According to the World Bank, B2B payments in Sub-Saharan Africa represents a $1.5 trillion market. However, the process of making and receiving payment remains largely manual, which makes it expensive and highly inefficient for businesses. Invoices are also not standardised and they are typically issued and received manually, which increases the administrative burden on business owners, taking more time and effort that can be invested into their businesses.
A recent report from Duplo which included the surveyed opinions of more than 1,000 business owners from Kenya, Nigeria, South Africa and Egypt also highlighted that 44 percent of businesses still have to wait more than 24 hours to receive payments from business customers and partners. 34 percent take up to 7 days to receive payments, 17 percent take up to 30 days and 3 percent take more than 30 days to receive business payments. This presents a significant challenge for businesses who are often unable to maximise sales and growth opportunities available to them due to cash flow restrictions induced by complex payment processes.
This presentation will explore:
- An in-depth review of the current state of B2B payments in Africa
-- Payment methods and processes across countries and sectors
- Beyond digitisation, what do African businesses need to improve their payment processes
- A case study of the impact Duplo is having on B2B payments in Africa