February 23, (THEWILL) – In Nigeria, small and medium-sized enterprises (SMEs) often face cash flow challenges due to inefficient payment collection methods. Traditional systems involve manual invoicing, repeated follow-ups, and high transaction fees, hindering business growth.
Addressing these issues, OnePipe, a Nigerian technology firm specialising in embedded financial services, has introduced PaywithAccount, a direct-from-account payment solution designed to automate and simplify collections for businesses. This innovation aims to reduce payment delays and enhance cash flow predictability by enabling businesses to securely collect payments directly from customers’ bank accounts without the need for cards or manual interventions.
The impact of delayed payments on Nigerian SMEs is significant. A study by PwC revealed that 48% of Nigerian Micro, Small, and Medium Enterprises (MSMEs) have experienced delayed payments, with 33% reporting severe consequences. These delays often result from cumbersome payment processes that consume valuable time and resources. By introducing PaywithAccount, OnePipe addresses these challenges, allowing business owners to focus more on growth and customer service rather than chasing payments.
Early adopters have already noted the benefits of PaywithAccount. Mrs Olumide Ashade, founder of King’s Court School in Lagos, shared her experience: “As a school owner, I want to focus on my students, not spend hours tracking unpaid fees. Many of our parents pay in instalments, but managing these payments manually has been stressful. A solution like PaywithAccount means we can offer flexibility to parents while keeping our finances in order.” Similarly, Adedeji Olowe, founder of Lendsqr, a fintech company specialising in Lending-as-a-Service solutions, noted: “Reliable repayment is the backbone of growth for lenders. At Lendsqr, we understand that payment delays are a significant problem for lenders. We have helped many of our lenders transition from debit cards to PaywithAccount, which reliably ensures loan repayments are on schedule.”
The introduction of PaywithAccount aligns with the broader vision of the Nigeria Inter-Bank Settlement Systems PLC (NIBSS) to enhance the nation’s digital payment infrastructure. Ngover Ihyembe-Nwankwo, Executive Director of NIBSS, stated: “At NIBSS, our core vision is to empower the financial ecosystem to innovate within the framework of interoperability, ease of connectivity, collaboration, and cost-optimisation. PaywithAccount is another heartening example of what happens when industry players leverage these guardrails to enhance the overall quality of our nation’s digital payment system.”
OnePipe’s Chief Executive Officer, Ope Adeoye, emphasised the company’s commitment to empowering Nigerian businesses: “Small businesses are the backbone of our economy, but too many struggle simply because getting paid is a challenge. We believe financial technology should remove obstacles, not create them. PaywithAccount helps businesses worry less about collections so they can focus on what truly matters, such as growth, innovation, and serving their customers.”
In addition to streamlining payment collections, PaywithAccount offers features such as automated reminders via WhatsApp, email, and phone calls, ensuring timely payments from customers. The system is designed with security in mind; customers must provide consent before any debit transactions occur, and they have the ability to revoke consent or cancel transactions if necessary. This approach not only safeguards customer interests but also fosters trust between businesses and their clients.
PaywithAccount primarily targets service-oriented businesses, including schools, internet service providers, and healthcare services—sectors where timely and predictable cash flow is crucial. By automating payment collections, these businesses can reduce administrative burdens and allocate more resources toward enhancing their services.
Furthermore, OnePipe has designed PaywithAccount to be an open platform, encouraging other developers and businesses to build upon its infrastructure. This collaborative approach aims to foster innovation across various sectors, enabling the creation of tailored solutions that address specific payment challenges. As more partners integrate with PaywithAccount, the ecosystem is expected to evolve, offering diverse functionalities that cater to a wide range of business needs.
Security remains a top priority for OnePipe. Before any account can be debited, customer consent is required. For every transaction, customers receive notifications and have access to a dedicated portal where they can monitor and manage their transactions. This transparency ensures that customers are always informed and in control of their financial interactions.
The launch event for PaywithAccount was held at Fantasia, Eko Hotels and Suites in Lagos, and featured a panel session moderated by Ajibade Laolu, Chairman of the Committee of e-Banking Industry Heads (CeBIH) and Chief Partnership Officer at Wema Bank. The panelists included Adedeji Olowe, Founder of Lendsqr; Faith Ojeiku, Head of Embedded Finance at Credit Direct; and Ina Alogwu, Chief Digital and Innovation Officer at 9mobile.
During the discussion, Laolu advised businesses to tap into the subscription economy to grow seamlessly. Earlier, the keynote speaker, Ngover Ihyembe-Nwankwo, Executive Director of Nigeria Inter-Bank Settlement Systems PLC (NIBSS), urged the audience to take advantage of the opportunities provided by collaboration and the digital economy to drive their businesses. She emphasised the importance of innovative payment solutions like PaywithAccount in achieving these goals.
Janefrances Ebere Chibuzor is a Tourism Writer at THEWILL
