Sylvia Duruson
Nigeria’s fintech landscape is witnessing a significant transformation with Mira’s innovative approach to restaurant payment systems. Launched in January 2024, Mira initially introduced a QR code payment system aimed at streamlining restaurant orders and payments. This system allowed customers to scan a QR code, view menus, and make payments through various methods, reducing the need for constant staff interaction.
However, Mira quickly adapted its strategy based on market feedback. Restaurants expressed a preference for a more traditional point-of-sale (POS) management system with hardware components. This led to the development of the Mira register, a comprehensive solution priced at ₦360,000 ($226).
The Mira register is a feature-rich device equipped with dual displays, a receipt printer, barcode scanner, and connectivity options. It goes beyond simple payment processing, offering order tracking and internal business management capabilities. The device integrates with popular food delivery apps like Chowdeck and Glovo, enhancing its utility for restaurants.
Mira’s pricing model includes a range of subscription plans, catering to different business sizes. The basic plan starts at $5 per month per location, while the enterprise plan for larger establishments can cost up to $500 monthly. Additionally, Mira charges a 1% transaction fee on payments processed through its register.
Ted Oladele, Mira’s CEO, emphasizes the company’s evolutionary approach, starting with a basic order management system to establish a foothold in the hospitality sector. Initially offering installment plans, Mira found that most restaurants preferred to pay the full price upfront, aligning with industry norms set by competitors like Orda, Louverse, Workman, and Omega POS.
Mira distinguishes itself by claiming to offer a hybrid system that functions effectively even with minimal internet connectivity, addressing a common pain point in the Nigerian market. This feature, along with the company’s focus on product quality, aims to overcome the reputation deficit often faced by local tech providers.
The Mira dashboard has received praise from users like Feranmi Adejumobi, co-founder of Ni Fries, who highlights its detailed inventory tracking capabilities. This feature allows businesses to optimize food production, inform pricing strategies, and improve overall profitability.
Despite its innovative offerings, Mira faces challenges in convincing businesses to switch from established competitors. The startup currently serves about 200 businesses across Nigeria, including notable names like Olaiya Foods, Grey Matter, and Ashluxe. Since its launch, Mira has processed over $500,000 in transactions, with most of its revenue coming from enterprise plan subscribers.
Mira’s funding journey includes a $200,000 family and friends round, with a seed round currently underway. The company maintains a premium pricing strategy, focusing on product superiority rather than price competition.
As with many startups in their early stages, Mira has encountered some technical challenges. However, the company remains committed to customer feedback and continuous improvement, sometimes developing custom features upon request.
Looking ahead, Oladele aims to capture a 10% market share, a goal he believes will lead to profitability. As Mira continues to expand and refine its offerings, it stands as a testament to the dynamic and evolving nature of Nigeria’s fintech sector, particularly in the restaurant industry.
