Despite the surge in digital transactions across Africa, 73% of small and medium enterprises (SMEs) lack access to critical data insights necessary for operational improvements, according to payment infrastructure company BudPay. Speaking on Arise Xchange, BudPay’s Head of Product, Rowland Okondor, underscored the importance of transaction data in empowering SMEs, which account for 90% of business activity on the continent. BudPay has introduced a new dashboard to provide SMEs with actionable insights into customer behavior and payment trends, facilitating smarter decision-making and operational efficiency.
Okondor emphasized that smaller businesses often lack resources for advanced data management, making tools like BudPay’s platform vital. The system simplifies payment processing, automatically reconciling transactions and linking them to business operations. Additionally, BudPay is addressing barriers to intra-African trade, which remains low at just 12% of the continent’s trade volume, by streamlining cross-border payment systems and integrating AI-driven solutions for personalizing financial services based on transaction patterns.
The platform’s commitment to democratizing business intelligence aims to bridge the gap between large enterprises and SMEs. Okondor views this data-driven approach as a transformative step for African fintech, shifting the focus from merely processing payments to delivering meaningful insights that drive growth. He highlighted AI’s potential in tailoring solutions to businesses’ unique needs, calling it the next frontier in African financial technology.