Following this announcement, Zilla will discontinue its Buy Now, Pay Later (BNPL) solution in order to keep its focus on Zillawire, a newly launched cross-border payment service. The company will continue to prioritise the process of meeting the needs, preferences, and demands of its customers in an ever-evolving market, while also remaining compliant with the requirements and the laws of the local industry.
Until its closure, the fintech startup delivered its BNPL services in order to provide clients and shoppers in the Nigeria region with the possibility to access interest-free credit for purchasing gadgets and other household items. At the same time, clients and individuals were enabled to begin with a 25% initial deposit and a repayment period that was guaranteed to last eight weeks.
According to officials from the company, one of the biggest challenges that Zilla had to face was the amount of people and customers who did not possess the knowledge of how credit works, thinking that it was not a secure or efficient way to access funds. At the same time, the firm mentioned that most clients and individuals would rather wait until they complete the amount of money they have to pay, rather than get the needed items and pay in installments.
Throughout Zilla’s plan to expand into the cross-border payment area of the industry, the company’s users are expected to be limited to making full transactions for their purchases. This will take place as the startup will focus on its strategy to revise and improve its installment payment plans, as well as to develop its services.
The new cross-border payment service, Zillawire, was introduced in August of 2023, and it caught the attention of customers, as the company reported that it outperformed its Buy Now, Pay Later solution. Zillawire was developed in order to provide businesses and users with the possibility to fund their Naira wallets and make transactions with international merchants and suppliers in a secure and effective manner while using multiple foreign currencies as well. In order to make payments to their international suppliers, clients were required to offer an invoice for the transaction, in addition to the account information of the merchant.
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