Victor onuorah is the co-founder of Utupay (which can be aptly pronounced as ‘you to pay’) , a Nigerian fintech startup that aims to enable individuals and small businesses to conduct financial transactions at extremely low cost and without the rigors of operating a more traditional bank account.
On this edition of 5Q’s, Victor talks about the inspiration behind Utupay and the journey they’ve had to go through with his co-founder Joseph Utulu to make Utupay a reality.
What inspired you and your co-founders to start UTUPay?
We live in a world where we have locked ourselves by borders, boundaries, rules. Some of these measures where put in place with good intentions but they tend to cause too many restrictions in both transactions and communication. So what Utupay is setup to do is to navigate these barriers that exist in carrying out financial transaction and give our users an easier means of performing financial transaction within their local jurisdictions and across borders.
What has the journey been like since the idea came into existence till now?
Quite frankly, it has been an eventful journey. We have learned a lot. There are times when we had fears, and I mean genuine fears that questions if we can execute this project and bring our ideas to life. What we have learned is that: no matter what happens, you do not quit. With this determination, I can say to you that Utupay has successfully launched her mvp and we are here to stay.
What happens if the company fails?
Utupay is an ideology. A smarter and cheaper means to an end. The mantra we are pushing out to our users is that ‘you too’ can, you too can carry out borderless financial transactions with ease and at a cheaper rate, you too can go cashless and contactless, you too can have a more robust control over your finances. So you see, Utupay as a ideology cannot fail.
Why should we care about UTUPay?
Love is easier to express when it is reciprocated. It is out of care for what an average African in Africa or in diaspora have to go through to carry out basic transactions that we took it upon ourselves to help them ease that burden. Sending money to loved ones irrespective of where they reside, paying online for bills or helping a loved one pay for their bills on a merchant store should be basic. You shouldn’t worry so much when you do not have cash, because with utupay you are covered. Some of the love we are offering our users include: making secured payments using either barcode, payment link or payment shortcode. We are also making it easier for our users to transfer money to any bank account, transfer money at zero charge to other Utupay users, we will also enable gift card holders to trade them on our platform.
What gets you out of bed in the morning
Knowing that there are a million and more me out there looking for a simpler, more affordable means of carrying out financial transactions