Nigeria - Startup under 3 years old

Describe your project or startup in a few words

Simplifying global payments for individuals and businesses with secure, cost-effective solutions including virtual cards, invoicing, money transfers, and financial management tailored to Africa's unique challenges.

01.01 Describe your startup in more detail

Paymable, founded in 2022, is Africa's first comprehensive fintech platform, simplifying global payments for individuals and businesses. We offer secure, cost-effective solutions including virtual cards for online and cross-border transactions, invoicing systems, and robust financial management tools. Our platform supports mobile money services and local currency transactions, ensuring seamless financial operations. As part of our vision, we are developing a gig community to connect freelancers and artisans with employers, providing reliable payment solutions. With a user-friendly interface and 24/7 local language support, Paymable addresses the payment needs of 1.1 billion freelancers, entrepreneurs, and SMEs, driving growth and financial inclusion across sectors.

01.02 What is the main problem you are trying to solve?

Paymable aims to solve the critical issue of inefficient, costly, and inaccessible financial services for individuals and businesses in Africa. Traditional banking systems and payment platforms often fail to address the unique challenges faced by SMEs, freelancers, and entrepreneurs, such as high transaction fees, limited access to global financial tools, and a lack of seamless cross-border payment solutions. By providing secure, affordable, and user-friendly financial services, Paymable ensures efficient money transfers, invoicing, and financial management, thereby promoting financial inclusion, reducing transaction costs, and enabling economic growth across the continent.

01.03 Tell us the major benefits and/or advantages of using the product/service that your startup provides (at least 3).

Paymable will offers several key benefits and advantages: - Cost-Effective Solutions: Paymable reduces high transaction fees, making global payments accessible to SMEs, freelancers, and entrepreneurs, helping users save costs and reinvest in their businesses. Seamless Cross-Border Transactions: With virtual cards and robust money transfer services, Paymable facilitates easy and secure cross-border transactions, eliminating traditional banking barriers and enabling global operations. Comprehensive Financial Management: Paymable's platform includes invoicing systems, mobile money services, and local currency support, providing users with tools for efficient financial management, promoting financial stability and growth. User-Friendly Interface and 24/7 Support: Designed for non-tech-savvy users, Paymable ensures a smooth user experience with an intuitive interface and 24/7 customer support in local languages, enhancing satisfaction and trust in the platform.

01.04 Please describe who exactly your startup’s product/service is aimed at serving. Who are the targeted beneficiaries?

We are aimed at serving a diverse group of people and businesses: Small and Medium-Sized Enterprises (SMEs): Businesses that need affordable and efficient payment solutions for managing transactions, invoicing, and financial management. Freelancers and Entrepreneurs: Individuals who require seamless payment systems and financial tools to support their operations and growth. Educational Institutions: Schools and universities that need secure and efficient solutions for processing tuition fees and grants. E-commerce Merchants: Online store owners looking for smart ways to receive payments, issue invoices, and access powerful accounting tools. International Students: Students who need cost-effective solutions for paying tuition and living expenses globally. Healthcare Providers: Hospitals and clinics that need robust payment solutions for managing patient payments and insurance reimbursements. Tourism and Hospitality Businesses: Hotels, travel agencies, and tour operators that require ha

01.05 When was your company established?

2022-10-01

01.06 Are you already selling your product/service?

Yes

01.07 How many other owners are there within your startup?

2

01.08 Among the other owners, how many are female?

0

01.09 Please describe the profile of the other owners within your startup (skills, experience, etc.)

Emmanuel Ezeani Founder and Chief Executive Officer Skills: Leadership, strategic planning, software developer, business development Experience: Over 8 years in software dev., in leading startups and driving innovation, with deep knowledge of payment systems, Ndi Divine Kukwah Co-Founder and Head of Sales, Business Development, and Partnership Skills: Business development, sales strategy, market research, partnership management Experience: Extensive experience in business development and sales within fintech, adept at creating strategic partnerships, conducting market research, and developing sales strategies to drive growth. Ekom Etuk Title: Co-Founder and Chief Marketing Officer Skills: Digital marketing, brand strategy, customer acquisition, content creation Experience: Rich background in digital marketing and brand management, successfully leading campaigns to increase brand awareness and customer acquisition, specializing in marketing strategies and content creation.

01.10 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link(s) here:

https://paymable.co

01.11 Which industry best describes your project?

h) IT (digital services, equipment and software)

02.01.01 My startup contributes to the No poverty goal

6

02.01.02 No poverty - Justification for my startup

02.02.01 My startup contributes to the Zero hunger goal

5

02.02.02 Zero hunger - Justification for my startup

While Paymable's primary focus is on financial services, our platform indirectly contributes to reducing hunger by supporting economic stability and growth. By enabling small businesses, farmers, and entrepreneurs to efficiently manage their finances and reduce transaction frictions & costs, we help improve their income stability. This financial empowerment allows them to invest more in food security and sustainable agricultural practices, thus indirectly promoting better nutrition and reducing hunger in their communities.

02.03.01 My startup contributes to the Good health and well-being goal

6

02.03.02 Good health and well-being - Justification for my startup

We contributes to good health and well-being by providing financial stability and security to individuals and businesses. By reducing financial stress through efficient payment solutions and management tools, we indirectly promote mental well-being. Additionally, by supporting healthcare providers with robust payment solutions, we enhance their ability to manage patient payments and insurance reimbursements efficiently, ensuring they can focus more on patient care. Financial stability enables individuals to better afford healthcare services, thus contributing to overall health and well-being.

02.04.01 My startup contributes to the Quality education goal

6

02.04.02 Quality education - Justification for my startup

Paymable supports quality education by providing financial tools that ease the payment of tuition and other educational fees for students and educational institutions. By offering secure and efficient payment solutions, we reduce the financial barriers that often hinder access to education. Additionally, our platform supports educational institutions in managing their finances more effectively, enabling them to allocate more resources towards improving educational quality and infrastructure. This promotes inclusive and equitable education opportunities for all, contributing to lifelong learning and development.

02.05.01 My startup contributes to the Gender equality goal

6

02.05.02 Gender equality - Justification for my startup

Paymable promotes gender equality by providing financial tools and services that empower women and girls. Our platform supports women-owned businesses and female entrepreneurs by offering affordable and efficient payment solutions, enabling them to manage their finances independently and grow their enterprises. By facilitating financial inclusion, we help bridge the gender gap in access to financial services. Additionally, Paymable's gig community aims to connect women freelancers and artisans with clients, providing them with more economic opportunities and fostering empowerment.

02.06.01 My startup contributes to the Clean water and sanitation goal

4

02.06.02 Clean water and sanitation - Justification for my startup

Our primary focus is on financial services, and while we do not directly address water and sanitation issues, our contributions to economic stability and growth can have indirect effects. By empowering communities and businesses financially, we enable them to invest in infrastructure, including clean water and sanitation projects. Financial inclusion and economic development can lead to better resource management and improved living standards, indirectly supporting sustainable water and sanitation management efforts.

02.07.01 My startup contributes to the Affordable and clean energy goal

4

02.07.02 Affordable and clean energy - Justification for my startup

Yet again we primarily focuses on financial services, and while we do not directly work in the energy sector, our financial solutions can have indirect impacts. By empowering businesses and communities with financial tools, we enable them to invest in clean and sustainable energy solutions. Financial inclusion and economic development facilitated by Paymable can lead to better resource allocation for affordable and modern energy projects, indirectly supporting the goal of clean energy access.

02.08.01 My startup contributes to the Decent work and economic growth

7 - Strongly Agree

02.08.02 Decent work and economic growth - Justification for my startup

Paymable significantly contributes to promoting decent work and economic growth by providing efficient and affordable financial solutions. Our platform supports SMEs, freelancers, and entrepreneurs, enabling them to manage their finances better, reduce transaction costs, and access global markets. By facilitating financial inclusion and offering tools for financial management, we help create job opportunities and support business growth. Our development of a gig community further enhances employment prospects by connecting freelancers and artisans with clients, ensuring productive and sustainable economic activity across various sectors.

02.09.01 My startup contributes to the Industry innovation and infrastructure

7 - Strongly Agree

02.09.02 Industry innovation and infrastructure - Justification for my startup

Paymable plays a significant role in fostering industry innovation and infrastructure by providing cutting-edge financial technology solutions. Our platform enhances the efficiency and resilience of financial infrastructures by offering seamless payment processing, virtual cards, and financial management tools. By supporting SMEs, entrepreneurs, and other businesses, we promote inclusive and sustainable industrialization. Additionally, our commitment to continuous technological advancement drives innovation within the fintech sector, enabling businesses to adopt modern, scalable solutions that support economic development and infrastructure growth across various industries.

02.10.01 My startup contributes to the Reduced inequalities goal

7 - Strongly Agree

02.10.02 Reduced inequalities - Justification for my startup

Paymable contributes significantly to reducing inequalities by providing financial services that are accessible and affordable for underserved communities. Our platform supports financial inclusion by offering tools that enable SMEs, freelancers, and individuals in developing regions to participate in the global economy. By lowering transaction costs and providing easy access to financial services, we empower marginalized groups, helping to bridge the economic gap between different regions and communities. Paymable's commitment to inclusive growth ensures that more people have the opportunity to improve their financial well-being and economic prospects.

02.11.01 My startup contributes to the Sustainable cities and communities goal

5

02.11.02 Sustainable cities and communities - Justification for my startup

While Paymable's primary focus is on financial services, our contributions indirectly support sustainable cities and communities. By providing financial tools that empower small businesses and entrepreneurs, we promote economic stability and resilience within urban areas. Financial inclusion enables more individuals to participate in the local economy, fostering sustainable growth. Additionally, by reducing financial barriers and supporting local businesses, Paymable helps create more inclusive and equitable communities, contributing to the overall sustainability and resilience of cities and human settlements.

02.12.01 My startup contributes to the Responsible consumption and production goal

4

02.12.02 Responsible consumption and production - Justification for my startup

Although we do not directly address responsible consumption and production. However, by promoting financial inclusion and economic growth, we enable businesses to invest in sustainable practices and technologies. Financial stability allows enterprises to adopt more responsible production methods and resource management, indirectly supporting sustainable consumption and production patterns. Our efforts to reduce transaction costs and improve financial access can contribute to a more efficient and sustainable economic environment.

02.13.01 My startup contributes to the Climate action goal

4

02.13.02 Climate action - Justification for my startup

We do not directly address climate action. However, by promoting economic stability and growth, we enable businesses to invest in environmentally sustainable practices and technologies. Financial inclusion and improved economic conditions can indirectly support climate action initiatives as businesses and individuals are better positioned to adopt and implement green solutions. While our direct impact on climate action is limited, our financial empowerment efforts contribute to creating a more sustainable economic environment.

02.14.01 My startup contributes to the Life below water goal

2

02.14.02 Life below water - Justification for my startup

We dont have a direct impact on the conservation and sustainable use of oceans, seas, and marine resources. Our operations are not related to marine environments, and while our financial empowerment efforts contribute to economic development, they do not directly address marine conservation or sustainable practices related to aquatic ecosystems. Therefore, our contribution to this specific goal is minimal.

02.15.01 My startup contributes to the Life on land goal

4

02.15.02 Life on land - Justification for my startup

We dont directly engage in activities related to terrestrial ecosystems or biodiversity. However, by providing financial tools and services that promote economic stability and growth, we enable businesses and communities to invest in sustainable practices. Financial inclusion and improved economic conditions can indirectly support efforts to protect and restore land, as financially empowered communities are better positioned to adopt environmentally friendly practices and support conservation initiatives.

02.16.01 My startup contributes to the Peace Justice and Strong Institutions goal

6

02.16.02 Peace Justice and Strong Institutions- Justification for my startup

Paymable contributes to building strong institutions by providing transparent, secure, and accountable financial services. By promoting financial inclusion, we help create more equitable economic opportunities, reducing disparities that can lead to social unrest. Our platform's secure and transparent nature supports the development of trust in financial systems, which is crucial for the stability and effectiveness of institutions. Additionally, by supporting businesses and entrepreneurs, we foster economic stability, which underpins peaceful and inclusive societies.

02.17.01 My startup contributes to the Partnerships for the goal

7 - Strongly Agree

02.17.02 Partnerships for the goal - Justification for my startup

Paymable actively fosters partnerships to enhance financial inclusion and sustainable development. By collaborating with financial institutions, regulatory bodies, and technology partners, we extend our reach and impact. Our partnerships enable us to provide comprehensive financial solutions, support cross-border transactions, and drive innovation in financial services. These collaborations ensure that we can deliver on our mission to empower businesses and individuals, promote economic stability, and contribute to the broader goals of sustainable development through shared expertise and resources.

06.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

5

06.02 The product/service represents an entirely new type of product/service.

5

06.03 The product/service could be described as a new technology.

6

06.04 The product/service is an improvement on an existing product or service.

7 - Strongly Agree

06.05 The product/service could be described as an extension of a range of products or services.

6

06.06 The product/service responds to a demand or need that has not been satisfied by other products/services.

6

06.07 The product/service is a new version of an old product/service.

5

06.08 Justification for my startup

Paymable offers a unique and innovative approach to financial services by integrating several key features that address unmet needs. While there are existing financial platforms, Paymable combines virtual cards, seamless cross-border transactions, and comprehensive financial management tools tailored to the African market. Our platform also supports mobile money services and local currency transactions, which are crucial for financial inclusion in underserved regions. Additionally, the development of a gig community to connect freelancers with employers adds a unique dimension, providing both financial solutions and economic opportunities. This integration of services and focus on regional challenges sets Paymable apart from competitors

06.09 Competitive Analysis

There is Paystack: A leading payment processing company in Africa, offering online payment solutions for businesses. Flutterwave: Provides a wide range of payment solutions for businesses, including online payments and mobile money. M-Pesa: A mobile money transfer service that is widely used in several African countries. What Makes Us Stand Out: Paymable stands out by offering a comprehensive suite of financial services that go beyond simple payment processing. Our platform includes virtual cards, cross-border transactions, invoicing, and financial management tools, all tailored to the unique needs of the African market. Additionally, our focus on building a gig community to connect freelancers with employers provides economic opportunities and financial solutions in one integrated platform. This holistic approach addresses multiple pain points for our users, setting us apart from competitors who may focus solely on payment processing or mobile money services.

11.05 Are you initiating actions within your community to promote the role of female entrepreneurs?

Yes, We are going to be fostering a community of women entrepreneurs and as well possibly at this early age take in a Female cofounder that can view our vision from different perspectives and create balancing goals to help us achieve our vision in a much more inclusive way.