Small businesses in Nigeria are constantly challenged by payment delays for services rendered, threatening their stability and development.
Issue of Payment Delays
The founder of a school in Ibadan faces payment delays, a widespread issue among Nigerian small business owners. A study by MacTay Consulting revealed that small businesses wait 60 to 120 days for payment, endangering their financial stability and growth.
Technological Solutions
Financial technologies are beginning to address the issue of payment delays. One example is the PaywithAccount tool by OnePipe, which automates payment collection from customers' bank accounts, simplifying cash flow management and reducing the need for constant reminders.
Effect on National Economy
Small businesses make up over 90% of enterprises in Nigeria, significantly impacting the country's economy. Improving the payment system can contribute to the stability and growth of small businesses, positively affecting the entire economy.
Technological solutions like PaywithAccount have the potential to transform the landscape of Nigerian small businesses, ensuring financial stability and growth opportunities.
