Firstly, it’s a bit rare to see home grown Nigerian applications crossing the 500,000 downloads on Google Play Store. There could be a few though, but we’re not talking about them here. We’re talking about the Paylater app.
Paylater is a loan app that enables Nigerians to take loans in certain amounts, with no collateral at all. You could download that app, and sign up for your loan. If approved, it’d all be done in a couple of minutes. How well suited for the Nigerian people. Well, today, over 500,000 people have downloaded this app from the store. Don’t tell me you’re surprised, because I’m not.
Well, Paylater took to their social media pages to announce this, but we have only decided to bring out some pointers that other start-ups can pay attention to. We hope to hear from the horse’s mouth soon.
We're excited to have crossed 500,000 downloads of the Paylater app on the @GooglePlay Store. Thanks for all the support! ? #fintech pic.twitter.com/BRBg6YCEPb
— Paylater (@paylaterNG) October 30, 2017
1. Word of mouth is an integral part of your startup
Yeah, I know even Paylater embarked on some paid advertising but in real life, I know the number of people that have told me about it. “Guy, haven’t you heard about this app that can borrow you cash in just 2 mins after registering”?
When you solve real problems for people, they’d advertise the solution to friends, family and everyone around them. The need for sponsored advertisement would then be reduced to a barest minimum.
Take a look at the tweets below.
I endorse @paylaterNG ?
— Onwualu G. Pøpsii (@GeorgePopsii) October 27, 2017
The best. They just gave me a great sum with six months spread. @paylaterNG Mad respect!!!!??? https://t.co/QSl7CL81fA
— david eka jnr (@ekajnr) October 24, 2017
@paylaterNG is no1 guarantee to meet yo needs without stress. I tot its a joke but it real ooo. Got 10k with 2mins in my acc. ??
— Amb Adegboye Kazeem (@olami2be) October 22, 2017
2. Equip your customers (if need be) to use your service
I got to know about the #Paylaterdance days after it was launch. Paylater is gifting out free Google freetel ice 2 devices – the cheapest android device in Nigeria to those who participate in the #Paylaterdance. What is important to note here is that as cheap as this device is, it can download and use a Paylater app. So basically, they are equipping their customers to use their services for greater visibility.
As a startup that have the means, this model could work real good to improve brand loyalty.
My dance just earned me a new device. Thank you @paylaterNG for this awesome phone. Friends go and do your #paylaterdance and win yours oooo pic.twitter.com/dzeTqZjKid
— Joy Obiesie (@ObiesieJoy) October 18, 2017
3. FinTech is here to stay
You see those days when people don’t trust anything “online”, the beginning of the end is here. My friend, FinTech in Nigeria, by extension, Africa has definitely come to stay. Paylater is a clear example.
Well, I don’t know what Paylater’s customers loan repayment ratio is like, but the fact that they’re still standing speaks volume of a healthy stat. Are looking to get a quick loan? You know where to go.