Airgate app will top N5 billion in annual transaction value, claims Precious Ekezie, the CEO of Callphone Ltd.
The Airgate App was launched on October 1st by Callphone Limited. The event was attended by prominent figures from the financial sector, including the CBN and NIBSS, the event also drew government officials and key stakeholders.
Among the distinguished guests were Nze Chidi Duru, Chairman of Callphone Limited, Betta Edu, the Minister for Humanitarian Affairs, and Frank Nweke Jr., former Minister for Information. Representatives from the Abuja Electricity Distribution Company (AEDC) and several other Distribution Companies (DisCos) also graced the occasion.
The Airgate app, available on Google and iOS, took centre stage with the Indian High Commissioner emphasizing its fintech potential and government support. Betta Edu highlighted its role in conditional cash transfers and financial inclusion.
During the event, Nairametrics interviewed Precious Ekezie, CEO of Callphone Limited, who shared insights into the app’s significance in the evolving financial landscape.
Here are excerpts of the conversation…
NAIRAMETRICS: Tell us about the product you are launching and the technology it is built on.
Precious Ekezie: The product in question is Airgate, an innovative offering developed by Callphone Limited.
Notably, Airgate holds a distinguished position as a product licensed by the Central Bank of Nigeria (CBN), showcasing the company’s dedication to compliance and regulatory standards.
In a noteworthy milestone achieved last year, our company made history as the inaugural recipient of the PSS License within Nigeria.
This comprehensive license is a remarkable amalgamation of three pivotal facets: payment terminals service provider (PTSP), payment solution service provider (PSSP), and Super-Agent, intricately linked to agent banking.
Within the realm of this license, Airgate assumes a crucial role as part of the PSSP segment, specifically housing the pivotal payment gateway.
Its foundation is anchored in the dynamic Python programming language, which facilitates efficient data gathering and robust analytics.
In addition, the mobile component of the app, aptly named Flutter, ensures the platform’s seamless integration into mobile applications, enhancing accessibility for customers. Complementing these elements are React and Java, further enriching the product’s technical architecture and capabilities.
NAIRAMETRICS: How does your product compare with existing products?
Precious Ekezie: To commence, let us acknowledge the vast potential of Nigeria as a substantial market, with its economic growth being notably propelled by the continued expansion of financial inclusivity.
Delving into the distinctive qualities of our product, a key attribute that sets it apart is its seamless integration. During today’s live launch demonstration, a remarkable aspect stood out setting up an account takes less than two minutes, underscoring the user-friendly nature of our payment gateway.
This ease extends not only to users but also to businesses, as the APIs are readily shareable, simplifying integration into their platforms for streamlined payment collections.
Moreover, we have taken steps to enhance accessibility. For instance, we have devised convenient payment links tailored for Instagram vendors.
Notably, this inclusivity extends to individuals, empowering them to conduct various transactions seamlessly on our platform.
The absence of cumbersome bureaucratic hurdles ensures a smooth and efficient utilization of our payment gateways, aligning with our mission to facilitate an accessible and efficient financial ecosystem.
NAIRAMETRICS: Who are your target users or audience?
Precious Ekezie: Our target market encompasses a broad spectrum, catering to both individuals and businesses.
This expansive approach is bolstered by the encompassing license we possess, authorizing us not only to conduct collections but also to bid for internally generated revenues for state governments.
Leveraging this license, we have the capability to facilitate seamless payment collections for Instagram vendors.
Furthermore, we’ve innovatively introduced payment links, bridging the gap for businesses that previously faced hurdles in obtaining a payment gateway for their operations.
This is particularly transformative. With just a single link, businesses can efficiently receive payments from customers or those purchasing their products.
For instance, envision a scenario where a hair vendor sells their products to a customer—here, the customer can swiftly remit payment through a provided link.
The vendor, in turn, can manage these funds within their Airgate account or effortlessly transfer them to their bank account through our user-friendly application.
This operational flexibility epitomizes our commitment to revolutionizing financial interactions and promoting ease of transactions for all parties involved.
NAIRAMETRICS: How many transactions do you target for the AIrgate app in the next year?
Precious Ekezie: I estimate that, in terms of revenue, we are aiming for an initial transaction volume of at least N5 billion in the upcoming year.
My approach to this number is cautious and pragmatic, considering our initial focus on local transactions for processing.
We intend to solidify our operations within the local landscape before venturing into the broader realm of international services.
This prudent strategy informs the realistic business targets we have set for ourselves.
NAIRAMETRICS: Why did you launch in Abuja, as opposed to Lagos, the commercial hub of the country?
Precious Ekezie: Primarily, our aim is comprehensive economic integration, aligning with the Central Bank of Nigeria’s overarching policy on financial inclusion.
Merely focusing on a singular sector would not adhere to this objective. Our goal is to impart significant influence on the economy, going beyond conventional practices.
Analyzing transactional and financial inclusion data across the Northern region of Nigeria reveals a noticeable disparity when compared to the robust financial activities present in Lagos State and other parts of the Western region.
Hence, our strategy is to ensure that the advocacy for financial inclusion is not just rhetoric but a tangible reality in our operations.
We aspire to strategically position ourselves to effectively serve regions where financial inclusivity is lacking, striving to bridge the divide and truly bring the benefits of financial inclusion to those in need.
