It’ll be interesting to see a localized version of this.
https://www.techinasia.com/singapore-socash-seed-funding
From all the Payment Startups, Paga has the strongest lead to make this happen seeing as they already have a network of merchants but this idea makes strong sense to the banks, the key is managing merchants who are the most important guys in the pipeline and need to be educated, managed and tracked to create a superior service and company.
The idea is to build a last mile delivery for all types of services from healthcare to logistics to banking.
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In Nigeria, banks rake in millions from the N65 charged when customers use their ATM cards on other banks’ machines, not to mention the recurrent fee for card renewals. Unless the banks make good money from this, they’d be fighting it. Perhaps, a local startup can include a transaction fee that’s shared with the banks. I’ll happily part ways with N200 if I can stroll down the road and get cash quickly. It’s a nice idea.
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The 65 naira was introduced as cash to grease their wheels, they charge N 100 for ATM Maintenance so, if we help take away that burden, they can earn more so to speak, a win-win.
Your right, but i would personally rather withdraw cash from a merchant with some clout e.g. a popular super market. then some random agent who i dont if he will tell someone to follow me after i withdraw cash. I’ll say a totally new player has a better chance
Well the major thing, is the Startup will figure its Merchant roll out and verification process and use only verified and trusted merchants per neighbourhood.
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