In a blog post, Paylater, a Nigeria Financial technology company stated that it has included new features to its Android mobile app. Loans has been the primary feature of the Paylater services. However, features such as mobile phone airtime recharge, payment of utility bills such as DSTV, PHCN can now be paid with the app. Also, users of Paylater app, can transfer money to friends and family, setup transactions to occur at a future date, and get improved loan offers for completing transactions.
The reason for adding new features to the app was stemmed from the interest of Paylater team to better engage with their customers and to increase the value of the app
“Through customer surveys, market research, and just looking at our customer usage data, it became quite clear that our loans were being used largely to fund the same types of activities — the logical next challenge was to build channels that would facilitate these transactions and make it easier and more convenient for our customers to accomplish their daily tasks.”
“It was also important that we could offer a way to convert our additional insight on financial patterns observed from these transactions into something that is frequently requested — larger loan amounts!”
More are yet to come. Paylater plans to add more and more features to the apps as the years rolled by. Savings, investments, virtual cards and wallets, English app, French app, are among future value to be added to Paylater services. However, “this year, we’re focused on continuing to accelerate our growth, international expansion, and most importantly, making the Paylater app the central point for easier, safer and fairer financial transactions.”
Paylater has reach 500,000 mobile app downloads. In 2017, the fintech startup reduced laon processing from 24 hours to 5 hours. Furthermore, at least 1000 persons request for loan on a daily basis via the Android application. So far, Paylater has issued more than 200,000 loans in 2017.