Africa has experienced robust macroeconomic growth over the last five years and was the second fastest growing region in 2019 with a GDP of $2.6T, a 3.7% increase on 2018. Nigeria makes up $0.5T, 50% of which comes from Small and Medium Enterprises (SMEs) – a huge number of these operate within large manufacturing supply chains. Starting with Freight Carriers Pivo makes financial services easily accessible for truck owners and truck drivers by providing a bank account, debit card and digital invoicing tools so they can get paid faster and avoid cash flow problems. This will be further augmented by more fundamental financial products such as credit, transaction management, and expense management, to improve their cashflow.
SMEs in supply chains are constantly battling cash flow problems. These SMEs do not get paid in advance and have narrow windows (2 to 7 days) to execute orders. Yet their invoices take as long as 90 days to pay. This is further compounded by an inefficient way to track how and when they get paid. They are left struggling to execute large client orders and miss out on significant business opportunities and earnings.
The Pivo Solution
Starting with freight carriers, Pivo provides easy access to a smart bank account, debit card and digital invoicing tools that track payments so they can get paid faster.
This will be further augmented by more fundamental financial products such as access to credit and expense management, to improve cash flow for these SMEs.
Our goal is to build an end-to-end financial operating system for these businesses.
Know any supply chain companies or tech platforms looking for a smart financial partner for their SME vendors? We’d love to connect with them. Send us an email: email@example.com.