Home Insider With backing from Mahindra Group, Zoto wants to disrupt merchant payments, P2P transfers & other financial service categories

With backing from Mahindra Group, Zoto wants to disrupt merchant payments, P2P transfers & other financial service categories

by Vivianne Musumba
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Zoto started off as a mobile recharge platform for the 70 million mobile internet users in Nigeria. Over the last 2 year they have launched categories like electricity, TV, Broadband, Betting, movie bookings & mobile data. In near future they are planning to introduce more categories to improve existing user experience and making Zoto the central platform for all utility and leisure payments.

Forming new partnerships every day and reducing failures has allowed higher retention of service compared to global standards. Logos, Port Harcourt and Abuja are some of the key markets for Zoto with highest population density.

The payment experience in Nigeria is broken with lengthy queues for bill payment and clumsy airtime recharges taking up customer’s time and money. Zoto aims to fill the gap with its mobile based solution providing fast and hassle-free payments for airtime recharges, bill payments and movie ticketing, which helps reduce the need for carrying cash.

Zoto was recently ranked position one on app store in the shopping category for making payments simpler, cheaper and faster, and more importantly, accessible to anybody with a smart phone. The app aims to leverage Nigeria’s mobile revolution to facilitate anytime anywhere payments for airtime recharge, data recharge, postpaid bills, TV subscription, broadband bills, electricity, movie tickets & betting.

Started in mid-2015 with the aim to provide quick and seamless payment facility in Nigeria, Zoto knows that use of cash is inefficient, as well as time taking. Many hours taken to pay utility bills, similarly, airtime recharges are inefficient as they rely on scratch card/USSD. Zoto saves time and is convenient, allowing the customer to pay from the comfort of their home. Channelizing digital payments, which is picking up in Nigeria.
The app leverages the latest in ICT and payments to provide a seamless experience to its customers.

Zoto leverages the ubiquity of mobile networks to provide payment facility from any location. It supports a variety of payments, including airtime recharges, bill payments, movie ticketing, data recharge, postpaid bills, TV subscription, broadband bills, electricity & betting which helps to reduce the need of carrying cash. In the mobile payment application space we are the market leaders with the highest app store rating and user count. We consider banks such as Diamond, GT and Eco Bank as competition.

In near future they plan to disrupt merchant payments, credit ecosystem, P2P transfers and other financial service categories. The journey to Zoto started in between all of his prior endeavors, sometime in 2010, under Hedonmark. With a lot of love from their users the app has recently been in news for being the number one on app stores (shopping category), it is also rated 4.6 on the play store. These are visible proofs that people have adopted Zoto with open arms. The partners in Nigeria have been tremendously supportive. They understood the product value proposition and saw the opportunity to grow their business with the company and opened their API’s for integrations. Their initial direct partnerships with Telco’s and banks are strong allowing us to provide seamless payment experience to their users.

The company is backed by Mahindra group, a $19 billion Indian Conglomerate. Mahindra is a global leader in mobility solutions with an expansive suite of products & solutions catering to over two billion mobile users globally and clients in more than 90 countries. In between conversations of raising series B funding.

The Nigerian home grown company which has been built keeping in mind the challenges of Nigerians. The market is vast and offers a lot of opportunities for the app, hence they are focusing on Nigeria only for now.

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