Yaada provides a peer-to-peer payment system that allows users to send and receive funds using just a phone number, eliminating the need for a formal bank account. This technology empowers unbanked individuals in Nigeria and across Africa to access financial services and participate in the economy.
Funding
Funding not disclosed
Founders
Product
Problem
Many individuals in Nigeria and across Africa lack access to traditional banking services, hindering their participation in the formal economy. Opening a formal bank account can be a complex process, creating a barrier to entry for underserved communities.
Solution
Yaada offers a peer-to-peer payment platform that enables users to send and receive funds using only a phone number, bypassing the need for a traditional bank account. This system allows anyone with a mobile phone to access financial services and participate in digital transactions. Yaada also provides bulk payment systems and conditional cash transfer infrastructure. The platform aims to simplify financial transactions and promote financial inclusion for individuals and corporations.
Target Audience
The primary target audience is unbanked and underserved individuals in Nigeria and across Africa, as well as businesses seeking efficient bulk payment solutions.
Features
- Peer-to-peer payments via phone number
- Bulk payment systems for businesses
- Conditional cash transfer infrastructure for targeted transactions
- Wallet creation upon receiving funds, even without prior account
- USSD code (\*997\*70#) for initiating transactions