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Financial technology is changing the way business is done. Entire processes and operations have been rethought and redesigned, and whole industries are evolving to keep up with the pace of innovation wrought by FinTech.


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If you’re a business owner, there’s a lot that your enterprise can benefit from FinTech tools. There are a huge number of these tools available, in niches that exist to suit various aspects of your venture. The fruits they could help you reap include faster billing and payments, access to credit, effective payroll management, smoother accounting and bookkeeping, and an enhanced ability to keep in line with financial regulations.

Here are some FinTech applications that could help you take your business to the next level of effectiveness and growth.

Kippa

Kippa is a bookkeeping application that enables its users to track profits, manage expenses, recover debt, and generate invoices. With it, they can create dedicated virtual account numbers, monitor and record inventory, and engage suppliers and customers, all on a single platform.

The developers of this application say they have over 250,000 clients, including business owners, freelancers, and creators. The app is free to use, and signing up takes less than 3 minutes. At the time this article was published, the app had recorded more than 500,000 downloads on Google Play Store.

Prospa

This tool lets its users manage their banking and business in one place. It aids them in setting up a bank account in their business’s name and enables them to send money from (and transfer funds to) every Nigerian bank. They can also create sub-accounts and split their money across them. Other benefits available from Prospa include customer management, invoicing, bill payments, account statements, and international transfers to Ghana, Kenya, and the UK.

Clients of Prospa can upgrade their accounts to enjoy extra benefits such as legal support, accounting and tax support, and exclusive perks. Its app was released in March 2020 and has been downloaded more than 100,000 times so far.

PrimePayroll

PrimePayroll is a payroll and Human Resources management solution. It delivers services like employee loan management, employee self-service accounts, email payslips, payroll on autopilot, deductions and bonuses, and contributory pensions and health insurance records. This platform also supports multiple tax laws for Personal Income Tax (PIT) and Pay as You Earn (PAYE).

Businesses do not need to install any software on their devices to use PrimePayroll, as it’s cloud-based on the application that can be accessed on the web, and round the clock. Small businesses can use this tool by signing up for one of its four plans. Plan charges start from as low as ₦5,000 per month.

Flutterwave

Starting out as a payment solutions provider, Flutterwave now offers a host of products designed to make multiple aspects of business operations easier. Its payment collection API enables businesses to receive payments globally in more than 30 currencies. It simplifies payment collection for enterprises, whether they are internet businesses or brick-and-mortar stores in any city in Nigeria.


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Businesses can even create an online store with Flutterwave for free. Account creation and setup take just five minutes and gets users listed on the Flutterwave Market (which presents itself as one of Africa’s fastest-growing online marketplaces)

Paystack

Paystack lets businesses get paid by customers from all over the world. With it, they can accept payments via credit card, debit card, money transfer, mobile money, or mobile apps. Users can set up their accounts to collect one-time and recurring payments from their app or website.

Other services available from Paystack include instant transfers, transaction and customer data retrieval, and customer identity verification. Businesses that don’t have a website can create a payment page with Paystack in just two minutes, and share a link to it via SMS, Instagram DM, WhatsApp, and other channels.

Carbon

Carbon is primarily known for its loan products; it provides a credit of up to N1 million to individual borrowers. In the last couple of years, it has added other banking services to its suite of offerings.

Carbon also has a range of services dedicated to SMEs. They include access to uncollateralized credit, secure online payments, funds transfer, and KYC compliance. Businesses that use it can accept payments from Visa, Verve, and MasterCard in over 40 currencies, receive uncollateralized loans of up to ₦20 million (with flexible repayments), and fund transfers at rates cheaper than what most banks charge, and get an overdraft when they need liquidity.

Fairmoney

Fairmoney provides SME loans of up to ₦5 million in less than 24 hours from when loan requests are made. It promises a straightforward loan application process, no hidden fees or transaction charges, and flexible repayments spanning between 3 and 12 months.

Loans from Fairmoney can be obtained after filling out its application form and uploading relevant documents. If a loan request is accepted, the funds asked for will be processed and disbursed to the loan applicant within 24 to 48 hours of the request being made.

Final Words

The FinTech solutions we have discussed here are made in Nigeria and are widely used across the country. They could help you improve your business processes, shore up liquidity, strengthen your payments collection procedures, and take your enterprise to a higher plane of efficiency and effectiveness.

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This article was first published on 10th April 2022

ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.


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