Committed to designing smart business tools for the seamless operations of businesses in Africa, Paycliq is proud to announce our partnership with Yabx, a leading fintech company championing financial inclusion campaigns worldwide. The collaboration is set to launch an innovative merchant cash advance solution in Nigeria.

Both innovative fintech collaborators share a similar vision of using technology to equip individuals and businesses with smart tools needed to thrive in the current digital business world.

PayCliq is an innovative, comprehensive solution built for businesses in Africa. It offers tools for effective financial management, consisting of record-keeping, payment processing, debt management, accounting, capital management, vendor management, employee payments, invoicing, and more.

Our partner, Yabx, is a cloud-based digital lending platform that uses flexible solutions to bridge the financial divide in our world. Yabx’s flexible solution can adjust to any use case and drives multiple key performance indicators.

The partnership will combine PayCliq’s advanced payment solutions with Yabx credit scoring and lending solutions to address specific challenges entrepreneurs face in Micro-Small and Medium-Sized enterprises in Nigeria and Africa.

Despite the cashless policy of the CBN and the adoption of diverse electronic payment methods, statistics have shown that cash is still heavily handled by many in Nigeria. Hence, this partnership couldn’t have come at a better than this, when the country is still actively pushing for a cashless economy to encourage streamlined transactions and auditing procedures. Now is the right time to revolutionise payments in an economy where about $19 trillion in cash is transacted yearly.

As the quest for a cashless economy continues, about 100 million MSMEs in Africa, of which Nigeria has a massive share of 42 million, face some challenges, which include unstable exchange rates, inability to meet up with the increase in demand, difficulty in securing loans for their business among others. Hence, the strategic positioning of both parties to use business data generated by PayCliq to digitise payments by accelerating a small business loan infrastructure. Business owners would find it easy to switch to digital payments if they are aware it would increase their credit scores and allow them access to loans.

Giving her take on the partnership, Sussan Adewunmi, the Operations Manager at PayCliq, commented that:

“PayCliq is excited to collaborate with Yabx in providing innovative solutions to address the challenges faced by businesses in Nigeria. By providing direct funds to the businesses and assisting in the settlement process, we are addressing the challenges faced by our target audience – the 42 million businesses in Nigeria, predominantly consisting of mom-and-pop shops and SMEs.”  

Puneet Chopra, Chief Growth Officer at Yabx, also added:

 “We’re thrilled to partner with PayCliq, combining our AI-driven credit scoring expertise with their robust payments infrastructure to transform the financial landscape in Nigeria. By streamlining repayments and unlocking transactional data, we’re committed to creating seamless, fully automated lending journeys that empower local businesses and consumers. Now is the ideal time to harness the potential of technology and collaboration to build stronger, more agile systems that support Nigeria’s growth in consumerism.” 

The projected timeframe for launching the new service is in the second quarter of the year (Q2). It will benefit businesses by helping them offer varied and all-inclusive payment options that suit the Nigerian market. This will enhance business growth through sales increases.