Date: 30 April 2024

Yabx Technologies partners with PayCliq to launch a Merchant Cash Advance service in Nigeria.

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Yabx Technologies partners with PayCliq to launch a Merchant Cash Advance service in Nigeria.

Yabx Technologies (“Yabx”) has partnered with PayCliq to launch an AI-driven merchant cash advance service in Nigeria.

Yabx is a fintech platform building an ecosystem that helps banks and financial institutions discover millions of business and individual customers at low acquisition costs. Yabx operates a B2B2C operating model, getting a Revenue Split from the Financial Service Providers through a Lending as a Service business model. Since its inception, Yabx has helped millions of businesses and individuals get discovered by banks and FIs in African markets. 125 million potential credit-worthy individuals and businesses have been unlocked using Yabx’s advanced AI algorithms. Approximately 65% (sixty-five percent) of Yabx’s clients are Micro-Small-Medium Enterprises (“MSMEs”).

The recent partnership between Yabx, the sustainable financial inclusion fintech, and PayCliq, the business payment tool provider, is looking to accelerate merchant credit capabilities. The partnership will see Yabx leverage data from PayCliq and use AI/ML algorithms on its cloud-powered digital lending platform to score additional clients.

The partnership is significant to the Nigerian economy, which is actively promoting a cashless economy, focusing on streamlined transactions and simplified auditing processes. The opportunity to monetise transactional data is substantial.

There are about 42 million MSMEs in Nigeria alone, and consumer payments on the continent are projected to exceed $ 2.1 trillion by 2025. PayCliq, a business tool specifically designed for businesses across Africa, is set to facilitate seamless payments for merchants, promoting financial inclusion and supporting Nigeria’s cashless policy and business accountability.

Yabx’s infrastructure contributes significantly to financial inclusion in Africa by helping to finance small businesses and low-income consumers. Majority of Africans often find it difficult to get access to affordable formal loans as the banks find it challenging to gather KYC, receive collateral, or a reliable credit history. Yabx and PayCliq are strategically positioned to address these issues by providing innovative and inclusive credit and business solutions.

Source: PayCliq, The Fintech Times, Yabx Technologies

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