What is the name of your organization?
PayNYamoo
What is the name of your solution?
EZ-PAY
Provide a one-line summary or tagline for your solution.
EZ-PAY, a cashless payment service that harnesses QR-code technology and a cloud-based infrastructure.
In what city, town, or region is your solution team headquartered?
Yaoundé, Cameroon
In what country is your solution team headquartered?
CMR
What type of organization is your solution team?
For-profit, including B-Corp or similar models
Film your elevator pitch.
What specific problem are you solving?
EZ-PAY addresses the severe scarcity of physical cash in Cameroon and Central Africa, which disrupts business operations and daily transactions. This problem affects small retailers, taxi and motorbike drivers, SMEs, and consumers, particularly in urban centers like Douala and Yaoundé. A survey of 500 citizens and 100 small business owners revealed that 72% face cash change issues, 49% encounter counterfeit currency, and 45% experience theft or assault. Additionally, 19% suffer monetary losses during transportation. These challenges disproportionately impact active shoppers aged 21–40, who constitute 71.2% of the population, with 86.89% reporting reimbursement difficulties and 26.4% experiencing theft. Globally, cash scarcity and security concerns are prevalent in developing economies, affecting millions who rely on cash for daily transactions. EZ-PAY tackles these issues by providing a secure, cashless payment alternative, reducing reliance on physical cash and mitigating associated risks.
What is your solution?
EZ-PAY is a cashless payment service that uses QR-code technology and a cloud-based infrastructure to enable secure and efficient transactions. The solution allows users to make payments by scanning a QR code, which instantly processes the transaction without the need for physical cash. Businesses and consumers can link their accounts to the platform, facilitating seamless payments for goods and services. The system is designed to be user-friendly, requiring only a smartphone and internet connectivity. By eliminating the need for cash handling, EZ-PAY reduces the risks of theft, counterfeit currency, and reimbursement disputes. It also provides a transparent and traceable transaction history, enhancing financial security for both businesses and consumers.
Who does your solution serve, and in what ways will the solution impact their lives?
EZ-PAY serves small business owners, taxi and motorbike drivers, SMEs, and active shoppers, particularly those aged 21–40, who constitute 71.2% of the surveyed population. These groups are currently underserved due to cash scarcity, counterfeit currency, and security risks, which hinder their ability to conduct transactions efficiently and safely. EZ-PAY directly addresses their needs by providing a secure, cashless payment system that eliminates the need for physical cash, reduces the risk of theft, and ensures transparent transactions. For businesses, it improves operational efficiency and financial security, while for consumers, it offers a convenient and safe payment method. By empowering these groups, EZ-PAY enhances their economic participation and overall quality of life.
