Simeon Ononobi noticed that it costs merchants in Nigeria almost $3000 to be able to accept online payments from debit cards. At that time, PayPal, the world’s biggest payment platform was still unavailable to users in Nigeria and most of Africa.
In January 2013, Simeon launched SimplePay, a localized payment platform that cost $1 to sign up and significantly reduces the hefty costs pf payment gateways and the unsafe exposure of personal debit card details on multiple websites.
Today, SimplePay has more than 10,000 registered users (who are mostly merchants) and more than 30,000 unregistered users. In a country with the ninth largest population of internet users (Over 60 million), the growth prospects for SimplePay are breathtaking. It’s no wonder that a string of local and international investors are outdoing themselves to have a stake in what in what is likely to become Africa’s PayPal.
SimplePay is on track to raise over $10 million in a series of funding round coming up in early 2015
Except from page 118 of 101 ways to make money in Africa by John-Paul Iwoha & Harnet Bokrezion