OKHI, in partnership with Interswitch, has launched its services in Nigeria to end the accurate address challenge.
According to the founder of OkHI, Timbo Drayson, the lack of accurate addressing infrastructure negatively affects the entire economy.
He said, “its inefficiency costs the nation an estimated $2 billion a year.”
He noted that accurate addresses are vital for delivery and financial services as business documents often get lost and companies call their customers on average of three times to find their locations, which affects the flow of transactions every day.
Drayson said that OKHI addressing system solutions would solve the issue of bank’s sending agents to verify a prospective customer’s address, which is a slow and expensive process.
Initially launched in Kenya, OkHi aims to recreate its East African success story in Nigeria. In Kenya, the company has powered 475,000 address verifications, reduced the average cost of delivery by 20 per cent and reduced delivery times by 40 per cent.
OkHi hopes to roll out its smart addressing system across the country.
Already, OkHi has secured some of the country’s leading startups as customers. These include Kuda Bank, Okra, and Zedvance. Having recently raised $1.5 million investment from Interswitch, Founders Factory Africa and Asian venture capital firm, Betatron, the company is also building its local team and is seeking Nigerian staff to boost sales and growth, Drayson said.
Interswitch Group’s Divisional Chief Executive Officer for Industry Vertical Markets, Jonah Adams, said the quality addressing system solutions in partnership with Okhi is an initiative that would assist business growth in Nigeria.