NEWS
Lumia hits ₦200m in just over a year
Lumia, a fast-growing electricity payment app, has achieved a remarkable milestone in just over one year of its launch by hitting ₦200 million in collections.
According to the founders, this achievement is a validation of the problem they set out to solve and a testament to the growing acceptance of digital payment solutions in Nigeria.
In 2019, Lumia was introduced into the Nigerian market as a brainchild of Quidizy, with a mission to simplify electricity bill payments in Nigeria. The company leveraged technology to accomplish this goal by building an intuitive and user-friendly application that enables users to pay their electricity bills from the comfort of their homes with just a few taps on their mobile devices.
During its initial phase, Lumia faced several challenges, including building trust among users, dealing with competition, and navigating the complexities of the Nigerian financial ecosystem. However, Quidizy’s commitment to excellence and continuous improvement helped them win the hearts of consumers and gain a competitive edge in the market, especially during the 2020 pandemic.
On some factors that contributed to Lumia’s success, Ugo Okafor, the Co-Founder and Lead Designer, attributed it to Lumia’s prioritisation of its users’ needs. According to him, users are at the centre of every decision made on the app, from the interface to the overall experience. He also pointed out the Lumia reseller program as another factor. “Beyond paying for electricity on Lumia, people can make passive income to support themselves and their families”. He believed many users started an electricity merchant business without breaking the bank to raise capital.
Lumia’s CTO, Toby Okeke, ascribed the success to the team behind Lumia. “The team recognised the paramount importance of security in handling financial transactions and, as such, implemented robust security measures, including encryption protocols and multi-factor authentication, to safeguard user data and ensure that transactions are safe and secure”.
Regarding partnerships with reputable electricity providers and regulatory bodies, Lumia’s Co-Founder and CEO, Martins Olajide, stated that the decision cemented Lumia’s reputation as a trusted platform for electricity payments. He also highlighted their commitment to customer satisfaction as a significant role in establishing a loyal and satisfied user community.
Quidizy’s leading product manager, Echezonachi Ndeokwelu also added, “Achieving ₦200 million in collections in just over a year is not only a significant milestone for Lumia, but a clear indication of the growing trust in digital solutions across Nigeria. At Lumia, we’ve always been committed to providing seamless, user-focused payment experiences, and this success reinforces the impact of our efforts. We’re excited to continue expanding our reach, optimizing our platform, and making digital payment accessible to more Nigerians, especially in underserved areas.
Lumia’s journey from its inception to achieving this remarkable milestone in such a short period is a testament to the power of technology and innovation in transforming traditional payment systems. By offering a simple, secure, and convenient solution for electricity bill payments, Lumia has become an integral part of Nigeria’s digital payments landscape, with the widespread adoption of digital payment solutions indicating a fundamental shift in consumer behaviour and a departure from traditional payment methods.
The Lumia team is now set to focus on ensuring that their customers enjoy even better support from the platform, stabilizing all technical and commercial infrastructures, as well as scaling operations to include other DisCos (Distribution Companies) within Nigeria. There are also ongoing talks to integrate other ways to help the Federal Government with the expansion of rural collections from sustainable electricity programs nationwide.