Nicholas Nome, the Chief Executive Officer of PayNowNow, a mobile money platform that enables users to digitally send and receive money has reiterated his company’s stand on expanding their businesses beyond the shores of Nigeria, connecting Africa with the rest of the world.
Speaking with newsmen at the firm’s headquarters in Abuja, the young entrepreneur said, “International expansion is a quick way to grow. Although we incur some costs but the potential for profits is massive.”
Nome expressed that the increasing use of technology today has seen gadgets like phones and laptops acquire a do-all-utilities service not requiring customers to visit the bank for any service and this eventually led to the emergence of mobile money operators in Nigeria.
He further stressed that within the rural areas and urban centres in every street, you will find an agent or merchant who process payment and utility for people.
Speaking on the benefit of using mobile money operators in Nigeria and why it will replace commercial banks in terms of utility services Nome said, “they are easy and convenient to use, save the time and energy that we spend in going to banks.”
Nome while explaining how the platform works, said “Mobile money stores funds in an electronic account or wallet. They could link this account to your personal phone number or not. You as a customer have access to using this fund through your mobile phone to transact businesses. You can receive, store and send money for transactions like buying online items, paying bills, school fees, and airtime purchases.”
Also speaking on developing the organisation further, he said “We have agents and merchants in every street. Also, mobile money is fast, secure and they can be used anywhere as far as there is a mobile phone signal at relatively low cost.”
“We also analyse new opportunities in our business by understanding our demographic better, from distribution channels to direct competitors, and even an analysis of foreign markets and other potential industries was done.
Sometimes, we acquire other businesses because we know that it is a very quick way to grow our own business. We find competitors or businesses in other industries that would complement our own, we use them as platforms to scale fast.
“We also have affiliation with commercial banks, we partnered with top player banks so we leverage and grow our economy, I will say we learn from them and they also learn from us.”
“As the CEO of paynownow, I take customer satisfaction as my topmost priority. While delivering excellent customer service, smart entrepreneurs like us know loyal customers give companies a competitive edge on the market. That’s why I am willing to try every measure out there that helps to build positive customer relations,” he concluded.
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