Electronic payments firm Pesapal has announced the commercial rollout of Openfloat, a software solution to manage expense payments across multiple channels, recipients, and currencies.
According to Pesapal, the rollout follows extensive market testing with Kenyan merchants in retail, hospitality, and transport. The company says tests showed that these businesses could half the amount of time taken each month to process their expense payments. The research also established that not tracking and analysing expenses and paying for too many separate services, are common pain points for Kenyan businesses.
“Openfloat offers faster settlement to Pesapal merchants. For most Openfloat users, this is the first time they can access a single-digit account to manage salaries, supplier payments, travel expenses, and other bills. Plus, they can disburse payments via pay bills, tills, mobile numbers, and bank transfers, all from the same account,” the company said in a press release
Pesapal CEO Agosta Liko said: “Paper-based expense processes are a minefield for errors and fraud. With Openfloat, businesses can track their spending 24/7 and remotely if they want to. Our design ethos on this, and all our products, is simplicity, accessibility, and affordability.”
Openfloat, Pesapal says allows approved business managers to customize expense processes with automatic payments, recurring transactions, and alerts for unusual activity. This automation helps drive greater productivity among managers and staff.
The company stated that it identified that failure to automate is a massive brake on productivity in Africa. The OECD has acknowledged that low productivity reduces inclusiveness and, “labour productivity levels in emerging and developing countries continue to be well below those in advanced countries”.
“We don’t see why any business in Africa should be excluded from improving productivity through better decision-making and automation. We believe Openfloat is a game-changer for African businesses and are excited to include it in our suite of business tools,” Liko added.