Nigeria - Startup under 3 years old

Describe your project or startup in a few words

Payquid is a contactless payment solution using QR code payment and NFC virtual card technology to enable cash withdrawals and digital payments from POS terminals and mobile phones without use of debit cards

01.01 Describe your startup in more detail

Payquid is using NFC and QR code payment technology to solve problems of debit card frauds in Africa especially Nigeria where debit card frauds constitute over 65% of fraud cases. Payquid solution enables cash withdrawals and digital payments from POS terminals with QR code scanners and mobile phones which over 100 million Nigerians have access to Internet on their mobile phones.

01.02 What is the main problem you are trying to solve?

Payquid is solving problems of debit and credit card fraud in Africa especially Nigeria

01.03 Tell us the major benefits and/or advantages of using the product/service that your startup provides (at least 3).

Security: Payquid Contactless payment is very secure from hacking, cloning because payquid technology uses a QR code and NFC and eliminates any physical contact with POS terminals and debit cards. User Interface: Payments processing is done in seconds and does not have room for error transactions and users easily assess the app features. Safety: Payquid contactless payment solution is in order with the United Nations sustainable developmental goals to eliminate plastics from the environment as Payquid solution eliminate use of plastic cards for payment and also keep safe from contact with public utilities as we just survived a pandemic.

01.04 Please describe who exactly your startup’s product/service is aimed at serving. Who are the targeted beneficiaries?

18-45 yr olds young population of over 100 million Nigerians. B2B, B2C. Over 50 million debit card holders. Supermarkets, Retail stores, Gas stations, POS terminals merchant provider.

01.05 When was your company established?

2024-01-18

01.06 Are you already selling your product/service?

No

01.07 How many other owners are there within your startup?

2

01.08 Among the other owners, how many are female?

1

01.09 Please describe the profile of the other owners within your startup (skills, experience, etc.)

CEO Obinna Amadikwa is a tech entrepreneur, holds a bachelor's degree in technology, a fellow of the institute of management consultant. The CTO Andrew Okesokun is a software engineer with years of experience in payment industry working with several commercial banks in Nigeria in charge of cyber security and product development. CPO is Tessa Marsh, a well experienced product manager, brand head at chic fila, pulix and Payquid.

01.10 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link(s) here:

https://www.Payquid.net

01.11 Which industry best describes your project?

g) Financial services

02.01.01 My startup contributes to the No poverty goal

7 - Strongly Agree

02.01.02 No poverty - Justification for my startup

We are building a solution that helps Nigerians save their hard earned monies. We are tired of people losing their sweat to fraudsters. This solution from Payquid is strongly in agreement with the United Nations sustainable developmental goals of no poverty as it protects people's hard earned savings and income and help families plan with confidence that their funds is safe

02.02.01 My startup contributes to the Zero hunger goal

7 - Strongly Agree

02.02.02 Zero hunger - Justification for my startup

When payquid solution is launched, we are introducing a technology that enables payments without delay or hesitations, without the long queues for cash withdrawals, no need for delays in getting services paid for and reducing man power time drastically through seamless payments and swift digital payment processing. This encourages alot of unbanked population to become bank account holders and help eliminate financial illiteracy hence creating wealth and reducing hunger

02.03.01 My startup contributes to the Good health and well-being goal

7 - Strongly Agree

02.03.02 Good health and well-being - Justification for my startup

Payquid contactless solutions eliminate any physical contact with public utilities thereby protecting us from unhealthy exposure to germs and keep us safe from diseases especially now we are in a post pandemic era. Payquid is using QR code payment technology with Payquid POS terminals with QR code scanners to enable cash withdrawals and digital payments without any physical contact with POS terminals and no debit cards.

02.04.01 My startup contributes to the Quality education goal

6

02.04.02 Quality education - Justification for my startup

Over 100 million Nigerians have access to internet on their mobile phones and this is a welcome development and Payquid is consolidating on this huge internet population to expand education through technology and exposure to modern payment solutions that protects and profits our finances

02.05.01 My startup contributes to the Gender equality goal

5

02.05.02 Gender equality - Justification for my startup

More inclusiveness is promoted with Payquid technology as more POS terminals merchants are introduced across all gender and evenly distributed

02.06.01 My startup contributes to the Clean water and sanitation goal

5

02.06.02 Clean water and sanitation - Justification for my startup

I support and encourage clean water and sanitation especially in rural areas and I believe we'd create awareness to drive infrastructure development

02.07.01 My startup contributes to the Affordable and clean energy goal

6

02.07.02 Affordable and clean energy - Justification for my startup

I support and encourage affordable and clean energy as it helps protect our environment and keep it habitable. Payquid is working with other non governmental organizations to support this.

02.08.01 My startup contributes to the Decent work and economic growth

5

02.08.02 Decent work and economic growth - Justification for my startup

I support and encourage decent work and economic growth as a major solution to poverty eradication and Payquid is fully in support of policies and fundings to help implement this.

02.09.01 My startup contributes to the Industry innovation and infrastructure

6

02.09.02 Industry innovation and infrastructure - Justification for my startup

I support and encourage innovation and infrastructure growth. This is a major driving force towards sustainable development and Payquid is in support

02.10.01 My startup contributes to the Reduced inequalities goal

5

02.10.02 Reduced inequalities - Justification for my startup

I support and encourage equality in workspace and gender inclusiveness as we practice in Payquid.

02.11.01 My startup contributes to the Sustainable cities and communities goal

6

02.11.02 Sustainable cities and communities - Justification for my startup

I support and encourage sustainable cities to promote economic growth and development as Payquid practices through technology and human capital development

02.12.01 My startup contributes to the Responsible consumption and production goal

6

02.12.02 Responsible consumption and production - Justification for my startup

I support and encourage responsible consumption and production to avoid waste that are harmful to environment and also technological approaches towards sustainable growth as practiced in Payquid

02.13.01 My startup contributes to the Climate action goal

6

02.13.02 Climate action - Justification for my startup

I support and encourage climate actions that protect our environment and Payquid promotes technologies that are safe and eco friendly.

02.14.01 My startup contributes to the Life below water goal

5

02.14.02 Life below water - Justification for my startup

I support and encourage this giant stride of the United nations to sustain life below water and Payquid is available to play her role towards awareness creation and sensitization programs

02.15.01 My startup contributes to the Life on land goal

5

02.15.02 Life on land - Justification for my startup

I support and encourage life on land and technological approaches aimed at enhancing life on land as Payquid practices through seamless and secure payments solution

02.16.01 My startup contributes to the Peace Justice and Strong Institutions goal

5

02.16.02 Peace Justice and Strong Institutions- Justification for my startup

I support and encourage peace , justice and strong institutions as this is the bedrock to every civilization. We must uphold rule of law and be very intentional about promoting peace in our communities

02.17.01 My startup contributes to the Partnerships for the goal

5

02.17.02 Partnerships for the goal - Justification for my startup

I support and encourage partnerships for the goal and strategic alignments that help foster progress and build relationships towards growth and development as Payquid practices

06.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

3

06.02 The product/service represents an entirely new type of product/service.

7 - Strongly Agree

06.03 The product/service could be described as a new technology.

7 - Strongly Agree

06.04 The product/service is an improvement on an existing product or service.

2

06.05 The product/service could be described as an extension of a range of products or services.

2

06.06 The product/service responds to a demand or need that has not been satisfied by other products/services.

7 - Strongly Agree

06.07 The product/service is a new version of an old product/service.

2

06.08 Justification for my startup

Payquid solution enables cash withdrawals and digital payments without use of physical cards unlike other Fintech startups issuing cards for payments

06.09 Competitive Analysis

Opay, Kuda bank, moniepoint, palmpay. Payquid stand out from all other competitors because Payquid does not issue physical cards for digital payments and cash withdrawals

11.05 Are you initiating actions within your community to promote the role of female entrepreneurs?

Yes. Ensuring a girl football team set up alongside boys and encourage equality