In this latest podcast episode, “The Cash Conundrum with Michael Oluwole”, Darren Franks chats with Michael Oluwole, Co-Founder and Chief Growth Officer at Tap And Pay Technologies
Financial Inclusion Beyond Consumers: Empowering Merchants
The discussion shifts to the crucial role merchants play in financial inclusion. By enabling merchants to accept online payments, the company not only facilitates transactions but also empowers them with valuable data for business expansion. Micro-merchants, often neglected in traditional banking systems, benefit from tailored solutions, including access to credit and resources.
Competing with Habits, Not Just Cash
The conversation emphasizes that the primary challenge lies in changing entrenched habits rather than merely replacing cash transactions. The company strategically approached the shift, recognizing the need to work with regulators, bus owners, and users simultaneously. The unexpected opportunity presented by the COVID-19 pandemic accelerated the adoption of digital transactions, illustrating the power of regulatory support.
Transactional Model Innovation for Microtransactions
Contrary to the assumption of traditional transaction models, the company’s approach involves charging per transaction for microtransactions. By understanding both merchant and user behaviour, the company created a system that allows for efficient batch processing, ensuring merchants receive value promptly while users experience a seamless and swift payment process.
In summary, the podcast episode showcases a company’s journey in revolutionizing digital payments within Africa’s transportation sector. By addressing the challenges of cash-based transactions, focusing on changing habits, and innovating transactional models for microtransactions, the company has played a pivotal role in promoting financial inclusion and shaping a new digital payment ecosystem in Africa.