With 42 million MSMEs in Nigeria alone and almost 100 million MSMEs throughout Africa, it is anticipated that consumer payments on the continent will surpass $2.1 trillion by 2025. With its focus on businesses in Africa, PayCliq is a business tool that would make payments easier for retailers while also supporting Nigeria's cashless policy and corporate responsibility.

Yabx, an AI scoring partner, is positioned to accelerate the adoption of digital payments by developing a small business loan infrastructure. MSMEs frequently struggle to obtain official loans because they have trouble supplying the necessary collateral, identity documents, or credit history. But the knowledge that using digital payments can improve their credit score makes it all the more sense for them to seize this chance.

Using PayCliq's business data, Yabx will employ AI/ML algorithms on its cloud-based digital lending platform to create customized credit limits and credit scores for each company. This will not only address the credit issue but also address the payment issue. This entails that companies will be able to pay for their operating accounts with installments of 30, 60, or 90 days and obtain an instant line of credit.

Nigeria, which is vigorously pushing a cashless economy and concentrating on streamlined transactions and streamlined auditing procedures, is at a critical juncture with this collaboration. There is a significant chance to digitize the approximately $19 trillion in cash payments that are made in this sector each year.

Through its network of partnerships, PayCliq, which has operations throughout Nigeria with Lagos as its main hub, specializes in inventory management, bookkeeping, and invoicing. It also helps businesses with payments through a variety of channels, such as bank transfers, apps, QR codes, and card transactions on Point of Sale (PoS) terminals.

Even while there is a clear drive toward a cashless economy, there are still obstacles to overcome. For example, suppliers and manufacturers sometimes want payment in advance, which delays the supply of goods, and the current exchange rate affects many firms' stock, making it difficult to meet growing demand. In order to solve these problems, Yabx and PayCliq are ideally situated to offer creative and inclusive credit and business solutions.

"We're thrilled to partner with PayCliq, combining our AI-driven credit scoring expertise with their robust payments infrastructure to transform the financial landscape in Nigeria," said Puneet Chopra, Chief Growth Officer of Yabx. Our goal is to create fully automated, seamless loan journeys that empower consumers and small companies by accessing transactional data and automating repayments. The timing is right to use cooperation and technology to create more robust and adaptable systems that would help Nigeria's increasing consumerism.

"PayCliq is excited to collaborate with Yabx in providing innovative solutions to address the challenges faced by businesses in Nigeria," stated Susan Adewunmi, Head of Operations at PayCliq.We are tackling the issues our target audience—the 42 million businesses in Nigeria, the majority of which are mom-and-pop shops and SMEs—faces by giving direct funding to the businesses and helping with the settlement process."

It is projected that the new service would launch in Q2, giving companies the opportunity to increase sales while also offering all-inclusive payment options that cater to the particular requirements of the Nigerian market.

By boosting profitability across the wide customer base, the Businesses Cash Advance service—which deposits money straight into the business account and helps with the settlement process—is predicted to revolutionize the commercial landscape for about 10,000 companies. PayCliq and Yabx, who handle settlements totaling around one million dollars every day, are dedicated to improving financial inclusion and hastening the expansion of small enterprises in Nigeria.