Shago Launches E-payment Solutions To Boost Financial Inclusion
Shago Payment Limited has formally launched its e- payment services to fill the gap in the financial services sector of the economy.
The Fintech start-up, though has been a player in the industry for one year, was formally presented to dignitaries, including banking executives, Fintech players and Chief executive officers of Tech start ups were all present to grace the formal launch of Shago, which means Kiosk or shop in Hausa.
Speaking at the launch, the Managing Director, Shago Payment Limited, Sabastine Enechi, said the start up was created to fill the e – payment gap and enhance financial inclusion in Nigeria.
“The significance of today’s event is to launch out into the market fully. We have been operating for close to a year now and at the end of the day it is about testing your concept in the market. So once the concept is proven and the consumers are in tune and their feedbacks would help us in the area to look into, this is what we need to do, ” he said.
Enechi, who assured that Shago was fully ready to go full blast and serve its customers noted.” At this point in time, everything is in place, we have a seamless application, we will have a seamless collaboration with banks and e-commerce merchants and at the end of the day we can talk to everybody.”
On the step by step roll out of Shago, the MD said; “Today’s roll out is in three segments. The first is the e-payment, the second is e-commerce and the third is the financial inclusion segment. Today we have rolled out the e-payment which is up and running, our APP, POS withdrawal, airtime and data subscription, bill payment, DSTV and GOTV subscription, Vehicle and health insurance are all up and running. ”
The Shago MD stressed that the Fintech company would fully launch its e commerce platform in January 2021. He said,” “Subsequently in January, we will be launching e-commerce platform where our vendors, merchants and customers can expose their products to our customers and anybody that has our App can be exposed to goods and services. Then in that same 2021, we will be having collaboration with banks and see how we can get financial services out there.
On building an App that could serve as a one stop shop rather than different segmentation of the Shago App. He explained further, “The App is going to be an all inclusive App. We are taking it as a milestone. When you build a concept, you launch out and see and at the end of the day it’s going to be an all inclusive App that does everything.
Speaking on Shago‘s future projection, the MD said ; “come 2021, we intend to be in the whole 36 states of the federation fully operational and functional.”
Also speaking on the role agency banking plays in bridging the gap, the Group Head of Provides, Bank Mr Frank Atat lauded the role being played by Fintech companies like Shago, calling on them to synergize with banking institutions for more leverage.
“Fintech companies have come to stay and close the gap. The only problem is perhaps the structure and this is where the banks can come in. They need to build on the product already existing and simply segment the market. They also need to strengthen the regulatory framework because as we speak many of them don’t have the regulatory license to operate yet. Fintech companies need to build on the opportunity that existed during the lockdown.
He noted that during the COVID-19 lockdown in Nigeria, it was Fintech companies who operated agency banking did well because people could go online and get their services.
On the veritable tools for creating employment, Mr. Atak said, “absolutely agency banking is creating employment opportunities and they are here to stay, because a lot of people have recognized that they don’t need to go out of their house or travel long distances to either pay in their money or collect money when they have agents around them. And these agents are being employed and that is covering the unemployment gaps.”
He added that, “go into the communities, you will see small and sub agents offering these services and we can build on that and even make it more accessible to the hinterland. Because even the agents are in certain communities, they are not everywhere yet. You can go to some states, you won’t find any agent, while there are many in other states. And this gap can be covered when there is a collaboration between Fintech companies and banking institutions.”
In his remarks, Mr. Kayode Ariyo, the MD /CEO of Global Services Limited, commended Shago for taking the bold steps to launch its services despite the COVID-19 pandemic.
He said, “I commend and congratulate Shago for this one year, it must be said that surviving the heated moment of the pandemic as a startup is a major milestone for the company that is worth emulating.”
The event was not all about giving speeches as guests were treated to a sumptuous meal, beautiful musical interludes and not forgetting the awards.
In recognition of their commitment and dedication to the Shago brand, five outstanding agents of the start up were honoured and rewarded with mouth-watering prizes.