After several years in the banking sector, it was easier for Nigerian-born Chinedu Emenalo to identify the challenges around financial service faced by customers. With this, Chinedu and his colleague – who would become his co-founder – decided to launch a startup. Kobopay, to offer a more seamless platform for affordable financial services at a micro-scale.

In 2016, Chinedu became a Tony Elumelu Entrepreneur, taking among many things, the importance of excellent customer service. Till today, the philosophy that customer is king remains the mindset and driving force at Kobopay. The duality is to this enterprise is that they provide customer-centric services while also ensuring customer satisfaction.

This determination has led to the organic growth of the organization, with about 20,000 users and over $2M in transaction volume through bootstrapping. Currently, their focus is on rural and semi-rural communities with little to no formal banking presence. In these communities, Kobopay is partnering with local businesses such as market women and neighbourhood convenience stores to serve as Kobopay agents. In return, they are providing an extra source of income to these local businesses and employment to the community at large.

For Chinedu, the goal is to be the universal provider of Financial services to all and sundry in Nigeria in a customer-centric manner. The most important impact Koboypay has is that it allows underserved people to conduct their financial activities with less stress and exertion and more ease, all at a lower cost.

In addition, people in these communities get to access formal financial services and obtain formal, government identity through the Bank Verification Number (BVN) for the first time. Access to government programmes and services such as micro-insurance, Micro-credit, micro-pensions over time are also added value provided by Kobopay.

In the next two years, Kobopay aims to secure a microfinance banking license to improve the list of services they can offer to their customers and thereafter transition over time into a full-scale digital bank focusing on democratizing financial services in sub-Saharan Africa.