Wallet.ng

Wallet.ng, which rebranded to Wallets Africa, emerged in the Nigerian financial technology sector as a digital banking platform tailored for a young, mobile-first demographic. The company was co-founded in 2016 by CEO John Oke, a software engineer with a rich background in fintech, and COO Joseph Benson-Aruna, a seasoned product designer and manager. Oke's journey includes significant roles at fintech companies like Interswitch and consulting for Wema Bank, where he developed numerous wallet-based solutions. This direct experience with the architecture of financial products informed the core concept of Wallet.ng. Benson-Aruna brought complementary expertise from his time at companies such as Jobberman, Interswitch, and McKinsey Digital Labs, focusing on user experience and product development.

The venture was born from Oke's realization that a digital wallet could centralize all financial transactions, an idea sparked while integrating a gift voucher system with M-Pesa. The business model targets students, young professionals, and entrepreneurs by offering a suite of services designed to be more accessible and cheaper than traditional banking. Revenue is generated primarily through commissions and transaction fees. The platform enables users to send and receive money, pay bills, and make withdrawals using just their phone number. A key feature was the issuance of virtual and physical cards, allowing users to transact globally on platforms like Apple Music and Aliexpress, addressing a significant pain point for Nigerian consumers.

The company demonstrated significant traction early on, processing substantial transaction volumes and showing impressive month-on-month growth. This progress attracted an initial investment from Microtraction. In June 2019, Wallet.ng officially rebranded to Wallets Africa to reflect its broader ambition of creating a borderless digital bank for the entire continent. This strategic shift was supported by its participation in the prestigious Y Combinator accelerator and a subsequent funding round with investors including the accelerator's CEO, Michael Seibel. The company has since expanded its services to include business-focused solutions like bulk payments and payroll, aiming to connect Africa financially.

Keywords: Wallets Africa, John Oke, Joseph Benson-Aruna, Nigerian fintech, digital banking, mobile payments, financial services, Y Combinator, cross-border payments, virtual cards, digital wallet, payment solutions, African fintech, bill payments, money transfers, Microtraction, Wema Bank, Interswitch, mobile banking app, consumer fintech, business payments