Payble Embraces All Small and Medium Enterprises, Regardless of Size
Payble, a groundbreaking startup founded in 2023, is making waves in the African business landscape. Led by Roosevelt Elias, Eghonghon Daniels, and Ayo O., the company aims to empower the smallest African business owners by providing resource planning technology and financial structures typically available only to large corporations.
The company's mission is clear: to shift the mindset of traders from hustle to enterprise. Payble believes in making decisions with data, not guesswork. To achieve this, Payble has begun piloting partnerships with banks and insurers to create bundled products tailored for market traders, overdraft facilities for verified merchants, and micro-savings accounts.
Payble's platform is designed to cater to users who may have no formal business training. It includes inventory tracking, cash flow monitoring, invoicing, payments, and access to credit. The system is designed to accommodate the chaotic, hybrid nature of informal commerce, where paper receipts and digital wallets coexist, and income can be highly seasonal.
One of Payble's key strategies is to formalize hundreds of thousands of informal businesses not by coercion but by the natural incentive of making more money and spending less time worrying about survival. To this end, Payble prioritizes building a history of transactions on the platform before offering credit to users, linking loans to business needs.
Payble is also experimenting with AI agents that provide operational insight. The system is tuned to speak in local languages to avoid alienating users, reflecting Payble's commitment to making financial services accessible to all.
In addition, Payble has embedded learning modules into its product to guide users through business management lessons. This approach, according to Roosevelt, reduces default rates and teaches owners to deploy capital intentionally.
Payble's collaborations aim to turn a dead-end economy into one with upward paths, allowing businesses to grow from informal to formal. The startup is currently in talks with early-stage investors, focusing on sustainable growth rather than chasing vanity metrics.
Roosevelt will be speaking at "Moonshot by our website" in October, a gathering of serious founders and investors. He believes events like Moonshot can inspire and empower the next generation of founders, creating a stage where entrepreneurs can see that they're not alone and that others are breaking barriers.
In Nigeria, where most informal businesses earn less than ₦250,000 ($150) a month, the potential impact of Payble is significant. Informal businesses in Nigeria spend nearly all of their earnings on feeding and family obligations, leaving little room for growth. However, the 2024 Moniepoint Informal Economy Report indicates that 1.3% of Nigeria's informal businesses make over ₦2.5 million ($1,500) monthly profit.
With its innovative approach and commitment to empowering the smallest African businesses, Payble is poised to make a significant impact on the continent's economic landscape.
Read also:
- Musk threatens Apple with litigation amidst increasing conflict surrounding Altman's OpenAI endeavor
- E-mobility continues its progress after a decade since the scandal, staying on course
- The Commission deems the assistance program to be in agreement with the domestic market regulations.
- Innovative Garments and Accessories Producing Energy: Exploring Unconventional Sources for Renewable Power
