A financial technology expert, Rowland Okondor, has stressed the need for African fintechs to go beyond processing payments to providing more value-added services to businesses.
Okondor, Head of Product at BudPay, told newsmen in an interview on Monday that many smaller businesses lack the resources to build or host huge data centres or keep data analysts.
“The reality is that many African businesses are still struggling to access basic financial services, let alone advanced data analytics,” he said.
Quoting a recent McKinsey report, Okondor said African businesses face significant challenges in accessing financial services, with many relying on informal channels or traditional banking methods.
“That is why it is crucial for us to give something back in terms of information from the data we are processing.
“The BudPay Business platform provides businesses with a user-friendly dashboard to access crucial information such as transaction patterns, customer behaviour, and payment frequencies,” Okondor said.
Okondor emphasised that the data helps businesses gain a deeper understanding of their customers, including their spending habits and preferences, enabling them to make informed decisions and drive growth.
He added that the BudPay Business platform changes the dynamics by democratising access to business intelligence tools that were once the preserve of large enterprises.
“The platform’s impact extends beyond data insights, as it automates payment processing, eliminating the need for manual reconciliation and freeing up businesses to focus on growth,” Okondor said.
Okondor stressed that BudPay was tackling one of Africa’s most persistent financial challenges, which was the complexity of intra-African transfers.
“In spite of the continent’s vast economic potential, intra-African trade accounts for just 12 per cent of the continent’s total trade volume,” he noted.
He said through strategic partnerships and innovative payment infrastructure, BudPay was working to bridge barriers by making cross-border transactions more accessible and efficient for businesses across the continent.
Okondor added that artificial intelligence (AI) also plays a pivotal role in personalising financial services, noting that the company was leveraging AI to recommend personalised solutions based on transaction patterns and business behaviours.
“This focus on personalisation represents the next frontier in African fintech, using technology to truly understand and serve businesses’ unique needs,” he said.
Okondor emphasised that the future of African fintech isn’t just about moving money faster, but turning transaction data into business growth.
He noted that the BudPay Business platform was designed to support the growth of African SMEs, which drove 90 per cent of business activities on the continent.
Okondor added that the platform would provide businesses with real-time data and insights, enabling them to make informed decisions and drive growth.
The News Agency of Nigeria (NAN) reports that BudPay is a business payment solution provider for local and global enterprises in Africa.NAN
