South African fintech startup Pago has launched its first product, payments platform Tuma, and has already passed the 2,500 transaction mark.
Pago, which took part in the Cape Town-based Startupbootcamp AfriTech programme in 2018, rolled out the Tuma MVP in October of last year, allowing South Africans to transfer funds from any instant money wallet to any bank account.
“We have facilitated 2,500 successful transfers since launching, and are now chatting to banks regarding integration so we can launch a better next version of Tuma, which will be available on iOS, Android and web app,” Pago founder Philip Mngadi told Disrupt Africa.
“December was a record month where we successfully processed over 1,000 transfers. We’ve received six times more successful requests than unsuccessful, it’s a great sign for what we’re doing.”
The startup, which charges a ZAR10 fee per transfer, is focused on South Africa in 2020 as it integrates with instant money services provided by banks, but does plan to expand.
“Once we have successfully achieved that, we will naturally move into the rest of the SADC region where our banks operate,” Mngadi said.
Pago also has one more product, an online marketplace for small-scale miners to list and sell their commodities, but it is still in development.