Connecting Africa is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.


Cash for Data: Fintech Startup Playing a Long Game

Article Image
Most loyalty programs would reward customers with future discounts or privileged access to new products. Nigeria's Thank U Cash is doing it differently.

When users pay at a retail point that is on the Thank U Cash loyalty program, whether online or offline, consumers get a cash reward credited to their account. Even if the payment is made in cash in a brick and mortar store, they can still get the cash reward by taking a picture of the receipt and uploading it to the system.

What Thank U Cash, and the merchants on its system, get in return for the cash reward, in addition to repeat customers, is the consumption data, which will be used for merchant analytics and future financial product offerings.

Data gathered on Thank U Cash platform can be analysed by the merchants so that more value-added services can be offered -- for example, measured credit lines for future big ticket purchase. Or the merchants can leverage tools such as invoice financing for its business expansion, by selling off its healthy receivables calculated with its customer data.

Thank U Cash was founded earlier this year. So far it has registered fast growth, with more than 5,000 merchants signed up to use the platform. On 23 August, the platform received an undisclosed amount of early stage funding from the investment platform Microtraction, founded and managed by the physician turned investor Yele Bademosi.

Bademosi's vision for Microtraction has been to "bridge the pre-seed funding gap" facing ventures in Africa, and then help these ventures "raise a seed round within 18 months of our first investment." Thank U Cash is the fifth fintech startup the fund has invested in Nigeria during its first year.

— Wei Shi, Site Editor, Connecting Africa

Innovation hub


Hot startup of the month: Pan-African fintech KamaPay

This month's hot startup is pan-African fintech KamaPay, which helps individuals and businesses make cross-border payments on the continent.


Afretec awards $3.3M in grants to African research teams

The African Engineering and Technology Network (Afretec) has awarded grants worth $300,000 each to 11 university research teams across Africa to advance digital technologies.

More Innovation hub

Latest video

More videos

Sponsored video

More videos

Industry announcements

More Industry announcements

Flash poll

All polls

Africa Tech Perspectives


Deep dive into East Africa's tech startup ecosystem

New survey reveals a lack of access to investors, reliance on international VCs and global recession trends as the biggest barriers for East African tech startups to access funds.


Challenges and opportunities for women's tech careers

A new survey reveals that COVID-19, the cost-of-living crisis, skills shortages and a lack of mentorship have negatively affected women's career development over the past two years.


Survey: Opportunities for Women in Tech

Take our new survey for women across Asia, Europe and Africa looking at the biggest challenges and opportunities for women-led enterprises and trends in tech careers for women.

More AfricaCom perspectives

Upcoming events

London Tech Week
June 13-16, 2023
Queen Elizabeth II Centre, Broad Sanctuary, London SW1P 3EE
Cybertech Africa 2023
August 1-2, 2023
Kigali Convention Center, Kigali, Rwanda
Africa Tech Festival, Home of AfricaCom and AfricaTech
November 13-16, 2023
CTICC, Cape Town
More Upcoming events

Guest Perspectives


Omdia View: February 2023

By Omdia Analysts

In February 2023 key events in the Middle East and Africa included a major Internet project for Africa's underserved by Liquid Intelligent Technologies and Microsoft as well as a 5G launch in Tanzania – that and more in this month's Omdia View.


Omdia View: July 2022

By Omdia Analysts

Kenya and Zambia move towards 5G with new spectrum allocations while Tunisie Telecom plans to shut down its 3G network - that and more in this month's Omdia View.

More Guest Perspectives

Partner perspectives

All Partner Perspectives

Like us on Facebook

Newsletter Sign Up

Sign Up