Every societal problem is an opportunity for entrepreneurs who can provide solutions.
For Abbey Oyetunji and Kehinde Olagbenjo, co-founders of KoroPEY, their focus is to help transform Nigeria’s urban and intercity mobility through a combination of convenient transportation services and investment-driven opportunities.
Their business is currently helping individuals and businesses invest in the country’s transportation sector without being directly involved while providing sustainable transport services that are accessible, reliable and profitable for investors.
According to Oyetunji, entrepreneurs who invest in KoroPEY get to purchase mini-buses which are used by his organisation for its transportation services.
He noted that the investors would earn profits regularly over 24 months for their investments, adding that the bus would then be transferred to the driver, giving them a sustainable livelihood.
“Our business model empowers drivers while providing investors with a steady income stream,” he says.
The co-founders were inspired to establish their business after identifying a gap in the country’s transportation business and the need for more investments.
To bridge this gap and ensure investors find a credible platform to invest in transportation, they established KoroPEY.
Speaking on the services his business offers, he says that the mobility start-up also provides bus services for corporate and individual clients and short-term vehicle rentals for personal use.
“These options cater to various customer needs, from daily commutes to special events, and create diversified income opportunities for investors,” he notes.
Speaking on how the business makes profits, the young entrepreneur says the business generates revenue from multiple sources such as commission on vehicle sales, daily commissions from app bookings, rental transaction fees, branded oil sales, and corporate trip earnings.
“This diversified model ensures a sustainable income stream that supports all areas of the business.”
He says KoroPEY app offers investors a portfolio dashboard to track vehicles and returns, an investment calculator, a real-time tracking of profits and automated payout options, adding that the features provide transparency and ease of management for investment tracking.
In supporting its drives, he explains that his business supports drivers by providing training access, a registration portal and trip notifications.
“Drivers also benefit from a bus management dashboard that provides trip data and vehicle performance metrics, helping them manage their work effectively.”
Speaking on what makes KoroPEY’s different from other traditional options, he says the mobility start-up offers a more convenient and reliable transport service through a technology-driven app that allows for easy booking, pre-scheduling, and real-time tracking.
In addition, it includes a rewards program, payment integration for bills, and flexible rental options, making it more than just a transportation service, he says.
Speaking on the challenges confronting his business, the young entrepreneur says that the biggest challenge confronting his business is the country’s poor road infrastructure.
He notes that huge infrastructural gaps have continued to drive up the cost of production and increase delivery time, thus making it difficult for the business.
Similarly, he identifies poor power infrastructure as another major challenge. “The main roadblock of growth in the cold chain industry is high energy consumption cost,” he says.
Oyetunji urges the government to develop the country’s infrastructure to drive growth and industrialisation. He also calls for the stimulation of policies to drive and unlock economic growth and development.
Responding to questions on why KoroPEY is a viable investment opportunity, he says it offers a diversified investment model with multiple revenue streams and steady profit returns.
“Investors have access to detailed tracking and automated payouts through the app, and the company’s commitment to sustainable and profitable transportation solutions promises long-term growth and financial returns for investors. ”
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