes. Been having conversations with the Stellar team and Tunde Ladipo (a Stellar Advisor). Was looking at exploring the protocol as a kind of core banking application for low cost banking (profitably banking the “poor”). The challenge is the lack of an ecosystem to really benefit from the network effect.

However, bringing BuxMe to market has consumed all my attention for a while. There’s an event planned for June 14th though. It’s titled “Next Generation Banking: Eliminating banking barriers with Stellar”. It will involve the CBN, bank CIO’s and a host of other industry players. That event will help drive conversations around collaboration (a concept many banks are still struggling with…to their own detriment).

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Where’s the event gonna take place?

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I’ll confirm that and let you know.

1 Like
9

So how quickly are you making the app available to those who left their name and email to be part of the beta? It’s over 48hrs…

10

Tomorrow sir.

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Hi @somto. No events just yet. If you requested access, we’ll be sending you an invite link to download the app.

12

This is good. I like it.

13

And how do you think other banks will react to this with the Wema affiliation and your attempt at pricing below prevailing market rate?

Not every time disrupt, sometime collaborate.

3 Likes
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@Dapo True. Collaboration is the endgame. But with Nigerian banks, sometimes you need to “beat them into submission” by disrupting a niche area before you can get collaboration.

Nonetheless, we all win if the banks are willing to collaborate.

2 Likes
15

Four Points by Sheraton

16

will inbox you my thoughts…

17

I use a service similar to this, it’s called Neteller.

Some of the things I hate about Neteller, you seem to have avoided in this app. I’m looking forward to testing this out.

18

Who on here is part of this private better already? Please share your experience. Thanks

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We haven’t given anyone access yet. An elusive bug tripped up the initial release date. We are currently moving to production as I type though. Invites should start going out from tomorrow morning.

20

Now all I want to do is lick Nutella. Brb.

1 Like