BitKE caught up with Favour Ori, Founder and CEO of PayDay, one of the leading and emerging neobanks in Africa and a leading Starlink payment processor in Africa, to talk about the company’s recent developments.
PayDay is the largest and official processor of Starlink payments in Nigeria. The company is also offering similar services to Starlink in Rwanda:
“The idea is we plan to help Starlink expand across Africa and the way we’re doing it is we’re helping them collect payments because its so fragmented how people collect payments in Africa.” – CEO, PayDay
PayDay recently raised $3 million and crossed over 300, 000 with over 40,000 transactions per day. The startup said it is now seeing over 100,000 users joining per month.
Payday offers its 330,000+ users virtual Visa and Mastercards which can quickly be generated using the Payday App.
In this discussion, you will learn:
- 01:17 – The early beginnings of Favor and PayDay
- 02:53 – What does Payday do?
- 04:31 – What is a Neo bank?
- 07:40 – How Payday virtual dollar card works
- 08:30 – Payday user growth
- 09:20 – How Payday gains users
- 09:40 – Payday post-raise strategy
- 10:45 – Payday growth timeline
- 11:37 – About Payday in Rwanda
- 12:11 – Challenges faced as a fintech
- 14:45 – About regulations
- 15:06 – Advice to entrepreneurs
- 17:25 – How can people work with Payday
Offering sage advice to African entrepreneurs, Favour said:
“On the part of fundraising, you need to have traction. I see people complaining how they’re trying to raise. There is money out there, it just depends on how you’re raising the money or if you have the traction to raise money. There are 2 ways of raising, you can basically raise based on traction or show I have done this before or my team is solid.” – CEO, PayDay
