Officially launching today, 1st of December 2017, Kpolom is solving the problem of connecting Port Harcourt residents in dire need of cash with businesses that have sufficient cash to perform cashback services.
Since the plan is to eradicate queues at ATM points and create a cashless environment of sorts for businesses, the startup will station what you could call “human ATMs” no more than within 10KM radius of users. These are verified business centres — often restaurants, filling stations and supermarkets — that can now serve as Kpolom cashback points.
Users who want to find the nearest cashback points can simply check on the platform for a merchant within close proximity, transfer the equivalent of the amount they intend to withdraw into merchant account (via USSD services or through internet banking) and get paid the amount in cash. Merchants will charge a paltry commission for their services. Kpolom, on the other hand, will take no cut. The idea is to encourage mass adoption for the first two years, after which Kpolom will be looking to lay claim to a small percentage of this commission.
“We know that the festive period usually comes with a certain difficulty for those that would be using the ATMs at several points here in Port Harcourt,” Boma explains, “so our decision to launch Kpolom at this time is strategic to pushing adoption.”
While Kpolom is immediately targeted at the people of Port Harcourt, the solution could come handy in several other cities in Nigeria. For instance, there are about 12, 621 ATMs across Nigeria. For a population within the region of 180 to 196 million, that’s roughly 8 ATMs per 100,000 users by World Bank estimates. Asides indicating a clear shortage of ATM cash points across the country, there is also the problem of uneven distribution.
“I don’t know whether it costs more to deploy ATMs here in Port Harcourt and even the South-South generally but I know the number is abysmally low compared to Lagos,” Boma Peters says.
Features of Kpolom
- Eliminates standing in queues for cash.
- Locates ATMs within a 10Km radius.
- Locates Cashback Merchants within a 10Km radius.
How it works
- Download the app from Playstore.
- Allow the app access your location.
- Get cash via ATM or Cashback services