By Our writer
Businesses are increasingly adopting emerging technologies across all functions, owing to the ability to improve operational efficiency, deliver better customer experiences and improve profitability.
Among the providers of these emerging technologies are Financial Technology Companies (FinTechs) like NewLife Technologies Sarl, a Cameroon-based mobile application and website development company, whose SoftPay is empowering businesses with a variety of financial solutions across the different functions to improve efficiency.
Using a mobile application for smartphone users and a Point of Sale (POS) option, the SoftPay Business platform offers solutions including inventory, sales, human resources, ticketing and booking and events management.
The solutions help firms collect payments, manage inventory, payrolls, sales, ticketing and event, among others.
According to the NewLife Technologies co-founder and Chief Executive Officer, Ngala Cyprian Mufor, the SoftPay Business platform seeks to help firms manage their interactions with both current and prospecting customers better.
“The system acts as a record of interactions across all business customer-facing touch points; organising, automating and synchronising them to enable you as a business service all your existing customers and respond quickly to issues and new business,” Mufor says.
He adds: “Businesses can manage their inventory, create invoices and distribute them to their clients and collect payments. They can also sell tickets while event organizers can create an event, sell it out, manage check-in and collect payments.”
How the systems work
The SoftPay Business’ Inventory and Service Management solution, for instance, enables businesses take advantage of a multitude of tools to improve efficiency by ensuring that their inventory and sales are in tandem while the Sales Management system enables businesses to manage every sale they make and receive payments through standard payment methods such as mobile money, Visa and Master card.
Its Human Resource Management system, on the other hand, enables a business to link its business account to other SoftPay users and pay them easily while the Ticketing and Bookings Management solution helps businesses sell tickets on multiple channels while reducing check-in-time at entry to the business site.
The PayForms Management solution allows a business to sell products, services and tickets online without having to build an e-commerce website. They simply share with potential clients a link generated on the platform for the product or service offered, using an SMS or social media.
“We are focused on serving and changing lives through technology. We are struggling to create a system that will support the financial inclusion for Africa. That is why when you look at our platform, our on-boarding time is very short. Within a few seconds after downloading the Mobile App, the user is ready to use it because the on-boarding procedure has been reduced,” he says, adding that the procedure takes less than 15 minutes for those using SoftPay Business.
Using the MTN Mobile Money and Orange Money APIs, users can easily load their SoftPay accounts from any of these service providers as well as withdraw funds from their SoftPay accounts using their mobile network service provider.
Mufor, however, notes that Africa is still grappling with a number of challenges, including the dominance of cash as a means of business transaction, limited talent in the industry and lack of collaboration and support.
NewLife Technologies Sarl is among the FinTechs participating in the 40-days-40-FinTechs initiatives organised by HiPipo, in partnership with Crosslake Tech, ModusBox, and Mojaloop Foundation.
The initiative seeks to enable FinTechs to innovate solutions that facilitate cross-network financial transactions at minimal risks to enhance access to financial services.
The HiPipo Chief Executive Officer Innocent Kawooya, however, says that FinTech in Africa offers attractive opportunities and that investors are rightfully picking interest in the various startups that are offering a plethora of services, ranging from payments and lending, remittances, cross-border transfers and neobanks, among others.
He adds that FinTech is the launchpad on which the promise of full global financial inclusion will be fulfilled.