BuxMe: Disrupting local inter-bank money transfer


Hi @Dapo please uninstall the app you have and download again from the playstore. I will sort out this particular txn right away.

Meanwhile, the app is out of beta and is now available to the public.


I have an huge issue with the phrase you have used.
Few questions please:
Have you crossed N10,000,000 in funds transferred via your platform.
Have you even gotten to 5000registration for your service?
The response for the above is no.Thus why say your service is disrupting the Banking industry?
Why not rather simply say,you are planning,hoping, thinking your service will or may disrupt that industry?
Isn’t that a better way to view things. I have seen these ignorant use of the word “disrupt” in the Nigerian technology sphere and it just needs to be checked.

Commute to and from work daily for as low N2500 weekly

Okays, @mauri calm down a bit. No one goes into a business hoping, thinking that their business/service may or may not survive (or in this case, disrupt an industry). If you were to start your own business, you wouldn’t market your service as “Hoping and thinking”.

Buxme is barely a month old, trying to get its foothold in the market. Whether or not they’re able to disrupt or gel would be determined by time…but a month is too soon to tell.

I totally understand your view on the word “Disrupt” and other buzz words that start-ups wield to stand-out in this already crowded space. I share similar bias. Marketing can be hard on start-ups too. Just give them time. Cheers


Hi @mauri

I think we have different perspectives on what disruption means. But that aside, the title of this thread is not claiming that BuxMe is disrupting the banking industry. The focus of the app (in this release) is deliberately narrow. It’s focused on funds transfer period. No airtime vending or bills payment or account opening or any other thing. Will this change in the future? There’s no straightforward answer to that question.

So are we really disrupting local funds transfer? Well, ask yourself how money is sent across banks within the country today. Once you have the answer, use BuxMe and see if there is any real difference. To guide you in your assessment consider this fact: Up until recently, the cost of inter-bank transfer to banks was 50 Naira. Banks in turn charged their customers 100 Naira + 5 Naira VAT. BuxMe charges its users 50 naira flat (i.e VAT inclusive). How does it achieve that? Is it using the same tech the banks are using? Did it build it’s own tech? If it did, are banks going to copy it or license it or buy it? How is it even profitable at this price?What does this mean for businesses that do a lot of funds transfer e.g salary payments, betting companies and loan shops? Are they going to jump on-board this service due to cost savings?..these are some questions that quickly come to mind. Like i said earlier, our definition of disruption seems to differ so i won’t over-flog this issue.

As a recap, BuxMe is NOT disrupting the banking industry. BuxMe IS disrupting local funds transfer. 10Million is too small. You need to up your figures :slight_smile:


Wish I could like this post twice… :blush:


All you have mentioned on your piece are simply potentials.From your own perspective its a killer, we the end consumers haven’t told you its a killer yet.Probably you plan using the service yourself alongside friends?
Its your choice to accept corrections,if you dont accept it the easy way,you will eventually accept it,the hard way.
I still insist your company hasn’t disrupted any market.merci


I still insist the post title says “Disrupting”. Present continuous tense. :smile:


Hi @mauri

You are spot on! We haven’t “disruptED” anything. But as @Diakon rightly stated, we are “disruptING”. That is, the continuous process of changing the status quo until the our product/process/idea/whatever, becomes the new status quo. At that point we would have “disruptED” and then moved upmarket to begin the “disruptING” process all over again.

So you are correct we are a LONG way from haven disrupted anything but the disrupting process has begun.

What are the P2P options in Nigeria?

Would you consider allowing transfers from foreign cards? Not just Nigerian cards? This may allow people in Diaspora pay Nigerians a lot faster.


@tymolls We are thinking about it


Better thoughtline :wink:


I hate that the app can stay “logged in” enough to recieve friend request notifications but when I tap on the notification, I’m asked to login (email address and password) again. In comparison, my Venmo app always stays logged in, as social apps should.

You can always provide an ability to setup authorization PINs or use an available fingerprint reader to authorize monetary transactions. Nobody is that invested in any app to do a full login just to accept friend requests. That’s how apps get annoying and eventually abandoned.


Thanks @xolubi . We’re working on it.


So it was kind of urgent, your app saved my day. Nice app!


Thanks for the good feedback/complement @henryC . We are also working to improve the overall experience of the app. A new update would be rolling out this week.


Have anyone successfully added a Zenith Bank Mastercard on this? Because I’m about to give up. The app keeps declining my card.


Hi @Light

We are having issues with Zenith. We are working to get it quickly resolved though.

In the meantime, you could also reach out to your bank and make this complaint.

Apologies for the inconvenience.


@philiprohv why shut down the app so soon?

VERY IMPORTANT NOTICE eepurl.com/ciyd6v


Hi @Dapo. That decision was made to make room for a much larger play which you would be hearing about soon. I was not 100% in support of the decision to shut it down, but i understand the reasons nonetheless.


@philiprohv it is a nice app. But the average Nigerian is still afraid of using his card in online payment. So any payment solution that can be considered disruptive now must find a way to bypass that. As I’m writing this, the only solution that’s tilting to that area is the SMS-To-Pay being offered by the Telcos but they have so much monopolized that area that they’re taking more than 70% of the revenue. So any solution that can disrupt those guys will definitely do Nigeria a great good.