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By Prince Osuagwu

The informal sector is a critical component of any world economy. Oftentimes, governments surprisingly ignore the sector by denying it critical investments needed to address obviously noticeable challenges. 

In Nigeria, the case is not different. Despite the revelations by the Bureau of Statistics that the sector mops up about 50 per cent of the country’s employment and accounts for up to 90 per cent of the industrial sector, one can still see the SMEs struggling to thrive due to infrastructural challenges. 

For a sector that contributed about 48 per cent of the national GDP in the last five years, going beggarly is almost an aberration. 

In most African markets, loyalty, deals, and rewards services that help calibrate the sector easily are a rarity. The unit economics and other factors such as currency instability make such businesses hard to pull off in the region.

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However, the sector keeps growing on its own and private investors are taking the needed risks. 

For instance, two Nigerians, Simeon Ononobi and Madonna Ononobi, have drawn their foreign partners, Suraj Supekar and Harsha Gandole to establish a multi-merchant loyalty, deals, and cashback company,  called ThankUCash. 

The platform comes as a solution for SMEs to succeed while increasing consumer buying power and opportunities.

ThankUCash connects customers with businesses in a bid to help them grow and Prosper. It also helps customers get the best deals and earn some cash back on every purchase made. 

Already, the platform has raised over $6 million this year, just to build infrastructure. 

In January, it raised $5.3 million in seed funding to build infrastructure for cashback, deals, remittance and BNPL services, and an additional $1 million as a follow-on investment from Expert DOJO.

The funds have helped it build products to achieve Customer Loyalty and Retention.

ThankUCash is headquartered in Lagos, Nigeria, with offices in the USA, India, Ghana, and Kenya.

CEO ThankUCash, Simeon Ononobi, says that “with ThankUCash, merchants can upload deals and discounts, as well as reward customers, thereby growing their businesses by retaining customers using TUC’s Customer loyalty as a service, CLaaS solution.

” Also, in a bid to celebrate and appreciate merchants and customers, we have decided to launch a valentine’s season campaign, to give back to society and make the season enjoyable for all classes of individuals.  ThankUCash will be helping users earn rewards, and cashback on every purchase made at ThankUCash merchant stores, as well as on the ThankUCash app” He said

The company said it will also be offering massive deals and discounts to make the best products and services – food, beauty & spa, health, fitness, fashion, electronics and much more available and affordable to all.  

This is in addition to a planned 3-day product activation which will kick off on Valentine’s Day. 

Vanguard News Nigeria