{"id":5738,"date":"2018-05-01T17:26:39","date_gmt":"2018-05-01T15:26:39","guid":{"rendered":"https:\/\/insights.invyo.io\/africa\/?p=5738"},"modified":"2018-06-26T17:43:46","modified_gmt":"2018-06-26T15:43:46","slug":"fintech-start-ups-allow-nigerian-smbs-accept-payments-online","status":"publish","type":"post","link":"https:\/\/insights.invyo.io\/africa\/fintech-africa\/western-africa\/fintech-start-ups-allow-nigerian-smbs-accept-payments-online\/","title":{"rendered":"FinTech start-ups allow Nigerian SMBs accept payments online"},"content":{"rendered":"

Disadvantages for African small businesses (SMBs) are very often the numerous obstacles they face to enter the market, from simple tasks like registering a business to more vital issues such as accessing credit. Nigeria is no exception, and many tech companies are trying to change that.<\/strong><\/p>\n

One challenge that some Nigerian tech start-ups are trying to tackle is to let SMBs receive\u00a0online payments<\/strong>. Konga<\/strong><\/a> and Jumia<\/strong><\/a> are good examples of e-commerce platforms<\/strong>\u00a0which created new models for merchants to\u00a0accept payments online<\/strong>.<\/p>\n

Another example is Paystack<\/strong><\/a>, a Lagos-based FinTech that has developed a modern infrastructure to let Nigerian businesses accept Mastercard<\/strong>, Visa and Verve cards from anyone, anywhere in the world. The start-up is simplifying drastically the process by just verifying phone numbers<\/strong> through\u00a0Truecaller\u2019s verification system<\/strong>, checking\u00a0personal bank details<\/strong> and national ID<\/strong>.<\/p>\n

In a recent study, IMF showed that cash is still king in Nigeria<\/strong>, with the informal sector representing up to 65%<\/strong> of the economy:<\/p>\n

\u201cThe informal sector provides employment and income to many people who might otherwise be unemployed in the absence of sufficient opportunities in the formal sector\u201d.<\/p><\/blockquote>\n

Another company called VoguePay<\/strong><\/a>\u00a0also contribute to allow SMBs accept payments online. In a recent interview delivered to Quartz, Wole Ogunlade, Head of digital strategy at VoguePay, said:<\/p>\n

\u201cWe are deliberate about letting users understand the benefit of having registered businesses\u201d.<\/p><\/blockquote>\n

The Nigerian government is encouraging businesses to be fully registered<\/strong>. To do so, it has set a limit on the number of bank cards<\/strong> that can be accepted on the platforms like VoguePay and Paystack.<\/p>\n

\n

This article was first published on Quartz<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Disadvantages for African small businesses (SMBs) are very often the numerous obstacles they face to enter the market, from simple tasks like registering a business to more vital issues such as accessing credit. Nigeria is no exception, and many tech companies are trying to change that. One challenge that some Nigerian tech start-ups are trying […]<\/p>\n","protected":false},"author":3,"featured_media":5826,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[318],"tags":[235,718,321,285,724,241,725,723,722,353,262,716,671,720,392,501,719,727,728,726,717,533,721],"yoast_head":"\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\n\n\t\n\t\n\t\n