SMEs Turn To Digital Solutions For Stability

The Small and Medium-sized Enterprises (SMEs) in Nigeria, who are facing financial instability caused by delayed payments, are now turning to digital solutions to bring predictability and security to their cash flow.

A study by MacTay Consulting revealed that businesses often wait between 60 to 120 days to receive payments, creating significant barriers to growth and sustainability. The problem lies in outdated financial practices, with many SMEs relying on manual bookkeeping, personal bank accounts, and informal payment reminders that do little to ensure timely collections.

Meanwhile, fintech companies are introducing digital solutions tailored to small business needs. OnePipe, a Nigerian fintech firm, recently launched PaywithAccount, a platform designed to automate recurring payments. The tool enables businesses to collect funds directly from customers’ bank accounts, reducing the need for manual follow-ups and minimising cash flow disruptions.

Founder of OnePipe, Ope Adeoye, while speaking with journalists, in Lagos said, the issue is personal, adding that, “Every Nigerian knows someone who runs a business—a cousin, a friend, a neighbour. When they suffer from late payments, it affects whole families and communities. Fixing this isn’t just a business goal—it’s a social one.”

In the meantime, many Nigerians have applauded this innovation, adding that the impact has been profound.

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For instance, a school owner in Ibadan, Agbaje said, parents often delay tuition payments, leaving her struggling to cover essential expenses such as teacher salaries, school supplies, and operational costs. For years, she relied on personal savings to fill the gaps. , the impact has been profound.

Automated payment reminders and structured billing plans have improved financial stability, allowing her to focus on expanding her curriculum and improving school facilities rather than chasing late payments.

The difference is night and day. Before, I spent hours reminding parents to pay. Now, payments are scheduled, and I can plan ahead with confidence, she said.