Insights On Empowering African SMEs With Fintech Solutions

Technology is transforming industries at an unprecedented pace, and fintech stands out as a key driver of financial inclusion and business growth. Payaza is at the helm of this shift, empowering African SMEs with innovative financial tools and payment solutions. In this interview, Tochukwu Ekwonna, Payaza’s CFO delves into their journey into fintech, the unique challenges faced by SMEs on the continent, and the role of emerging technologies in shaping the future.

Q. Can you share your journey to becoming CFO at Payaza? What drew you to fintech and specifically to payments technology?

My journey to becoming CFO at Payaza has been shaped by a passion for driving financial inclusion through innovation. I started in traditional finance, honing skills in corporate strategy and financial management, but I was drawn to fintech because of its transformative potential. Payments technology, in particular, offers an opportunity to bridge gaps, empower underserved communities, and revolutionize how businesses operate. Joining Payaza allowed me to combine my financial expertise with a mission-driven focus to make impactful changes for African SMEs.

Q.What are the key obstacles African SMEs face when it comes to accessing technology and financial tools, and how is Payaza helping to bridge these gaps?

African SMEs often need more access to affordable financing, fragmented payment systems are a pain and a lack of trust in digital platforms. Payaza bridges these gaps by offering seamless, cost-effective payment solutions tailored to SMEs’ needs. We provide an integrated platform that simplifies transactions, offers credit facilities via relevant partnerships, and enables businesses to scale confidently.

Q. Can you provide some examples of how Payaza has transformed small businesses, and what tangible outcomes have you seen as a result?

We have seen remarkable success stories of SMEs, previously constrained by cash flow challenges, growing exponentially by leveraging Payaza’s platform. For instance, a retail business in Lagos increased its customer base by 30 percent within six months through access to our payment tools and credit services.

A standout example involves a multi-branch retail operation with over 50 outlets that adopted Branches, our flagship product for multi-location businesses. Before Payaza, they struggled with fragmented cash collections and complex reconciliation processes. With Branches, they gained centralized control over collections across all outlets, enabling real-time visibility of transactions and automating reconciliations. This significantly reduced cash-handling risks, improved operational efficiency, and freed up resources to focus on strategic growth initiatives.

Tangible outcomes for businesses using our platform and products like Branches include improved revenue streams, operational efficiency, better resource allocation, and expanded market reach.

Q. What specific technologies does Payaza use to simplify payments for SMEs, and how do you ensure security and reliability across different markets?

Payaza leverages advanced technologies such as mobile integrations, API-driven platforms, and machine learning to streamline payments for SMEs. Our solutions include Checkout, Payment Link, and Payout services, designed to simplify payment processes. With a robust security framework featuring end-to-end encryption, multi-factor authentication, and AI-powered fraud detection, we prioritize safeguarding transactions. Furthermore, we guarantee high uptime and reliability through strategic partnerships with trusted global and local service providers.

Q. How do you see emerging technologies like AI, blockchain, or mobile payments influencing the future of fintech in Africa?

I see that emerging technologies hold immense potential for African fintech. AI can enhance customer insights and fraud prevention, blockchain ensures transparency and trust in transactions, while mobile payments continue to expand financial access for rural and urban populations alike. These technologies will deepen financial inclusion, streamline processes, and redefine how businesses interact with their customers.
Q. What are some unique financial challenges of managing a fintech company that operates across multiple African countries and beyond?

Operating in multiple countries introduces complexities like currency fluctuations, regulatory discrepancies, and varying customer behaviour. Managing these challenges requires robust financial modelling, localized strategies, and collaboration with regulators to ensure compliance while maintaining agility. Payaza’s ability to adapt to diverse market conditions via our dedicated on-ground teams has been key to our success.

Q: How does Payaza’s work with international markets impact its approach and offerings for African SMEs?

Engaging with international markets provides insights into global best practices, which we adapt to address the specific challenges of African SMEs. Payaza leverages advanced technologies such as mobile integrations, API-driven platforms, and machine learning to streamline payments for SMEs. Our solutions include Checkout, Payment Links, and Payout services, designed to simplify payment processes. With a robust security framework featuring end-to-end encryption, multi-factor authentication, and AI-powered fraud detection, we prioritize safeguarding transactions. Furthermore, we guarantee high uptime and reliability through strategic partnerships with trusted global and local service providers.

Q. Can you tell us more about Payaza’s grants for business expansion? How does this program work, and who benefits from it?

Payaza’s grants for business expansion aim to support SMEs in scaling operations, acquiring new technology, or entering new markets. The program evaluates businesses based on growth potential, financial health, and community impact. Successful applicants receive funding and advisory services, empowering them to achieve sustainable growth.

Q. Payaza recently achieved A1 short-term and BBB+ long-term ratings from DataPro. What does this signify for the company, and how does it impact your financial strategy?

These ratings underscore Payaza’s financial strength, operational excellence, and risk management capabilities. They enhance our credibility with investors, partners, and clients, enabling us to secure favourable funding terms and expand our services. Our financial strategy maintains this momentum through prudent investments and scaling sustainably.

Q. What advice would you give to other financial leaders or entrepreneurs interested in building or scaling a fintech business in Africa?

My advice is to focus on understanding your market deeply, invest in innovative solutions that address specific pain points, and build trust through transparency and reliability. Collaboration with regulators and strategic partnerships can also drive growth. Above all, remain adaptable to the fast-changing fintech landscape.