Revolutionizing Nigeria's Restaurant Industry through Mira's Tech Innovations

In January 2024, Mira, a fintech company, launched a revolutionary restaurant payment system in Nigeria. The brainchild of CEO Ted Oladele, Mira has been making waves in the hospitality sector with its innovative approach and commitment to customer satisfaction.

Before raising its Series A financing, Mira had already made a seed investment. This early funding, coupled with the support of family and friends, kick-started the development of Mira's groundbreaking technology.

Mira distinguishes itself by offering a hybrid system that functions effectively even with minimal internet connectivity. This feature is particularly valuable in Nigeria, where internet connectivity can be erratic. The Mira register, priced at ₦360,000 ($226), is equipped with dual displays, a receipt printer, barcode scanner, and connectivity options. It also offers order tracking and internal business management capabilities, making it a comprehensive solution for restaurants.

The Mira register integrates with popular food delivery apps like Chowdeck and Glovo, streamlining the ordering and payment process for both restaurants and customers. Most of Mira's revenue comes from enterprise plan subscribers, indicating a strong appeal to larger businesses in the sector.

Ted Oladele, Mira's CEO, emphasizes the company's evolutionary approach. He aims to capture a 10% market share, a goal he believes will lead to profitability for Mira. To achieve this, Mira maintains a premium pricing strategy, focusing on product superiority rather than price competition.

Mira's subscription plans offer flexibility to businesses of all sizes. The basic plan starts at $5 per month per location, while more comprehensive plans cater to larger businesses with more complex needs.

Since its launch, Mira has processed over $500,000 in transactions. This success is not surprising, given the praise for Mira's dashboard, which boasts detailed inventory tracking capabilities. Feranmi Adejumobi, co-founder of Ni Fries, has highlighted the dashboard's ability to optimize food production, inform pricing strategies, and improve overall profitability.

However, Mira has not been without its challenges. Technical issues have arisen, but the company remains committed to customer feedback and continuous improvement. This dedication to refining its offerings stands as a testament to the dynamic and evolving nature of Nigeria's fintech sector, particularly in the restaurant industry.

Mira currently serves approximately 200 businesses across Nigeria, including Olaiya Foods, Grey Matter, and Ashluxe. As it continues to grow and adapt, Mira is poised to redefine the hospitality sector in Nigeria and beyond.

With its innovative technology, commitment to customer satisfaction, and strategic approach, Mira is undoubtedly a company to watch in the rapidly evolving fintech landscape.