The Chief Technology Officer of Payaza, Philips Akinyele, highlighted the company’s innovative strategies for addressing the challenges faced by Small and Medium Enterprises (SMEs) in accessing financial services.
Mr. Akinyele explained that Payaza is committed to enhancing financial inclusion across Africa through a three-pronged approach: accessibility, security, and innovation.
“We have developed a suite of services that support online and in-person payment methods, including mobile money, bank transfers, card payments, and QR code-based transactions,” he said. Real-time transaction tracking and reporting tools help SMEs efficiently manage cash flow.
Additionally, the company’s Payaza Boost program addresses the critical issue of working capital by offering low-interest, short-term loans with flexible repayment terms. This initiative simplifies the loan application process, enabling SMEs to access funds quickly and overcome financial hurdles.
Despite these innovations, Mr. Akinyele acknowledged that many African SMEs face challenges in adopting technology. Limited digital literacy, high costs, infrastructure gaps, and trust issues were cited as major barriers. He emphasized the need for affordable and accessible digital solutions to bridge this gap.
Payaza’s A1 short-term and BBB+ long-term ratings reflect the company’s reliability and innovation. “Our solutions are tailored for African markets, ensuring flexibility, scalability, and seamless integration with other platforms. We focus on inclusivity, extending services to underserved businesses,” Akinyele stated.
Technology’s Role in Sustainable Development
Payaza aligns its solutions with global Sustainable Development Goals (SDGs), using technology to drive financial inclusion, sustainability, and education. For example, digital tools empower SMEs to manage finances and participate in the broader economy, supporting SDG 8 (Decent Work and Economic Growth) and SDG 1 (No Poverty). Renewable energy solutions and IoT devices promote SDG 13 (Climate Action) and SDG 12 (Responsible Consumption).
“Through online learning platforms, we contribute to SDG 4 (Quality Education), equipping entrepreneurs with skills to remain competitive,” he added.
Transformative Impact of Technology
Highlighting sectoral examples, Akinyele noted that digital payment systems streamline operations in retail, precision farming enhances agriculture, and telemedicine expands healthcare access. “Technology doesn’t just improve efficiency; it creates new growth opportunities,” he remarked.
Operational in 19 African countries, North America, the UK, and the Middle East, Payaza simplifies cross-border payments for SMEs. The platform offers cost-effective solutions, real-time insights, and tools for establishing a digital presence.
“We are seeing a growing demand for faster settlements and lower transaction fees, reflecting a shift towards a more integrated financial ecosystem,” Akinyele observed.
Looking ahead, the CTO predicted significant impacts from AI-driven financial insights, blockchain technology for cross-border transactions, and digital wallets. These innovations will give SMEs greater ease, transparency, and financing options within payment platforms.
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Payaza’s grant program prioritizes SMEs with scalable business models and innovative ideas. “These grants foster growth, improve market access, and enable businesses to adopt new technologies, creating a ripple effect for economic development,” Akinyele explained.
Payaza envisions an inclusive financial ecosystem where every SME can thrive. This includes accessible digital platforms, simplified cross-border trade, and investments in education. “As CTO, my role is to anticipate emerging trends and foster innovation to address the dynamic needs of SMEs,” Akinyele concluded.
