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Business News

CEO discloses how family affair shutdown OyaPay’s operation

One year after its launch into the financial tech space, OyaPay, a Nigerian mobile-based point-of-sale startup has shut down operations at a time Fintech companies are rebranding for growth and seeking investment for expansion.

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OyaPay, Paystack, Techpoint, NCC, Fintech

One year after its launch into the financial tech space, OyaPay, a Nigerian mobile-based point-of-sale startup has shut down operations at a time Fintech companies are rebranding for growth and seeking investment for expansion.

OyaPay announced the closure of the business products on its company blog in February 2019, assuring customers and business partners of wallet refunds and disbursing merchants balance.

The company is among several Nigerian tech startups aiding Nigeria towards its cashless society by enabling small and medium businesses to incorporate digital platforms into their enterprises to provide secured business transaction.

“our grand experiment is at an end”, co-founder Abdulhamid Hassan said

Competing with the likes of Paystack, Flutterwave, Paga, and TeampApt, the now-defunct startup was trying to ensure that offline businesses could accept payment and take forward orders from their customers with or without a smartphone.

Reason for the shutdown

Hassan had ignored the idea of sourcing for external investment from interested investors, looking to grow the company from within, but Hassan had sourced for capital from a relative, who rejected the decision to dilute his shares when the need for an investor arose months later.

Hassan disclosed this during an interview with Techpoint Africa, stating after months of discussion, he decided to shut down operation when both parties couldn’t come to an agreement.

“For months we couldn’t resolve it, I became frustrated and decided to call it quits,” he says.

Paystack acquisition

Paystack denied acquiring OyaPay after it was reported that some staff of the now-defunct Fintech company received employment offers from Paystack, but the company said the acquisition claim was incorrect.

“We think extremely highly of the crew because they are some of the best operators in fintech we’ve encountered and we are lucky to have some of them joining the Paystack family.

“But it is incorrect to say Paystack acquired OyaPay,” Paystack told techpoint

About OyaPay

OyaPay is a mobile to mobile payment app that uses Bluetooth-powered BluePay and the camera-powered ScanPay to transmit money.

Deal book 300 x 250

BluePay uses Bluetooth Low Energy, wireless personal area network technology developed by Bluetooth that uses as few bytes as possible, to allow in-store merchants to accept multiple payments from more than one person at a time in a contactless and hands-free manner, reducing queues.

While the ScanPay allows one-to-one transactions, with merchants scanning a customer’s QR code to accept payment.

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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Cryptocurrency

PayPal is buying a Crypto security startup for less than $200 million

PayPal is set to outrightly purchase a crypto-security firm, Curv as part of its campaign in building its crypto ecosystem.

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Paypal

PayPal is set to outrightly purchase a crypto-security firm Curv as part of its campaign in building its crypto ecosystem, the company disclosed today.

According to a report credited to CNBC, the deal is estimated to be worth less than $200 million, it’s expected to close before June this year.

The company’s stock price however recorded some selling pressures at the time of writing amid rising U.S Treasury yields and greenback keeping global investors on their toes.

READ: CBN and cryptocurrency ban

The crypto startup about to be acquired by PayPal provides companies with Crypto security technology via the cloud. PayPal revealed that the purchase would help its expansion on supporting crypto.

“The acquisition of Curv is part of our effort to invest in the talent and technology to realize our vision for a more inclusive financial system,” PayPal’s Jose Fernandez da Ponte said in a statement.

In a press statement seen by Nairametrics, Dan Schulman, president, and CEO, PayPal, gave key insights on why the global payment company was going crypto; The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of; financial inclusion and access, efficiency, speed, the resilience of the payments system and the ability for governments to disburse funds to citizens quickly.

READ: U.S customers can now buy Cryptos with Paypal

“Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption, and inter-operability of these new instruments of exchange,” he said.

Furthermore, he said, “We are eager to work with central banks and regulators around the world to offer our support and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce.”

This offering was made possible through a partnership with Paxos Trust Company, a regulated provider of crypto services and products.

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Corporate Press Releases

Transcorp Hotels launches Aura, an online marketplace for accommodation and experiences

Nigeria’s largest hospitality brand launches a new platform for booking vacation homes, holiday lets, and experiences.

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Dupe Olusola

Africa’s leading hospitality brand Transcorp Hotels Plc. has announced the launch of Aura, a new digital platform through which people can book accommodation, restaurants, and experiences.

The new brand, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

“It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc., Dupe Olusola said.

“For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

“To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.”

Working with thousands of partners across Nigeria and different cities in Africa, Transcorp Hotels Plc. is building the continent’s largest platform for people-driven hospitality. While travellers enjoy the right selections at the best prices on Aura, hosts can also earn a lot of money by receiving guests in their unoccupied homes and sharing the local culture with them.

For travellers who would rather stay in hotels, Aura also has a great selection of some of the best hotels in every city.

With the launch of Aura, Transcorp Hotels Plc. has further cemented its leadership in the hospitality industry and reinforced its commitment to innovation and superior guest experience across different demographics.

Guests and hosts can sign up at aura.transcorphotels.com to start booking or hosting. The service is currently available in Nigeria only, but the company said plans are already in place to expand to major cities in Africa.

 

Transcorp Hotels Plc is one of Africa’s leading hospitality companies, committed to redefining service standards across the continent while remaining truly and authentically African.

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www.transcorphotels.com

Aura by Transcorp

Aura is Africa’s best platform for connecting travellers with great accommodation, good food, and memorable experiences. The platform is also an avenue for people with unoccupied homes, hotels, restaurants, or different skill sets that may interest others can earn an income by becoming hosts.

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