• Sun. Jun 4th, 2023

PayDay hits over 17,000 users six month after launch

ByYinka Okeowo

Jan 1, 2022

PayDay, a multi-purpose fintech startup that enables African creatives to receive, send money globally, has become a sensation in the market.

TechEconomy.ng’s findings show that the fintech startup headquartered in Rwanda has reached 17,000 users within the first six months of its launch.

PayDay rolled out services in July 2021 and has been regarded as the ‘PayPal of Africa’. The reasons are not far-fetched. PayDay is regarded as the fastest and most efficient way for technology talent and creatives throughout the African continent to receive payments from their global or foreign clients within minutes all on their mobile phones or personal computers.

PayDay also functions as a multiple purposes fintech app that delivers payment of tuition, application and Student and Exchange Visitor Information System (SEVIS) fees in the United States, United Kingdom and Canada.

Interestingly, the platform enables you to perform these transactions within one to five days maximum.

You can also use the dollar ($) tag to send money to family and friends. This is quite strategic, especially now that the Central Bank of Nigeria has introduced and maintained the “Naira 4 dollar scheme”, where citizens are given back a certain amount of Naira for receiving dollars in their account (home).

More so, PayDay enables you to hold your cash in USD (for stability) and shop with the Virtual card.

For the crypto fans, you can withdraw money to your crypto wallet (BTC), bank account and Momo account.

In a LinkedIn post, Favour Ori, the founder/CEO, revealed that PayDay carried out over 56,000 successful transactions within the period under review.

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PayDay in Numbers 2021
PayDay in Numbers 2021 (Source: LinkedIn/Favour Ori)

PayDay which has secured over two million dollars ($2m+) in funding is now available in 10 countries.

The Fintech startup, founded by Nigerian entrepreneur, Favour Ori became the first Rwandan company to join the prestigious Techstars Toronto Accelerator program in 2021.

PayDay is definitely one of the Fintechs to watch in 2021



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