We once shared an exciting news about Cashenvoy, popularly described as Nigeria’s Paypal, a service that allows you to send and receive money as well as make payments to Cashenvoy enabled websites. (Click here to read).
As a follow-up, Jennifer Ehidiamen recently interviewed Olaoluwa Awojoodu, the Managing Director of Electronic Settlement Ltd (owners of web payment platform; CashEnvoy <www.cashenvoy.com>).
Here are excerpts:
Awojoodu of CashEnvoy.com: As a rapidly growing company, we always have new developments in technology and policies to efficiently keep accommodating our growing customers in terms of security, ease of use and convenience.
The payment platform is now optimized for mobile phones. We also now have CashEnvoy modules for all popular shopping carts. We would also soon launch our Merchant Referral Reward system, where customers get bonuses for referring merchants. We are also working on partnering with more banks and providing payment services for various industries.
CP-Africa: As an e-payment solutions provider, what would you say has been the key challenges your company is facing? How are you overcoming them?
Awojoodu of CashEnvoy.com: To succeed in life, in whatever endeavour, you have to accept challenges as part of your business. Our attitude (at Electronic Settlement Ltd) is that regardless of the degree of difficulty, if the business is to succeed, we must face each challenge as it comes.
The key challenge for e-payment in the country is getting more users for the service, getting people to trust the service, containment of fraud and general acceptability.
CP-Africa: Many people compare you to PayPal, how accurate is this comparison?
Awojoodu of CashEnvoy.com: Considering the fact that PayPal is the biggest payment company on the web, we’ll take that as a complement.
Both companies offer web payment services, however ours is tailored to cater effectively for the Nigerian environment with its own peculiarities.
CP-Africa: CashEnvoy is contributing to the growth of ecommerce in Nigeria. What are your key achievements so far and how would you describe the journey?
Awojoodu of CashEnvoy.com: The journey so far has been very interesting.
We have achieved a lot of things. The ability to create a secured payment platform that Nigerians feel comfortable to use is in itself a big achievement.
In comparison to our targets and ambition, we have only still taken baby steps. Presently, we are catering for the payment needs of some websites. We have the ambition and capacity to cater for a lot more than that. We are looking at a very near future where we process about 70% of all web transactions in the country.
Our biggest achievement for now is our recent approval by the Central Bank of Nigeria.
CP-Africa: Please could you further elucidate CashEnvoy’s recent approval by CBN? What does this mean for your company?
Awojoodu of CashEnvoy.com: The CBN approval means our processes have attained an acceptable standard and we have the go ahead to operate our web based Internet payment platform.
This is good news for us. It means we can confidently offer our services to all sectors of the economy from web retailers, to airline ticketing services, donations, fees, registration to bill payments.
CP-Africa: How many merchants are currently subscribed to your services?
Awojoodu of CashEnvoy.com: Presently we have 115 registered merchants.
CP-Africa: What are the requirements a merchant must meet before they sign up for your service?
Awojoodu of CashEnvoy.com: First requirement is to have a valid domain name registered on the web. Business process of the merchant must also be viable.
All merchants are verified before they are allowed to receive payments via the platform. Part of the verification process includes:
– Registered bank account numbers
– Address verification- This is to confirm that the business location of the merchant exists. This is usually done by submission of copies of utility bills.
– Personal verification- This is done by submission of copies of personal identification
– Sign up is free.
CP-Africa: Nigeria is the most populous country in Africa, how do you intend to match up your services to the population’s demand?
Awojoodu of CashEnvoy.com: Not only are we the most populous black nation, we also have the largest number of internet users in Africa. About 44million internet users, over twice the second largest; Egypt (http://www.internetworldstats.com/stats1.htm)
Our service can adequately cater for the present market demand and lots more. We haven’t been given the chance to match up yet but we can do it. We are still trying to convince them that e-payment is the way forward and in a short while, people will see the effectiveness of our service in terms of security, convenience and ease of use.
CP-Africa: Most websites still reject Nigeria when it comes to online payments. E.g. PayPal. Do you think this will change with time? What structures can be put in place to facilitate this?
Awojoodu of CashEnvoy.com: Yes it would change. Nigeria is only suffering from stigmatization. In good time, there would realize what a large potential market they are missing out on.
Having a legislative law that tackles E-crime would also be a big advantage.
CP-Africa.com: What is your perspective on the recent innovation in the Banking sector? For instance, the introduction of “cashless society”- giving your experience in this sector, how vital is a cashless economy to Nigerian economy?
Awojoodu of CashEnvoy.com: It is a step in the right direction and very key to the growth of the economy. Just like the rest of the world, Nigeria was always still going to get there. I would have said between 7-10 years for gradual adoption and migration. The CBN policy just hastened things up and moved us along faster, which is quite good, has a lot of advantages to the economy but at the same time, people don’t like sudden change, especially if you tell them is good for the economy but they cant see the direct benefit to themselves.
To read past publication about CashEnvoy, click here.
To learn more about CashEnvoy.com and the services provided, please visit their website https://www.cashenvoy.com