Obiex Weekly Pulse

Worth knowing

• Needs action

  No limit order has gone through in at least 8 weeks. Every attempt failed: 8 last week and 48 since late August. 41 of the 48 hit the $1,000 minimum, which people only find out about after they try. The rest did not have enough balance. Showing the minimum before someone types an amount would fix most of this. Visits to the limit order page also fell to 134, the lowest in 8 weeks (from 182).

• Needs action

  Transfers are failing about 5 times more often than in early September. 4.0% failed last week (236 transfers), down a little from 4.8% the week before but well above the 8-week average of 2.5% and the 0.8% of the week of Aug 31. The top reason, people sending with an empty PIN, actually grew (75 to 111) while failed 2FA codes fell (106 to 63). The app seems to let people press send before the PIN is entered, so this is likely a design fix, not an outage.

• Watch

  Fewer people are starting verification, and fewer of those who start are finishing. KYC 1 completions fell to 51 (from 71), BVN to 22 (from 29), KYC 2 to 47 (from 54) and KYC 3 to 12 (from 21). Every step is at its lowest in 8 weeks and has fallen two weeks in a row. It is not only fewer people at the top: 69% of people who started BVN finished it, down from 83% in early October. Signups also hit an 8-week low (82), though our signup count is known to undercount.

• Watch

  Withdrawal failures are up since Oct 12, all of them on web, and we cannot see why. 68 failed last week and 76 the week before, compared with almost none in the six weeks before. About 36 people a week are affected, all on web, with almost no failures on iOS or Android. 62 of the 68 came with no reason attached. This may be a real web problem or web starting to record failures it did not record before. We need engineering to log the reason so we can tell.

• Check

  Web numbers changed on Oct 12, and much of it is probably tracking, not new people. Weekly web users jumped about 70% (1,404 to 2,391) and stayed there. Over the same two weeks, web logins fell from about 175 a week to 11, and web depositors stayed flat (133 last week vs 145 before the change). Real growth would push logins and deposits up, not down. Together with the withdrawal failures above, this points to a web release that changed what we track. Worth confirming with web engineering and growth before anyone counts it as growth. Separately, Android users have dipped three weeks running (1,338 to 1,153), now the lowest in 8 weeks.

• Good news

  Core money movement is steady. About 1,520 people deposited, 1,370 swapped and 1,490 withdrew, all within a few percent of the last two months. Transfer users are up 40% since late August (439 to 613). Swap completion improved to 69% from 67%, recovering from a dip to 60% in early October, though still below the 75% we saw in September.

• FYI

  A few small numbers to keep an eye on, and some blind spots. Account deletions rose for a second week (1, then 3, then 6), the highest in 8 weeks, and only 2 people sent a referral invite (from 8). Both are small numbers, so not a trend yet. Bill payments (data, electricity, cable) are being used but stopped sending tracking data months ago, and card spending has never been tracked, so they do not appear here. That is a gap in our data, not a lack of use.

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