Timon: Travel cards, lifestyle and payment

Timon Cards allow customers spend abroad, order a physical card, create multiple virtual cards, and manage all their expenses from the mobile app. Virtual wallets as well as virtual or physical cards in various currencies has become increasingly vital for Nigerians and other Africans.

In 2023, interbank transfers in Nigeria saw over 1.2 billion transactions, and online card payments reached ₦500 billion in 2022. Our research surfaced the following key insights:

• Over 1.2 billion interbank transfers in Nigeria in 2023, though less effective for international travel
• Online card payments in Nigeria reached ₦500 billion in 2022
• Customers show comfort with virtual and physical card payments
• Banking app usage for direct transfers is increasing
• International transfers present significant challenges
• Fintech companies increasingly explore cross-border payments

Helping African travellers manage and make payments seamlessly. Timon addresses three primary pain points: facilitating seamless global transactions, avoiding the hassle of multiple currencies and high fees, while enabling businesses to accept international payments more easily.

With the MVP timeline, I focused on four major features essential for Nigerians and Africans in the diaspora:

• Authentication and KYC
• Ordering and activating a card
• Funding cards
• Converting currencies seamlessly

This feature allows users to go through a quick identity validation process using their BVN, or other valid means of identification. We integrated an identity verification SDK and collected email and phone for additional security. The process takes 2–4 minutes maximum depending on network strength. We added delightful copy and progress indicators to guide users through each step.

We made the strategic decision to include card ordering in the onboarding stage. This helped avoid attracting users who would test the product and churn, and enabled us to gather accurate MVP validation data from committed users.

This system allows users to receive and send money between their local and foreign currencies with low charges. We ensured the experience was secure and seamless across multiple currency transactions.

Timon offers competitive market rates for currency conversion. Before any conversion, users see the current exchange rate, any applicable charges, and the final converted amount. Once confirmed, the transfer completes immediately to the destination wallet.

Great to note — this app also caters beautifully for both light and dark mode interfaces!

We integrated multiple funding options for user convenience, with fast APIs to ensure near-instant processing for Nigerian users. Users can fund their card, obtain multiple virtual cards, and transfer between cards in seconds. Exchange rates are always visible, and full card management is accessible from one screen.

Users can configure their profile information, access account details, set notification preferences, contact customer support, leave app reviews, and manage their security settings — all from one place.

In only 1 year of launching, Timon was able to record about 30,000 organic users and customers and hundreds of positive feedback on all social pages.

By putting our users first, we simplified complex financial procedures and reduced the high charge rates. This product significantly improves the financial well-being of African immigrants, cross-border students, and Africans in the diaspora or traveling. I'm excited to see the future impact of Timon as it continues to grow.