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  Navigating the streets of Lagos requires a strong heart, thanks to the relentless traffic jams that test even the most seasoned drivers. Parking, however, presents its own set of challenges. Frustration with Lagos’ roads led Philip Ogunaike to create Parkwell, a platform akin to Airbnb but for your vehicle. Ogunaike’s journey from eight minutes to over an hour in traffic was the turning point.
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Parkwell, operating in Lagos since January 2023, functions like e-hailing apps and Airbnb. Its mobile app displays nearby parking spots on a map, allowing users to book in advance, much like Airbnb. Reviews are vital, letting individuals monetize their parking spaces by listing them.
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The registration side of Parkwell is called the Parkwell Partner. To register a space, users take a photo, provide the address, and secure it with GPS. It conducts checks to ensure ownership and security.  Safety measures include insurance partnerships with Pay-U and Curacel, offering per-minute comprehensive insurance for users, and identity verification to ensure only the rightful parker can retrieve their vehicle.  Parkwell operates on a commission basis, taking 30% of parking fees. The platform plans to expand to spaces like mall parking lots, offering real-time space availability and reservations. 
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Since its launch, Parkwell has registered 80 parking lots with over 2,000 parking spaces in Lagos, Nigeria, and Dakar, Senegal. Competitors like LASPA and Parchive exist but have not seen significant growth.  Building trust has been challenging for Parkwell, but it has attracted 3,150 users. The company is actively seeking pre-seed funding and exploring partnerships, such as park-and-ride initiatives, aiming to reach 100,000 users by the end of 2023. Ogunaike believes Parkwell is a much-needed solution in congested cities, making parking one less worry for drivers.  Featured Image Source: Parkwell NG
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This article was first published on 6th September 2023

nnaemeka-emmanuel

Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.

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