Yet! 2023: The Most Joyful Year So Far!
- Peter Johnson
- Jan 1, 2024
- 3 min read
I'm currently listening to Jaymes Young's popular song "Happiest Year". It's a track that has been heard by just about everyone, unless you've never used Instagram in December. You'd have to have been quite isolated to miss it, given the amount of one minute videos summarizing the year that are on the platform.
Wow! It looks like I'm taking a break from Instagram right now. Nevertheless, let me fill you in on the highlights of 2023 with regards to my top priority - Tribapay. Let me take you through this brief overview.
2023 proved to be a year of expansion for our team at Tribapay. Our main objectives were centered on customer loyalty (increasing Life Time Value) and developing new products. Interestingly, our marketing expenditures in 2023 were considerably less than in 2022.
In 2022, when we launched, we acquired a great number of users. In 2023, we focused on analyzing churn and testing the viability of our business. We asked ourselves, are people coming to Tribapay and then leaving? Are transactions taking place, and is the business model sound? Therefore, we decided to limit our marketing budget from the beginning of 2023.
What we witnessed was intriguing — all our major performance indicators INCREASED! At the conclusion of 2022, we had roughly 100k distinct transactions. Now we have more than 10 times that amount of distinct transactions. We handled beyond 1 Million transactions in 2023.
Basically, folks were giving out word of mouth about Tribapay — completely free! We had customers that depended heavily on us, aiding us to process more than N35.7 Billion with guardian-like security.
In 2023, we kicked-off our software in Ghana, becoming the only app in Nigeria to provide the extent and range of integration we set out to accomplish. Effectively, we unified Ghana and Nigeria as a single entity.
Many applications provide a "send to Ghana" service, although the majority of them are P2P transactions that must be done within their application - requiring the Ghanaian party to also have the app. At Tribapay, we allow for immediate transfers to be made from Nigeria to Ghanaian phone numbers. We also allow for Tribapay users in Ghana to send money directly to Nigerian banks.
That is much more thorough than what can be found elsewhere.
In July, our team, friends and stakeholders marked our 1-year anniversary with a celebration. It gave us the opportunity to take a step back and admire all the hard work we had been doing.
Zenith Bank, which is Nigeria's most prominent financial institution in terms of market capitalization and revenue, regarded us as one of the most cutting-edge startups at their Tech Fair 2023. They awarded us a grant of N10m.
Collaboration between us is of great importance. More details about this will be available in 2024.
The Lagos State Governor, Mr. Sanwoolu, was present at the Technology Fair, along with Dr. Ebenezer Onyeagwu (CEO of Zenith Bank), and Mohammad Ali bin Rashed Lootah (CEO of the Dubai Chamber of Commerce).
The team at Tribapay were fundamental to every operation—we have remarkable engineers, designers, product creators, customer care, and compliance professionals. Their work has been integral in streamlining and improving our processes.
Two noteworthy product launches occurred — one in March and the other in October — and these individuals made them a reality.
Our Tribespeople demonstrated their competency in writing software and assisting customers with any difficulties they encountered.
Of course, to those who matter the most — our customers — we owe our gratitude. They were the true all-stars of 2023. Without their support and engagement, none of our initiatives and work would have had any value.
I am sending out my sincere gratitude to all of you for making our past 12 months the most joyful we have ever experienced.
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