Transtura, Nigeria’s e-hailing and shared-mobility company, has announced the acquisition of WazoMoney, a fintech startup that provides simplified payment solutions, in order to launch its marketplace and payment solutions designed to cater to Nigerians’ general transportation needs.
The strategic acquisition aims to reshape the mobility sector across the country through technological innovations in order to provide long-term solutions to issues affecting the transportation industry’s growth. This is in an effort to champion the need for youth empowerment while also contributing to the Nigerian economy’s socioeconomic development through the promotion of cashless payments.
Transtura’s Chief Executive Officer, Vincent Adeoba, commented on the successful acquisition of WazoMoney, stating that the recent development reinforces the company’s commitment to driving unique digital innovations across the country’s financial and transportation ecosystems.
“As a customer-centric company, our vision is to become the most preferred everyday mobility superapp across the Nigerian market and the African continent by providing innovative service offerings ranging from digital payments, marketplace, shared mobility, and other related services.” To achieve our long-term goals, we are leveraging technology and automations to improve people’s experiences when riding or paying for services in the public transportation and mobility space.
Based on this desire to effect change, we are developing a platform that allows commuters, drivers, merchants, car owners, and transportation companies to make and receive payments for rides and travel services, the purchase of motor parts, insurance coverage, car registration, document renewal, car care, fueling, and other needs via a marketplace and spend management solutions, thereby addressing some of the bottlenecks impeding the advancement of the nation’s transportation.
Speaking about the development, Transtura’s Chief Transformation Officer, Philips Olajide, stated that the recent acquisition would change the operations of both the finance and transportation sectors across the country.