Eyowo is a digital payment solutions platform, which was launched in 2019 by Tomi Amao, to provide Nigerians with the comfort of carrying out their everyday transactions with just a phone, without having to visit a physical bank.
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To a large extent, Eyowo has succeeded in enabling Nigerians have access to money without the use of bank accounts. For example, it was adopted by TraderMoni, a Federal Government empowerment scheme for small and medium-scale businesses, as a loan and disbursement medium. The loan acquisition agency designates Eyowo accounts to its all its users. It then deposits funds into their accounts, which users can access through ATMs that facilitate cardless withdrawals or by transferring to their respective accounts using assigned USSD codes.
Being a digital payment platform first and foremost, Eyowo still allows for typical transactions such as payment of bills, airtime transfers, and cash transfers.
In addition to its mobile and website interfaces, Eyowo makes its services more accessible by providing its users with Mobile Telephony (IVR) and Human Telephony systems. While there are concerns about the latter in regards to privacy in situations where users have to reveal OTP codes, Tomi has provided reassurance, stating that a long-plan is in motion to replace human involvement with artificial intelligence.
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Another feature unveiled during the launch is Eyowo retail bank for businesses, which uses a multi-functional tool – a specialised PoS terminal – to carry out tasks like management of orders and payments, monitoring of customers’ inventory, and settlement and reconciliation of transactions. This feature gives Eyowo and edge over other companies offering similar services.
Eyowo plans to become the go-to interface for every digital bank and payment platform to integrate its solutions. Its Developer API documentation and software development kits have already set it on the right path to achieve this goal.
Financial Technology Africa
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