One year after its initial entrance into the Nigerian market, Shago officially launched on Wednesday, December 16, 2020, at Rollace Hotel, Ajao Estate, Lagos, Nigeria.
The 1-year-old startup, founded by Sabastine Enechi, offers financial tech solutions such as bill payment to underserved and unbanked Nigerians.
Speaking at the launch, Enechi linked the success of Shago to collaborative efforts and support from corporate partners.
He further added that innovation is also a key factor that is an essential driver of its business module.
The power of collaboration
A speaker at the event, Mr Frank Atat, buttressed the point of Enechi.
He added that collaboration is very essential for product longevity and as such, seeks more of that from Shago.
“It is important to recognize that the need to collaborate will always bring opportunities for partners.
“The collaborative support helps save cost among other benefits including the ability to scale faster in the market,” he said.
He also dispelled the notion that banks are threatened by platforms offering digital solutions.
According to him, platforms like Shago are mostly ready to collaborate.
Another speaker, Mr Kayode Ariyo, commended the startup for its resilience; considering Shago launched during one of the most critical moments in human history.
He said, “Surviving the heated moment of the pandemic as a startup is a major milestone for the company that is worth emulating.”
He further acknowledged how innovation has made life easier as complex analog machines are being replaced with portable digital ones.
Founded on January 1, 2020, the platform doubles as an e-commerce platform as it enables merchants to enlist their products and services for visibility.
With over 3000 registered clients just within 12 months, the fintech platform has channeled over N1 billion in 2020 alone.
According to Shago’s boss, the platform focuses on adding 10,000 more clients with at least 200 e-businesses in the short term.
The platform is currently connected directly to over 25 billers who carry out transactions through Shago’s App and WEB channels.
These agents also earn instant commission on every successful transaction carried out on the platform.
However, the ease of doing business with Shago is attributed to the platform’s stability with 99.9% uptime and 24/7 customer and operation support.
More so, the relatively fast pacing of Shago in the fintech space is due to support from corporate partners, including PTSPs, Banks, Digital services, and Telcos.
In the future, Shago plans to work with CBN, SANEF, and Efina to be a part of the bigger picture – to achieve financial inclusion in Nigeria.
What Techuncode thinks
Financial inclusion (FI) in Nigeria is slightly above average; according to a CBN report in 2016, it pegged the national FI rate at 58.4%.
Over the past couple of years, the fintech sector consisting majorly of the mobile payment companies has played a significant role in boosting FI in Nigeria.
This fast-growing sector is also fast becoming a major challenger in the banking industry, especially with respect to e-payment.
While the fintech sector is thriving majorly on adaptive and innovative technology; traditional banking is finding it hard to keep up.
However, this seeming setback amongst traditional banks has fostered a collaborative synergy between both parties.
It is the same reason why a platform like Shago will scale faster even in a COVID-19 and recession-hit Nigeria.
In summary, fintech, compared to a paradigm shift, is a major force that will redefine the banking system in the new world.