Transtura – Nigeria’s ride-hailing and shared mobility startup that provides comfortable, convenient, reliable, safe and affordable on-demand bus ride sharing service has acquired WazoMoney, a fintech startup that provides simplified payment solutions to small and medium scale entrepreneurs, market women and business owners as it is set to launch its payment and marketplace solutions for the mobility sector.
The company believe that this acquisition will help unlock new opportunities in the transportation value chain in Nigeria and other Africa countries by extension.
Upon its launch in 2021, Transtura commenced full-scale operations in October 2021, launching its shared mobility service in Lagos.
The company has continued to record massive traction since launching, with thousands of riders queuing in its three major routes to use its shared ride service.
The company which is now expanding its services across its platform saw the need to include payments and a marketplace solution hence the acquisition of WazoMoney. This solution would be a “one-stop” shop to carter for all vehicle and mobility needs.
Speaking on the acquisition, Vincent Adeoba, the CEO of Transtura said, “Our vision as a customer-centric company is to become Africa’s everyday mobility super app by providing shared mobility, payment service, and marketplace solutions for the over 1 billion people on the continent. We are on a mission to improve the way people commute and travel around the continent and how payments are made in the transportation value chain”.
“We are leveraging on technology and automation to facilitate and improve the way people ride, travel and pay for service while also supporting companies in the mobility sector with spend management solutions”, Adeoba added.
The acquisition of Wazomoney would in the coming months see Transtura users been able to leverage their payments solution to pay for transactions on the Transtura marketplace — a mobile shop for vehicle registration, documents renewal, auto insurance, vehicle parts and accessories purchase, auto repairs, car care and other related vehicles and mobility needs — pay for intracity rides and interstate travel, automate bills payment, and manage expenses.
The technology and solutions are expected to help remove some of the bottlenecks stiffening the growth of the transportation sector.
In a press statement signed by Philips Olajide, the CTO of Transtura, it read, “Africa is a home of enormous opportunities, with several local and innovative solutions. This is evident in the ways startups on the continent have continued to play important roles in solving problems across different sectors.
“For us at Transtura, we want to continue to innovate local solutions to the challenges facing the transportation sector. We are not afraid to make mistakes and learn from them as we continue to solve important problems in the mobility space.
“We believe only Africans can develop Africa, and we want to play an important role in building the Africa we want by unlocking and creating opportunities for people in the transportation sector.”
The payment service and marketplace will help to deepen and improve financial inclusion across the continent starting from the host country, Nigeria.