Zoto, a Nigerian payment solution today said its transacting user base and order volume grew by 56% and 200% respectively in the last financial year and it is set to replicate an even higher growth curve in the financial year 2018 -19.
Zoto says it processed 5 million orders in last year and is expected to grow 300% to 15 million orders in the new financial year 2018-19 due to growing volume of electronic payments by Nigeria’s young and digitally savvy mobile users.
According to Oshone Ikazoboh, Co-Founder & COO of Zoto, “These milestones will motivate us to work even harder and achieve the goal of becoming West Africa’s preferred digital payments solution.”
Zoto also aims to expand vertically and horizontally by adding more categories and increasing the number of merchants in each category.
Zoto’s payments are quicker in less than 10 seconds because the user can use the wallet’s stored value for various transactions like bill payments, recharge, bookings etc. Customers are provided with timely payment reminders making the entire service intuitive and user friendly. Zoto has also scaled quickly with over one million downloads and an app rating of 4.6.
While conversation rates for new users in finance and ecommerce globally are at 14% and 8 % respectively, Zoto’s conversion rate is almost 67%. Similarly, Zoto provides the highest level of customer experience through the use of deep analytics, AI, and instant refunds, which provides a repeat conversion of 60% compared to industry average of 17% in finance and 6% in e-commerce within a period of 8 week.