![]() With the licence, merchants on the Kippa platform can, in turn, act as agents and offer financial services such as cash withdrawals and deposits, bank account opening, bills and utility payments, and insurance to individual customers who come to their small shops regularly to make everyday purchases. Last week, the company announced it obtained a licence from Nigeria’s apex bank, the Central Bank of Nigeria (CBN), to operate as a Super Agent, just like agency banking players OPay and TeamApt. This feature forms the basis for Kippa’s plans to stack financial products besides getting significant traction and driving more revenue, the CEO added. “We’ve built a product on top of the current Kippa product that allows businesses to register in 3 days for N15,000,” said Ekezie-Kennedy, indicating his platform’s alternative to help these businesses incorporate legally. Thus, a few months ago, Kippa launched what Ekezie-Joseph described as one of the fastest incorporation products for small businesses. The majority of small businesses in Nigeria aren’t formally registered due to costs and complexities in navigating the entire process. Nigeria’s Kippa gets $3.2M pre-seed for its small business finance management app Although the platform has grown to accommodate over 500,000 small businesses, Ekezie-Joseph didn’t say how many were active. ![]() In the interview with CEO Ekezie-Joseph last November, he said Kippa had more than 130,000 active businesses, ranging from small kiosks and street corner shops to local food vendors and high-end merchants. With Kippa, small business owners can keep track of their daily income and expense transactions, create invoices and receipts, manage inventory and generally monitor how their businesses ebb and flow over time. All these inefficiencies, asides from being time-consuming, lead to errors and affects cash flow and finance, which is why almost nine out of 10 small businesses fizzle out in the first five years.Īs such, startups have launched various bookkeeping solutions to digitize operations of these small businesses in a traditional retail sector worth more than $200 billion alone in Nigeria. ![]() Similar providers in the sub-Saharan region include Pastel, Bamba, OZÉ and Bumpa.īefore such solutions, many of these businesses ran operations such as managing money, inventory tracking and records of staff and suppliers offline, mainly with pen and paper or ledgers. ![]() Kippa is one of the many bookkeeping platforms for small and medium businesses in sub-Saharan Africa. ![]()
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