Nigerian innovator Temitayo Gbadebo has developed a groundbreaking mobile app designed to facilitate offline payments using Short Lived Distributed Ledger Technology (SLDLT) and Short Message Service (SMS) technology. This innovative solution aims to streamline financial transactions without the need for internet access or Unstructured Supplementary Service Data (USSD).
In a statement provided to LEADERSHIP, Gbadebo highlighted the app’s potential to revolutionize financial transactions in areas with limited internet connectivity.
“This innovative solution eliminates the need for USSD and any form of data transport to the financial institution’s server before a transaction is completed. It ensures that payments are finalized without relying on data transport to the financial institution,” he explained.
Gbadebo emphasized the significance of this development in addressing the challenges posed by limited internet access in Nigeria, which has seen a decrease from 45.57% to 43.53%. He noted that telecom companies face numerous hurdles in expanding internet access, including fiber cuts, multiple taxes, excessive right-of-way fees, insecurity, high energy costs, and inflation.
The app enables transactions in two primary ways: person-to-person and via transport over an SMS line.
“The person-to-person transactions utilize technologies such as NFC, Bluetooth, or Wifi Direct, along with Short Lived Distributed Ledger Technology (SLDLT) for updating transaction history. The transport over SMS line employs a highly efficient compression technology for data exchange,” Gbadebo detailed.
This technology is particularly crucial for providing financial services to users and the unbanked population, offering them a sense of security comparable to having cash on hand.
“This technology is crucial in providing financial users and the unbanked population with the confidence to use financial services, akin to the assurance of having cash at hand for any form of payment,” Gbadebo stated.
The idea for the app originated in 2021 when Gbadebo experienced difficulties with card payments due to poor internet connectivity and the absence of an Automated Teller Machine (ATM) in his area. This challenge inspired him to create a payment system that can function without the internet or USSD.