Since Microtraction’s 2018 Investment Wallets.Africa Has Grown in Capacity and Products Offered

In August 2018, Venture Capitalist firm, Microtraction invested an undisclosed amount into Nigerian fintech startup, Wallets.africa (formerly Wallets.Ng). Since the investment, the fintech startup has grown in products and team capacity.

Technext reviewed the startup since its Microtraction funding, and here are the major landmarks since then.

At the time of Microtraction’s investment, Wallets.Africa had one product which was for individuals. The product eliminated the need for physical banks by allowing users open bank accounts and carry out banking transactions. Like most fintech startups, Wallets allowed users to manage their finances better, and send and receive money faster.

In 2019 however, Wallets added a new product to its value offering. The new product was tailored to meet the banking needs of small business owners. Business owners could therefore open a current business account with wallets.

Wallets for Business is just pure brilliance! I think it's probably the first SME-focused digital banking product I've seen that actually works seamlessly! Open a business current account from your bedroom! Mad! Mad! Mad! Great work! @walletsafrica @thejohnoke @j0sephbens0n

— Philip Ese (@KingRohv) September 4, 2019

According to Wallets.Africa, the business account, which could be opened with CAC documents and BVN, made it easy for owners to monitor the finances without getting lost in graphs.

“We know how long it takes and how stressful it is to open a business account with your bank. We know you’d rather spend that time and effort running your business. So we’ve made it super easy to get started with us.”

Wallets.Africa

In December 2019, Wallets added the Overdraft feature for users. This allowed users to borrow money from Wallets and pay back at a later date. As part of its efforts to expand its operational and customer base, Wallets added a new service that allows users move money between Nigeria, Ghana and Kenya.

⚡ We are super excited to introduce an overdraft feature to our business product. With this feature, you're able to ball on some loose cash from us every month at no interest rate and pay back before the end of the month. https://t.co/cUNNsn28wT

— Wallets Africa (@walletsafrica) December 3, 2019

Before starting the year 2020, Wallets.Africa boosted capacity of its team, bringing on people to occupy relevant roles and keep the startup focused on achieving its core mission of providing fintech solutions to Africans.

We're still hiring a Financial Analyst who will be collecting, monitoring and studying financial information to provide insights that would help us make informed financial decisions.

⏰ Application deadline: December 13

More details here: https://t.co/A1QNNiEjnY

— Wallets Africa (@walletsafrica) December 3, 2019

A lot has changed in the Wallets team since Microtraction came into its life in 2018. Perhaps the biggest change so far is the change in name from Wallets.ng to Wallets.Africa, a move which signifies a broadening of the startup’s vision to now encompass Africa.