Nairabox was introduced as a digital wallet solution to make transactions more seamless and prevent the issues that arise with carrying cash from one place to another. The online service was founded by Tokunbo Adetona, Damilola Jegede and Jay Chikezie.
How it All Began
The founders, who have backgrounds in financial technology, started their careers developing mobile applications for banks. In the past, they developed a few applications for banks like Stanbic IBTC and GTBank. Through their experience with working in the banking industry and reviews, they were getting from customers, they discovered that these customers were not satisfied with some of the services the banks were offering.
“There were so many things we felt the banks could do but they felt some didn’t fit their image. I then thought their customers were losing out on a lot because these banks just refused to budge. We thought it would be interesting if we could connect these banks by creating “a wallet”. This is a service which these banks were averse to because of their policies and culture but which their customers can enjoy. So, that’s why we incorporated NairaBox,” Damilola Jegede, one of the co-founders, said.
After working on the project from 2012 to 2014, they officially launched Nairabox in 2015.
The Introduction of a Mobile App and Features that Make the Service Work
In 2016, the Nairabox team introduced a mobile application to make the process of making payments even smoother and more satisfactory for users around the country. With the service, users can pay for all sorts of expenses such as bills, event tickets, cinema tickets, airtime purchases, and get rewarded while doing these things.
“One of the rewards includes 5 discount when you pay with your Nairabox acc at BL Restaurant,” Tokunbo Adetona, Nairabox co-founder, said.
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The Nairabox team is also big on security because they are aware of how paramount security is when it comes to using a financial service. All transactions on Nairabox are encrypted to prevent unauthorised access and make the service tamper-proof.
Though relatively young, Nairabox has thrived mainly on its reliance on customer feedback and its adoption of cutting-edge technologies that have brought about disruptive innovation when it comes to financial services.
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