Nigeria’s small business scene lives on social media. You can find anything ranging from food to clothes, to FMCGs like daily beverages and toiletries. However, payment for these items would require some form of bank transfers or physical interaction when the delivery of these items are made.
While this isn’t a bad model, it’s proving to be unsustainable as stories of rude vendors and customers filled the social media space. That, as well as issues of refund for items that don’t meet the customer’s satisfaction. This issue affects vendors mostly because they lose money having to make refunds via conventional banking methods.
New small businesses that are moving to Instagram, Facebook and Twitter as well as other social media are finding it difficult to keep up with the already established ones. Credo Central, Africa’s first social payments platform, has come to level the playing field for all vendors. The payments technology branch of the fintech scene in Nigeria is growing massively.
It’s now a lot easier to conduct business transactions nationwide without having to go through the stress that conventional banking methods would put you through. However, until Credo Central, there was no means of paying directly from your social media for items that interest you.
Why do you need a social payment app?
Well, you don’t. If you like stress, that is. First, let’s understand the concept of social payments. Take, for example, you need to split payments for a hangout with friends. A social payment platform allows you to transfer to the appointed friend in charge of the planning by using simple information such as a phone number, email address, or a social media handle. Or in most cases, a special username.
It takes away the stress of having to go over the counter to deposit funds or to use bank codes which attract charges. To define it simply, social payment is the use of social media to transfer money to another person or business. What Google pay, PayPal, etc. do, that’s social payment. For businesses, it saves the stress of having to monitor funds transferred by checking your emails and texts. All the details will be neatly curated on the app of your choice.
With a large percentage of Nigerians using some type of social media daily and a large amount of small scale buying and selling that happens on these platforms, Credo Central couldn’t have come at a better time.
What is Credo Central offering?
Credo Central is offering vendors with businesses on social media platforms – Instagram, Facebook and Twitter for now – the opportunity to minimise deal closing times. Vendors will sign up on the Credo Central platform and provide their details to a customer who’s interested in what they’re selling.
Credo Central also helps vendors know which platform generates the most sales for them as well as the goods or services they offer that sell the most. Vendors can better understand how to market better on their top-performing platforms using this information. If not for anything, this service is a strong selling reason why vendors should consider Credo Central.
People, brands, and businesses looking to grow online need some form of knowledge on analytics for their social media presence. You either learn, or you pay for this knowledge because it helps to understand how “your market is selling” online.
Credo Central’s offering will help vendors know where their main customers are and what goods and/or services sell the most. This will, in turn, help the vendors know how to better market on their top-performing platforms for more sales, and if a platform is worth using for their business at all. This is a lifesaver for those who can either not be bothered or those who don’t have the time or resources to conduct this research.
How to sign up on Credo Central?
Visit their website here to sign up. You can also suggest features too to help them make a better platform for you. They’re also on social media – Instagram and Twitter – where you can follow and keep up with the latest as they continue to roll out their product and its features.