The Fintech sector in the country is one sector that keeps breaking new grounds and has made remarkable giant strides. There is a massive influx of fintech startups in the ecosystem, which has helped to solve different problems individuals and businesses are often faced with. Just recently, an accounting app Kippa recently launched its product for extended SME payments in Nigeria.
Kippa payment is a digital payment solution that enables its users to send and receive payments from customers and perform extended payment transactions automatically. The app is specifically built to enable small and medium-sized enterprises (SMEs) in Africa, to be able to send and receive payments in Africa from within the Kippa App.
According to the Lagos-based company, they disclosed their reason for the creation of the app was to help unlock socio-economic prosperity in sub-Saharan Africa by helping small and medium scale enterprises grow their business as well as embrace financial inclusion. Customers that use the Kippa app will be able to make bill payments and send invoices that will contain embedded payment links for a small processing fee.
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The company disclosed that its new payments feature automatically detects, records, and validates users’ business data, which was previously self-recorded by merchants on the app. According to information gathered, this is Kippa’s second product, as its first product was a mobile bookkeeping solution which is reported to be used by over 350,000 Nigerian small and medium scale enterprises.
The product is said to aid merchants to run their business processes, and manage inventory and debt management on the Kippa app. The app is said to provide a lot of valuable services, as it also provides a business registration service called Kippa start. We all know how cumbersome registering a business can be, and the rigorous processes one has to go through.
Not anymore, Kippa start will help to simplify those processes as it allows informal business owners in Nigeria to register their business within 72 hours at a low cost, including free legal consultation. According to the Kippa app, they disclosed that what spurred them to create the Kippa start was the fact that they noticed that fewer than 80,000 out of Nigeria’s 47 million SMEs per year formally register their business, due to the high cost and the complexity of the process.
With the invention of the Kippa start, they will help bridge the gap between the country’s formally registered and informal number of businesses. Doing business in Nigeria is gradually becoming easy, all thanks to these fintech startups that have provided and are still providing solutions to different business problems for businesses.
We all know how stressful bookkeeping and accounting can be in business, but not anymore, as the Kippa app has helped solve that aspect. This feature will also help to eliminate accounting mistakes in business, as all input is balanced by the automated app. If you observe closely, you will notice that most of these Fintech apps are built to help small businesses, which means that the economy of the country will greatly experience a boom because when small businesses flourish, it is a catalyst to nation-building.