The landscape of payment operations in Africa is changing rapidly. From finance professionals at medium to large-scale organisations, to business owners managing finances independently or with the help of an admin, everyone needs to evolve and upskill to get ready for this new future.
Business-to-Business (B2B) payments in Africa differ from Business-to-Consumer (B2C) or Consumer-to-Consumer (C2C) payments. Due to their scale and complexity, B2B payments require more attention to detail, approval levels, and security checks.
Unfortunately, the slow pace of digitisation has resulted in teams relying heavily on manual work, which is time-consuming and costly for organisations. Waiting for cheques and invoices to clear can take up to six months, further hampering business.1
Businesses must acknowledge the crucial relationship between finance and business payments to be at the cutting edge of cash flow management.
In the coming years, three trends will shape the landscape of business payments in Africa:
It is now undeniable that digital is the way forward for B2B payments. The question, however, is which technologies and trends are most suitable for your business. Through our work with businesses and finance professionals across various sectors, we have identified several challenges related to B2B payments:
To navigate this changing landscape effectively, consider the following steps:
Gain a comprehensive understanding of the current state of payments to develop a strategic approach that aligns with your financial plans.
Rather than replacing accountants, new payment technologies will complement their work. The evolution of finance and the adoption of digital payment solutions bring increased efficiency and accuracy through automated policies.
How can finance professionals benefit from this?
It is also important to diversify your expertise and keep up-to-date with trends so you can remain competitive.
By investing in business payments technology, you can unlock numerous benefits such as:
As you prepare for the future of business payments across the continent and globally, be sure to make the most of professional networks. Here are some pointers that could help:
By arming yourself with the correct information and implementing a strategic approach, you can position your business for growth as B2B payments in Africa continue to evolve.
Learn how Duplo helps businesses and finance professionals with innovative solutions that enable them to embrace the future of B2B payments in Africa.
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