When Michael Charming Adeyinka began noticing how students and small online traders in Nigeria were losing their savings to fake payments and fraudulent buyers, he saw a problem that went beyond money, it was about trust.
In this edition of Techparley’s DRIVE100, where we spotlight Africa’s most promising startups, we turn our attention to CharmPay, founded by Michael Charming Adeyinka a student-focused escrow fintech that aims to rebuild trust in Nigeria’s bustling peer-to-peer marketplace.
“Every day, people lose money to fake payments and fraudulent buyers or sellers,” he recalled. “We wanted to rebuild that confidence and make digital trade as safe as it should be.”
That conviction led to CharmPay, a home-grown escrow fintech redefining how Nigerians exchange money online. It holds funds in a secure wallet until both buyer and seller confirm satisfaction, ensuring that every transaction, no matter how small, is transparent, traceable, and fair.
What You Should Know About CharmPay
At its simplest, CharmPay acts as a neutral, digital middle-man, an escrow wallet that guarantees payment integrity for both sides of a transaction.
In Nigeria’s booming social-commerce and peer-to-peer market, where thousands of transactions happen daily on Instagram, WhatsApp, and Telegram, fraud has become a widespread fear. Sellers often receive fake alerts, and buyers sometimes pay for items that never arrive.
CharmPay’s system eliminates this risk by temporarily holding the buyer’s payment until the buyer confirms that goods or services have been received as agreed. Only then is the money released to the seller.
“We’re not just processing payments,” Adeyinka explained. “We’re making sure both buyer and seller are satisfied before any money moves.”
The startup has integrated Paystack to handle secure transfers, built in-app notifications for real-time updates, and added dispute resolution tools so users can settle conflicts without involving law enforcement or banks.
Every feature reflects a deliberate attempt to simplify complex banking procedures for young Nigerians who often find fintech intimidating.
“Our goal is to make online transactions safe, trusted, and effortless for everyone,” the CEO emphasized.
Target: Students and Small Traders
While Nigeria’s fintech boom has mostly catered to big merchants and established e-commerce platforms, CharmPay is deliberately focused on students and micro-entrepreneurs, those often ignored but most affected by online scams.
“Students are some of the most active digital traders,” Adeyinka said. “They buy and sell phones, sneakers, and services every day, but fear of being scammed stops them from exploring their full potential.”
By bringing an escrow solution directly to university campuses, CharmPay hopes to foster a culture of safe digital trade among young Nigerians.
The startup’s campus ambassador campaigns are tailored to build awareness, educate users about escrow safety, and create early trust communities.
Each campaign is accompanied by peer-led workshops and influencer partnerships to show that escrow payments can be as easy as sending a message.
“We want to reach 50,000 active users in a year,” Adeyinka said. “But more importantly, we want to make students feel confident again about trading online.”
Progress and Milestones
Despite being a new entrant, CharmPay’s progress reflects the hunger for digital safety tools in Nigeria’s informal economy.
Since its launch on the Google Play Store, the app has recorded hundreds of downloads, with early users engaging in small but frequent transactions, mostly between campus vendors, freelancers, and online resellers.
CharmPay’s integration with Paystack ensures compliance with Nigeria’s fintech regulations while enabling smooth and instant deposits or withdrawals. The team has also appointed marketing directors across universities and youth networks to lead brand visibility and word-of-mouth referrals.
A major milestone is the platform’s ongoing user-education drive, aimed at reaching 30,000 students within six months.
The founder said feedback from early adopters has been “overwhelmingly positive,” describing it as proof that Nigerian youths crave systems they can trust.
“People are excited to finally have a trusted way to trade online without fear,” he said.
Meet the CharmPay’s Team
Behind CharmPay is a dynamic team blending local insight with international exposure. Founder and CEO Michael Charming Adeyinka drives the company’s vision with co-founder Mr. Byron, who contributes global market strategy.
The finance arm, led by Omowunmi Adeyinka, manages compliance, risk, and treasury operations to keep the platform financially disciplined.
The technology division, comprising Maxwell Edunfuke, Promise Ibeh, Azeez Mumini, David Ahantou, Desmond Akalugwu, and David Chukwuchebem handles product development, cybersecurity, and user-experience design.
On the frontlines, Faith Okemakinde, Uwadiogbu Comfort, Victor, and Oyinkasola spearhead marketing, partnerships, and customer engagement.
“Our team reflects the diversity and talent of Nigeria’s young innovators,” Adeyinka said proudly. “Everyone here understands what it means to be scammed online, and we’re all driven to end that story for good.”
Challenges and Navigating Through
No startup thrives without adversity, and CharmPay’s toughest battles have been building credibility and funding sustained outreach.
“Our biggest challenges have been building user trust, raising funds for marketing, and scaling awareness beyond early adopters,” Adeyinka admitted.
To overcome this, CharmPay focuses on transparency, human support, and education. Every user query is addressed promptly through in-app support channels.
The company also organizes campus workshops showing live demos of how escrow transactions prevent fraud, a move that has earned it goodwill among students.
Financially, CharmPay is still bootstrapped but has begun conversations with angel investors and impact-driven venture capitalists interested in financial-safety solutions.
CharmPay believes consistent delivery and user satisfaction will naturally attract the right partners.
“We’re engaging investors who share our mission,” the founder said, “because we want sustainable growth, not just funding.”
CharmPay’s Market Expansion Focus
Over the next year, CharmPay’s eyes are set on deepening penetration in Nigeria while laying groundwork for regional expansion.
Adeyinka envisions an ecosystem where every online buyer and seller in West Africa can transact confidently without worrying about scams or fake proofs of payment.
In the short term (6–12 months), the company aims to consolidate its presence across Nigerian universities, onboard verified small merchants, and launch loyalty programs rewarding trusted sellers.
In two to three years, CharmPay hopes to scale operations to Ghana, Kenya, and other West African markets, introduce business wallets for SMEs, and integrate with e-commerce and logistics platforms to streamline last-mile delivery.
Looking five years ahead, Adeyinka’s ambition is unflinching:
“We want CharmPay to become Africa’s leading escrow fintech, trusted by millions for safe, transparent, and reliable online transactions.”
Talking Points
CharmPay’s vision feels both timely and necessary in Nigeria’s evolving digital economy, where trust deficits continue to undermine online trade.
The startup’s focus on students and small traders reflects a deep understanding of the demographic that experiences the brunt of online scams and failed transactions.
What stands out is its practical attempt to merge simplicity with security, offering an escrow service that doesn’t intimidate users with complex financial jargon.
However, as promising as the concept is, CharmPay’s long-term success will hinge on its ability to build credibility at scale, secure regulatory backing, and compete with established payment giants without losing its grassroots identity.
Still, its ambition to democratize digital trust through escrow technology represents a refreshing stride in Nigeria’s fintech scene, one worth watching closely.
____________________
Bookmark Techparley.com for the most insightful technology news from the African continent.
Follow us on X/Twitter @Techparleynews, on Facebook at Techparley Africa, on LinkedIn at Techparley Africa, or on Instagram at Techparleynews
