Tech News Across Africa

Softcom introduces products to Promote Financial Inclusion, Tech literacy


Leading tech company, Softcom has introduced financial products to accelerate financial inclusion and strategic framework for national and regional growth.

Formed in 2007 by Yomi Adedeji and his team of four, Lagos-based Softcom is a solutions company that strives to connect businesses and people with meaningful innovations. The firm currently has a range of products covering industries in sectors from Education and energy to telecommunication and financial services.

At a tech brunch organized by the tech firm in its office in Lagos, Softcom founder, Yomi Adedeji yesterday said the products are to stimulate and promote financial literacy in the nation’s financial ecosystem.

“We wanted to be the leading tech company in Africa, and we understood that to solving financial literacy and access problem across the continent, we needed to solve Africa’s identity problem first.

“For instance over 100 million active lines are available across Nigeria, yet total bank details showed less than 40 million people are banked, so we created a product called eyowo among others like data beaver and learn to grant financial access to the unbanked.”

The companies learn product allows students to access different types of academic materials with particular reference to financial literacy among others.

Chief Solution Officer, Softcom, Omosehinde Olabayo, explained that eyowo is targeted at helping the unbanked who at least have access to  active phone lines.

“We have created a product called eyowo, which allows anyone with an active line to receive money on their lines with the capacity to transfer same to other people, businesses and account numbers using the code *4255#”.

” So far since launching eyowo about 125days ago, we have processed over 11billion worth of transaction for over 5 million Nigerians,” he added.

In an interview with Africa Tech Report, Adedeji said, “We are happy with the adoption so far, the product has helped put smiles on people’s faces across Nigeria without the hassle of owning a bank account. In partnership with the government, we have successfully deployed Eyowo to disburse over 600,000 government’s TraderMoni loan to beneficiaries, without anyone being disfranchised due to lack of a normal bank account”.

On security of eyowo platform, “we have added necessary security features and complaint channel to lodge complaints where issues are addressed instantly” he said.

Eyowo allows people to Send, receive, spend money and pay bills with just your phone number. Carry out all your transactions with or without bank accounts. The app can be downloaded on Google play store or Apple store. It could also be accessed offline with the code *4255#. Only MTN does not currently supports the USSD.


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