PAYODD TARGETS AFRICA’S 30M-STRONG DIASPORA CITIZENS
Payodd, Inc. has embarked on its vision of deploying its highly versatile mPos terminal for merchant’s servicing diaspora African residents in the United States with a FOCus on reducing cost of their remittance transfers on the $160 Billion Dollars they send home annually.
CEO and President of Payodd, Inc., Mr. Kenny Andam expressed his confidence in the current business focus of his company and the value that Payodd’s service offerings present to the average diaspora African who works to support their family members back on the continent. According to the founder of the company, Payodd’s mISSion is to disrupt the remittance and money transfer sector by introducing a more flexible, efficient, and cost effective money transfer service that diaspora African’s can access via their mobile phone and via the company’s online portal at www.payodd.com.
Payodd in its enterprise business development division offers an mPos terminal with its mobile and online platform that enables retailers and small to medium enterprise merchants to process credit cards and debits securely in a user friend transaction processing system. The company’s platform accepts mobile money wallets, debits & credit cards, loyalty cards, and CASh at the point of sale, and operates as a store house for holding cash through mobile wallets for its members. Payodd also offers its platform to government agencies across Africa to enable them to manage and transparently administrate secure revenue collection and revenue mobilization for departments responsible for collecting government revenues. The company also provides payment services for Municipalities, Insurance companies, large social work forces, pension and welfare schemes, and charitable organizations looking for a secure and efficient transaction platform to service the daily transaction processing and money transfer needs. In the partnering department of Payodd, the company focuSES on building relationships with Banks, Retail based organizations, and relevant key institutions within the payments and money collections ecosystem.
Mr. Michael Sutton who is Chief Market Officer of the company expressed his excitement about the increasing consumer demand for affordable money transfer and remittance services, and mobile commerce in the United States, Europe, Asia, and within the middle east. He shared his enthusiasm about the possibilities that such market trends offer to Payodd. This consumer trend from Mr. Suttons perspective opens up more interest in Payodd and the various services that the company offers to valuable customers looking for affordable ways to transact and execute payments. Payodd’s objective is to market its services to West African, Asian, and American Diaspora consumers who have families in countries within Africa and Asia that they remit money to cover daily expenditure while working abroad. With high classifications of traditionally unbanked consumers in the financial sector identified in many of the countries in Africa, Payodd becomes a necessity for consumers who want to participate in the new digital currency revolution that is growing around the world.
According to DFID statistics about mobile innovation and mobile financial inclusion, Africa is actually leading the world in financial innovation. This is because Africa is a continent where the majority of people were previously excluded from financial service. Mr. Kenny Andam in discussions about Payodd referenced the statement below when he was asked about his views on the future of mobile money and mobile payments worldwide.
“Young people also face significant barriers to financial inclusion, representing huge opportunity costs for the global economy. Over 1.2 billion people are aged 15 to 24, yet only 4.2 million young people have access to financial services.” (Klapper and Demirguc-Kunt, ‘Measuring Financial Inclusion’, the World Bank Development Research Group, 2012.)
Payodd is determined to provide mobile money solutions that empowers this new and growing generation of citizens across Africa. The company and its founder believes that their approach and method of services will disrupt the barriers established in the financial sector by tradition banking and finance institutions, and in the process become a staple for innovative money transfer and remittances, mobile wallet housing, and secure revenue generation and collection for institutions across Africa.