Kippa, the bookkeeping and accounting app for Nigerian SMEs, has launched its second product, ‘Kippa Payments’; a digital payments solution enabling users to send and receive payments from customers and perform extended payment transactions automatically.
Kippa Payments allows its users to send transfers and payments for bills, as well as products and invoices to customers, contained with embedded payment links; which incurs a processing fee.
The product can automatically detect, record, synchronise and validate users’ business data, which was previously self-recorded by merchants on the app.
Made available through the existing app, Kippa Payments is the second product to be launched by the firm since it was founded less than a year ago in June 2021.
Kippa’s current target audience are Nigerian SMEs who wish to simplify their business management needs through digital solutions, as well as send and receive money.
Kippa’s first product is a mobile bookkeeping solution used by over 350,000 Nigerian SMEs. The product helps merchants to run their business processes, manage inventory, invoicing and debt management on the Kippa app.
Kippa also provides a business registration service called Kippa Start, which allows informal business owners in Nigeria to register their business within 72 hours at a low cost, including free legal consultation.
Kippa Start was launched to help bridge the gap between Nigeria’s formally registered and informal number of businesses, where fewer than 80,000 out of Nigeria’s 47 million SMEs per year formally register their business, often due to high costs and the complexity of the process.
“We are very proud to be launching our new digital payments solution today, which comes at a key time for Nigeria’s fintech sector, as demand from SMEs for digital payments solutions continues to rise,” explains Jephtah Chidozie-Uche, co-founder and CTO of Kippa.
“Kippa Payments will also enable us to have a deeper understanding of our customers through transactional data, so that we can offer more tailored and bespoke products over time, unlocking deeper value within the Kippa ecosystem alongside our existing solutions.”
Kennedy Ekezie-Joseph, co-founder and CEO of Kippa, added: “The launch of Kippa Payments is a significant step in the expansion of our products for Kippa’s fast-growing SME customer base.
“Our latest digital payments solution further strengthens our position as one of the go-to apps for SMEs in Africa to manage their daily business and finance needs, and marks the next stage for Kippa’s growth as we look to expand our product range, attract new customers, and launch into new markets across sub-Saharan Africa.
“Ultimately, we want to leverage our proprietary fintech solutions to help small business owners flourish, driving socio-economic prosperity across the continent.”