Everyday, Nigerians juggle multiple apps for bills, banking, and investments, often resulting in high fees, transaction limits, and poor user experiences. For Daniel Charles-Iyoha, Founder and Chief Executive Officer of Zepay, this inefficiency presented him an opportunity to change the financial landscape.
In this edition of Techparley’s DRIVE100, where we spotlight Africa’s top startups, we turn our attention to how Zepay, a smart digital wallet, is redefining how Nigerians pay, save, and invest.
“Everyday money management in Nigeria is fragmented and costly,” Daniel told Techparley. “Zepay solves this by providing one secure wallet for instant payments and transfers, with rewards on every transaction, and a seamless on-ramp into savings and investment options.”
According to Daniel, Zepay was built to simplify financial life for Nigeria’s digitally active consumers while rewarding them for every transaction.
How Zepay Works
Zepay integrates payments, transfers, rewards, and wealth-building tools into a single mobile application. With its interface, users can pay bills instantly, make fast, low-fee transfers, and earn reward points redeemable for cash or discounts.
The app also removes one of the biggest limitations users face on other platforms, which is no monthly transaction caps.
Soon, the startup says it will introduce planned savings accounts and investment products, including access to mutual funds and stock investments.
“The idea is to create a seamless transition from spending to saving,” Daniel explains. “You don’t need to switch apps to invest. You can go from paying your bills to building your future within Zepay.”
What You Should Know
Nigeria’s fintech space is highly competitive, dominated by players like OPay, Paga, Kuda, and Chipper Cash. Yet, Daniel says Zepay is charting a distinct course.
While competitors focus on either payments or banking, Zepay blends daily utility with wealth creation. Its loyalty-driven model rewards frequent use and naturally leads users into savings and investments.
“Unlike them, Zepay offers uncapped transactions, rewards for every payment, and a clear roadmap to wealth building, combining daily financial utility with accessible investment tools,” Daniel notes.
Financial experts say this model positions the startup not just as a digital wallet, but as an everyday companion for urban and peri-urban Nigerians seeking affordability, simplicity, and trust.
Zepay’s growth trajectory reflects a blend of strategic partnerships and early product-market validation. The startup reveals it was accepted into FasterCapital’s LaunchUp Programme, securing mentorship, investor access, and global visibility.
Over the next year, the team also aims to launch its savings and investment features, acquire at least ten partner bundles, and capture between 1–3% of Nigeria’s active digital payments market.
The Team Behind Zepay
At the core of Zepay’s vision is a dynamic team with deep expertise across finance and technology.
Daniel Charles-Iyoha (Founder & CEO) brings over five years of experience spanning banking, finance, and tech product development. Before launching Zepay, he led corporate product innovation initiatives that improved customer experience in digital finance. He now oversees Zepay’s overall strategy, partnerships, and product roadmap.
Felix Kolawole (Chief Technology Officer) has a strong background in software engineering and system architecture. Having built scalable payment systems for both local and international clients, he ensures Zepay remains secure, user-centric, and technologically future-proof.
The team disclosed that advisory and operational support come from banking partners who guide compliance and risk management, and fintech partner Bridgecard, which powers card issuing and backend payment infrastructure.
Overcoming Challenges and the Vision Ahead
Building a new fintech product in Nigeria comes with significant hurdles. For Zepay, the challenges ranged from technical resource constraints to brand visibility and regulatory compliance.
Through strategic partnerships, particularly with FasterCapital and licensed banks, Daniel say Zepay has managed to strengthen its technical capabilities, build trust, and ensure compliance with CBN and NDPR standards.
“Our strategy is partnership-driven,” Daniel explains. “By collaborating with trusted institutions, we’ve built credibility and accelerated product delivery.”
In the next 6–12 months, Zepay plans to roll out its savings and investment products, expand user acquisition through influencer campaigns and referral incentives, and achieve sustainable daily transaction volumes.
Over the next two to three years, the company aims to become Nigeria’s leading smart wallet, serving over 500,000 active users and processing more than $200 million in annual transactions. Looking five years ahead, Daniel envisions regional expansion into Ghana, Kenya, and other African markets.
The Broader African Fintech Landscape
Nigeria fintech market size was valued at $1131.82 Million in 2024, expected to reach $4244.54 Million at a CAGR of 15.82% during 2025-2033. Daniel notes this is the space Zepay is positioning itself, bridging digital convenience with wealth accessibility, and offering one unified wallet designed to simplify how Nigerians interact with their money every day.
The Zepay founder is also realistic about the structural barriers facing African startups, infrastructure deficits, limited access to capital, and regulatory bottlenecks. Yet, he sees hope in the continent’s youthful population and its mobile-first culture.
In a market defined by fragmentation and inefficiency, industry leaders say Zepay is emerging as a unified financial experience, bridging the gap between payments, rewards, and wealth creation.
With clear ambition, credible partnerships, and a purpose-driven model, experts believe Daniel and his team are positioning Zepay as not just another fintech app, but a catalyst for how Nigerians experience financial empowerment in the digital age.
Talking Points
It is noteworthy that Zepay is tackling one of Nigeria’s most persistent financial pain points, the fragmentation of everyday money management.
By consolidating payments, transfers, rewards, and investments into one smart wallet, Zepay directly addresses the inconvenience many users face juggling multiple financial apps with high fees and transaction limits.
This all-in-one approach simplifies how Nigerians interact with money while promoting financial inclusion through reward-based engagement and accessible investment tools.
At Techparley, we recognise how products like Zepay could accelerate the evolution of personal finance in Africa, not just by improving convenience, but by reshaping behavioural habits around saving and investing.
With the right strategic backing and product refinement, Zepay could become a defining player in Nigeria’s transition to a unified, inclusive digital finance landscape.
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