omnispay poised to revolutionise B2B payments for SMEs in the MEA region

Empowering growth through next-generation solutions and a commitment to financial literacy

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Published: Tue 23 Apr 2024, 5:44 PM

Small and medium-sized enterprises (SMEs) are the lifeblood of the Middle East and Africa's economy. Contributing significantly to the non-oil GDP, they form a vibrant and dynamic business hub. However, their ability to thrive is often hampered by limited access to essential financial services. The UAE alone has over half a million SMEs and many of these SMEs lack essential banking facilities, timely credit, and digital payment solutions. Here's where the challenge lies: While consumer-to-business (C2B) payments have seen rapid innovation and uptake, research indicates a stark contrast – less than two per cent of business-to-business (B2B) transactions are carded.

Recognising the struggles of SMEs, many of whom falter due to a lack of timely working capital and suitable credit terms, three passionate entrepreneurs with decades of experience in banking, payments, telco, retail and technology Vimal Kumar, Simanta Das and Praveen Kiran, joined forces to address this critical need.

Driven by a singular vision to empower these businesses, they created omnispay – 'the easiest way to pay and get paid'. Their mission is to provide a seamless solution for B2B transactions, ultimately helping SMEs flourish in the digital age.

Cash Flow Nightmares and A Financial Lifeline for SMEs

The nightmare for an SME is cash flow problems. Contributing to the cash flow are Accounts Receivable (AR) and Accounts Payable (AP), and any fluctuations in AR and AP have a direct impact on cash flow. While delays in collecting customer payments negatively impact cash flow, paying suppliers in advance can improve supplier relationships but reduce available cash in the short term.

Traditionally, SMEs solve this problem by approaching banks, but bank lending for SME working capital is negligible. According to a World Bank and Union of Arab Banks study, out of the total Bank lending, the lending to the SME sector in UAE is just 3.85 per cent.

omnispay solves the cash flow problem by supporting SMEs in both payables and receivables.

It allows the SMEs to:

1. Pay their suppliers even when the suppliers don’t accept cards.

2. Collect from their customers digitally via payment links and QR codes.

With quick onboarding and settlements, the SMEs see a direct impact within weeks of starting with omnispay.

Further supporting their growth, omnispay will offer financial products specifically tailored to SMEs, including working capital loans and Buy Now, Pay Later (BNPL) facilities

Capitalising on a Growing Market Opportunity

The B2B payments landscape in the MEA region is experiencing phenomenal growth, fueled by the adoption of digital technologies across industries and the rise of e-commerce activity. Businesses increasingly prioritise efficiency, security, and transparency in their payment operations.

omnispay sits at the cross-section of three growth pillars: SME, B2B payments, and MEA focus, and is perfectly positioned to capitalize on this expanding market, with a staggering $612 billion addressable market in the UAE alone and a $3 trillion opportunity spread across the entire MEA region. Recognising the diverse needs of SMEs in different sectors, omnispay is constantly innovating and expanding its use cases to cater to a broader range of financial requirements.

User-Friendly Approach Makes a Difference

Understanding that a complex user experience can be a significant roadblock for SMEs, omnispay prioritises simplicity and ease of use in every aspect of its platform. This core philosophy ensures that even the least tech-savvy entrepreneur can leverage the power of omnispay’s solutions, making financial management smoother and more efficient. The intuitive interface and readily available customer support ensure a smooth onboarding process and assistance, allowing SMEs to focus on what they do best – running their businesses.

Equipping SMEs for Long-Term Success

omnispay’s commitment to financial inclusion goes beyond innovative products and services. Through informative content, customer support and expert guidance, they equip entrepreneurs with the knowledge and skills to make the best financial decisions and manage their finances effectively. In turn, this helps SMEs take control of their financial future and contribute meaningfully to the region’s economic growth.

A Vision for Growth and Transformation

omnispay’s journey has only begun, and its vision is as ambitious as the MEA region. They aim to become the leading provider of B2B payment solutions and SME financial services across the region. Through continuous innovation, strategic partnerships, and a relentless focus on customer satisfaction, omnispay is poised to revolutionize the economic landscape for SMEs and empower them to thrive in the digital age.

Supporting the founders is a cherry-picked founding team assembled from the hottest corners of tech, sales, and customer service. The founding team consists of big-bank veterans, fintech all-stars, and payment company wizards, all brought together by a shared vision.

Building a Thriving Ecosystem

omnispay went live in November 2023 and is witnessing strong month-on-month growth in customers and transactions. The founders have a vision for the entire MEA region, starting with UAE and then Saudi Arabia and key African countries. They have extensive experience in the area and are extremely bullish about it.

omnispay recognises the power of collaboration in driving positive change. It is actively forging strategic partnerships with key players in the financial services industry—banks, financial institutions, and technology providers—to create a robust ecosystem that caters to the diverse needs of SMEs. This collaborative approach ensures more comprehensive access to omnispay’s solutions, benefiting a more significant segment of the region’s entrepreneurial landscape.

The Final Word: Empowering the Engines of Growth

omnispay isn’t just a company; it’s a financial lifeline. Its story is one of ambition, innovation, and a deep-seated belief in the power of SMEs.

By collaborative efforts of the team in providing SMEs with the appropriate financial tools and knowledge they need, omnispay empowers these businesses to become the engines of growth for the MEA region. As omnispay continues its journey, one thing is certain: the future of B2B payments and financial inclusion for SMEs in the MEA region is bright.

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