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KoloPay was a Nigerian fintech startup that offered a mobile and web platform for goal-based savings. Users could save small amounts regularly, earn interest, and get discounts from partner merchants. The company operated from 2017 until at least 2023, but appears to have become inactive by 2025.

The platform started as "MyKolo" and officially launched as KoloPay in December 2017. It was run by MYKOLO-TECH INNOVATIONS LIMITED, registered in Lagos.^[1] In 2018 the company received $25,000 in seed funding through the Itanna accelerator programme (backed by Honeywell Group) and was one of four startups selected for its first cohort.^[2] Later that year it also joined the Make-IT accelerator run by German International Cooperation (GIZ). In 2019 KoloPay was one of 22 finalists (out of 1,804 applicants) chosen for Startupbootcamp AfriTech’s programme in Cape Town.^[3] No new funding rounds or major updates have been reported after 2019. The Android app’s last update was on 29 April 2023.^[4] Co-founder and CTO Ifeoluwa Popoola left the company in March 2024.^[5] As of late 2025 the website kolopay.com is still online but shows no recent activity. == Product and company appear to be defunct.

Ayoola Ogunlowo (CEO and co-founder) – Industrial and Production Engineering graduate from University of Ibadan. Ifeoluwa Emmanuel Popoola (CTO and co-founder until March 2024) – previously built a roadside-assistance app called AutoSave.

The company stayed very small, with 2–10 employees listed throughout its existence.

KoloPay let users:

Set personal savings goals (rent, vacation, etc.) Save manually or set up automatic daily/weekly/monthly deductions Earn 5–10% annual interest if money was “locked” until the goal date Share goals with friends/family for contributions Browse and save toward discounted products from partner merchants

The service was free for users. Revenue came from merchant commissions, e-commerce sales, and keeping part of the interest earned on pooled funds. The app was Android-only and worked only for people with Nigerian bank accounts.

Official website (appears inactive) KoloPay on Google Play (last updated 2023)

Category:Financial services companies of Nigeria Category:Financial technology companies Category:Companies based in Lagos Category:Nigerian companies established in 2017 Category:2017 establishments in Nigeria Category:Defunct companies of Nigeria