Financial Inclusion: Nigerian firm launches Eyowo to ease financial dealings

Central Bank of Nigeria (CBN)
Central Bank of Nigeria (CBN)

A Nigerian firm, Softcom, has launched an innovative payment solution product named Eyowo, which it says will revolutionise how people send, spend, save, receive and borrow money.

The company said that Eyowo aims to provide simple, modern and reliable financial services to anyone with a phone number. This includes consumers, retailers, businesses, and developers.

“Eyowo was created in an attempt to solve the financial inclusion problem in Nigeria. Today, we are launching a bank for all”, Eyowo CEO, Tomi Amao, said at the launch of the platform in Lagos on Thursday.

“Our target market is everyone who has a payment need and has a phone number. This includes people and businesses who want to make or receive payments for goods and services online and offline”, Mr Amao said.

With Eyowo, the company said people can send and receive money, buy airtime, pay bills, make cardless ATM withdrawals, request and accept payment from customers using only their phone numbers.

The company added that individuals can also save and earn interest, borrow money at zero interest and have access to dollar cards to carry out international transactions.

“We’ve engineered products that are truly accessible to everyone regardless of the social status they belong to. Eyowo is available on Android, iOS, USSD, Voice, SMS and on the web”, Eyowo Product and Partnerships Lead, Ope Adeyemi, said.

The company also highlighted Eyowo Retail, a service which uses just one tool to manage orders, payments, inventory, customers, settlements and reports, thus helping retailers organise their business more efficiently for optimal growth.

Businesses can also now accept more forms of payment – cash, card, bank transfers, and Eyowo. “This will significantly expand the customer base and horizon for internet-enabled businesses who today can only receive payments from bank account holders.”, Mr Adeyemi noted.

To deliver on its promise, Eyowo has partnered with leading financial service institutions including Providus Bank, GTBank, Interswitch, NIBSS, Bank of Industry, Verve, amongst others. “We will continue to join forces with organisations whose ethos are aligned with our vision for financial services in Africa,” Mr Amao added.

In addition to these, the company said it has created a developer platform that enables developers to build payment products, tools, and experiences that people love by exploring Eyowo Developer API documentation, SDKs and other resources. These API integrations will help platforms in receiving payments and making payments to anyone who has a phone number.

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