Sanwopay is a Lagos-based fintech startup looking to solve this problems by providing financial inclusion for transporters and traders. Its products are targeted at transforming payment systems among this group that has largely been left unattended in the financial system.
Samson Olubayo, Founder of Sanwopay was a guest on the Nairametrics Business Half Hour show where he shared insights on how the business is going to change the payment systems in the informal sector, taking it one place at a time.
Accord to him,
Sanwo is a Yoruba term meaning “to pay” and is a normal slang among the informal sector participants. Sanwopay started in November 2020, with a single location and has now grown to three locations within a space of ten months. The target was to help transporters and market women save, send and receive money instantly without having to worry about leaving their place of business.
SanwoPay started with a daily savings system that mirrored what the target market are already used to, but on an informal level. The daily savings (referred to as Ajo among the yoruba’s) is like a thrift collection system where individuals save a part of their daily earnings.
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