Iya Basira and Financial Technology
The Nigerian food consumption market is growing on a daily basis with millions of dollars exchanging hands in Nigeria every day. With food delivery as cardinal points of this govt administration, roadside food vendors are one of the major players just as fast food restaurants. The latter is very organized especially in terms of cashless payment however their still lost of money circulating the informal markets.
Meanwhile, “Iya Basira” is a typical food vendor in a semi-urban location in southwestern Nigeria; such food vendors are present on nearly every major street. Surprisingly, they rake in an average of up to N20,000 each day from the sales of our popular and delicious local dishes. However, an “Iya Basira” has the potential to expand her sales capacity by at least 100 percent if simply she can adapt cashless payment system; mobile payment will service a customer segment particularly for those who may not be willing to carry so much cash around.
Since the Central Bank of Nigeria introduced cashless banking, Mobile banking is a growing trend for various forms of transactions in major cities like Lagos in different sectors of the economy, whether formal or informal including healthcare, education, food among others. Further research was done and my findings revealed that a typical food vendor will gladly embrace FinTech initiatives such as use of POS machines if she finds the machine easy to operate (perhaps initial operations support can be provided by the mobile money operators) in addition to it been affordable (through gradual payment mode).
As Pay Attitude, a recently introduced mobile payment method with mobile phones via POS machine continues to gain popularity across Nigeria especially at major supermarkets such as Shoprite and Park ‘n’ Shop I seriously charge them to consider an “Iya Basira” who direly needs their service to join the FinTech users. By so doing, many potential users can key into the wave of the cashless system through their popular food vendor.