As the internet users’ grow by the day in Nigeria, one of the challenges of growing the ecommerce side of it has been largely online payment solution. Interswitch is the topmost of all with their ATM cards which is usable online and issued by all Nigerian banks. One of the bottlenecks of that is largely due to the startup cost which currently stands at 150,000 from interswitch and subsidized by 50% (75,000) by GTB. There has been low adoption rate in the country.

Come in fastecash.com; an online payment solution system with the vision to simplify online transaction is owned by TechClick Limited. It helps Internet marketers and suppliers to accept payment on Internet and provides a convenient way for customers to shop easily on Internet.

Established about 4 years ago, fastecash.com is very popular amongst Infopreneurs and internet marketers in Nigeria. Gbeminiyi Oluwabusola a top internet entrepreneur is the CEO of the firm.

A New Deal

(Innovative or copy cat? Let’s see!)

Looking at what they offer, I will say they have first of its kind products in Nigeria.

Visa Card: you can generate a virtual credit card with your account balance with them, giving you instant payment option on the spot. The service was rendered by foreign firms like graphcard.com and some other firms. The service got to its peak when online payment was a nightmare in Nigeria. But now, Nigerian banks now issue credit cards.

US Address: You can also use your account balance to rent a US address to process any deal you have online. Most people who are into affiliate programs find this product very useful.

Resellers: The firms have over 200 reseller agent across the country; making the service accessible to everyone.

Penny Recharges: The top-up for the accounts is as low as 20 naira. The recharge is structured like normal phone recharge card system, to recharge you have to buy pin codes with the recharge value.

The Real Deal

(These are some of the good side to this site, value expected.)

Online payment is the engine room for ecommerce and online business success. The site has been able to proffer solution to challenges of online payment to its customers over the years.

Down Side

The product, though a great one has not been able to cross to the mainstream internet users. It is largely used buy Infopreneurs, affiliate programs operators and other internet marketing people. These groups of its target audience are a handful of the internet users in Nigeria and as such it has not reached its potential.

The site also needs to work out modality with interswitch; integration with interswitch online payment will make adoption of this site grow. Finding resellers or going to make deposit to bank could be headache to customers.

Business Model

Transaction broker; it helps people fulfill deals across the internet.

This is a good product but I guess a refinement is needed to get to other internet operators who are yearning for a viable online payment system.