Major Fintech Disruptor Flutterwave Unveils 'Umo', A Groundbreaking USSD and NFC-Based Payment System Designed to Bring Nigeria's Vast Rural and Offline Economy Online.
In a landmark move set to redefine financial inclusion in Nigeria, leading African fintech company Flutterwave today announced the launch of its innovative payment solution, 'Umo'. The new product is engineered specifically to tackle the challenge of digital payments in areas with limited or no internet connectivity, targeting millions of merchants and consumers in Nigeria’s rural communities and the bustling informal urban sector. 'Umo' leverages a powerful combination of USSD (Unstructured Supplementary Service Data) and Near Field Communication (NFC) technology to make transactions possible on any mobile phone, including basic feature phones.
The brilliance of 'Umo' lies in its simplicity and accessibility. Registered merchants will receive a unique USSD code and an NFC-enabled smart card or tag. Customers can pay by either dialling the merchant's USSD string on their phone and authorizing the payment with a PIN, or by simply tapping their own NFC-enabled card or device on the merchant's tag. This dual system completely bypasses the need for internet access on either the merchant's or the customer's end, removing one of the biggest barriers to digital payment adoption in underserved areas.
During the virtual launch event, Flutterwave's CEO, Olugbenga Agboola, described 'Umo' as more than just a product, but a "foundational pillar for the next wave of economic growth in Africa." He stated, "For years, the digital economy has inadvertently excluded those who form the backbone of our real economy. With 'Umo', which means 'community' or 'kinship' in Igbo, we are taking digital payments to the village market, the roadside mechanic, and the local farmer. We are building a truly inclusive financial ecosystem, one transaction at a time."
The launch of 'Umo' is poised to be a game-changer for Nigeria's digital economy, potentially bringing millions of unbanked and underbanked individuals into the formal financial system. Analysts predict this could significantly boost local commerce, improve financial security for small-scale entrepreneurs, and provide valuable economic data from previously invisible sectors. As Flutterwave begins its phased rollout across several states, the entire tech and financial industry will be watching closely to see the impact of this ambitious and crucial innovation.
I'm Adedayo Obadina
Talksocialtalks
