Torche, a Nigerian-based startup has taken a market-led initiative seen at deepening payment solutions in Africa’s largest economy leveraging its biometric payment offerings where customers can process payments with their face or fingerprint.
This will enable merchants to benefit from improved customer experience and capitalize on operational efficiencies while customers can transact with ease and convenience, edging the present POS technology the company says.
“We’re building Torche to give people the opportunity to evolve and achieve their full potential by making financial services accessible by simply being identified through their biometrics,” Sisan Dorsu, Chief Executive Officer, Torche stated.
According to her, payment solution providers across Africa can no longer ignore the current market realities based on demand and supply.
“I think when you overlook a massive population, instead of digging deeper into building solutions for their problems, we won’t be able to uncover many situations that will also apply to the rest of the world,” Dorsu stated.
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Dorsu joins a growing number of female founders taking the reins in Nigeria’s burgeoning tech scene. Before building Torche, she spent over 2 years at Accenture building innovation strategies for fortune 500 financial services companies.
She returned to Nigeria and teamed with co-founders Gbenga Oni as Chief Technology Officer, and Fawaz Abaniwonda as Chief Operating Officer to build Torche.
The biometric-enabled solution is currently available at stores in Lagos, Nigeria, and will extend to more supermarkets, cafes, gas stations, and others in the coming months.
According to her, Torche is partnering with several banks in Nigeria to bring their solutions to merchants and customers. “Torche’s number one priority is to ensure the security and privacy of each user’s data,” Dorsu disclosed.
In April, Torche was enlisted as part of the Techstars NYC Spring 2022 cohort, where the founding team spends the intensive 12-week program working alongside other entrepreneurs, mentors, and coaches to strengthen their business. They’ll also join an ever-growing Techstars network of global founders, leaders, and investors.
Torche doubles down on seeing that the way Africans make payments keeps pace with the way that they live, work, and transact. “No more hunting for your card or wallet, worrying about forgotten PINs or passwords as much as you can. Pay everywhere and anywhere as yourself with Torche,” Dorsu concludes.
