By Chinenye Anuforo
For many Nigerian small business owners, cash flow is not just a challenge. It is a constant battle. Whether it is schools struggling with delayed tuition payments, logistics firms dealing with inconsistent driver remittances, or cooperatives managing member contributions, the process of collecting payments remains inefficient, unpredictable, and time-consuming.
A study by PwC revealed that 48 per cent of Nigerian Micro, Small, and Medium Enterprises (MSMEs) have experienced delayed payments due to different reasons, with 33 per cent of affected businesses reporting severe consequences. Traditional systems often involve manual invoicing, repeated follow-ups, and high transaction fees, leaving business owners with less time to focus on growing their operations.
In response to this challenge, OnePipe has launched PaywithAccount, a direct-from-account payment solution that helps businesses automate and simplify collections, reducing delays and improving cash flow predictability. With PaywithAccount, businesses can collect payments directly from customer bank accounts securely and automatically without the need for cards, manual reminders, or complex reconciliations.
Ope Adeoye, Founder and Chief Plumber of OnePipe, speaking at the unveiling event hinted the product was designed to streamline financial transactions and empower businesses across Nigeria. He highlighted the power of collaboration and innovation in addressing critical challenges in the financial sector.
Adeoye opened the event with a heartfelt reflection on OnePipe’s journey since its inception in 2018. “God blessed me with a group of young men and women who shared a vision,” Adeoye recounted.
“The vision was simple yet ambitious and which is to aggregate financial services from institutions across the country into a unified set of APIs, creating limitless possibilities for innovation.”
He admitted that the initial stages were challenging. “At the beginning, it was difficult to explain the vision. My former boss even laughed in my face,” he shared. However, persistence paid off. “Over time, we built a platform that integrates numerous APIs and experimented with countless use cases. Today, we service 22,000 businesses, process $500 million per month, and handle over one million API calls daily.”
The missing piece of the puzzle, according to Adeoye, was enabling direct payments from bank accounts, eliminating intermediaries. “The ultimate expression of our platform is when you can take payments directly from bank accounts,” he explained. This vision led to the development of PaymwithAccount, a product that leverages NIBSS infrastructure to facilitate seamless transactions. “Today, 19 banks are supported, and we are growing. This platform will simplify cash flow for businesses, from schools to gyms, and beyond.”
Ngover Ihyembe-Nwankwo of NIBSS emphasized the transformative potential of account-to-account payments. “This innovation is not just timely; it’s transformative. It empowers small businesses, drives growth, and fosters financial inclusion”, she stated.
NIBSS, at the heart of Nigeria’s payment infrastructure, connects over 1,000 entities and has been a pioneer in instant payments for over 12 years. “We introduced instant payments to address uniquely Nigerian challenges,” Ihyembe-Nwankwo explained. “With low debit and credit card penetration, ensuring rapid access to funds was crucial.”
She also highlighted the launch of AfriGo, NIBSS’s domestic card scheme, as part of Nigeria’s broader digital transformation agenda. “Collaboration is key to sustainable innovation,” she noted. “Account-to-account payments eliminate friction, reduce transaction costs, and provide instant settlement, addressing the daily struggles of small businesses.”
Abang Emenyi, Head of Growth and Marketing at OnePipe, demonstrated how the platform simplifies payment processes. “We have automated what was once a cumbersome process. Previously, customers had to visit banks to authorize mandates. Now, it’s seamless and stress-free, Emenyi said.
He illustrated practical use cases, such as school fees and gym memberships. “Schools often struggle with delayed payments. Our solution allows for automated collection, eliminating the need for manual follow-up,” he explained. Similarly, gyms can ensure consistent revenue through recurring payments, while members enjoy hassle-free transactions.
The platform also benefits insurance and HMO payments. “Automated payments ensure consistent coverage and eliminate the risk of lapses. It is a win-win for both service providers and customers”, Emenyi added