Nilos, a global B2B payment platform for merchants transacting with emerging markets, has announced its expansion into West Africa, launching operations in Ivory Coast, Senegal, Benin, and Togo.
This expansion aligns with the company’s vision to streamline cross-border transactions and improve financial accessibility across the region. As part of its entry into West Africa, Nilos is introducing instant payouts in West African CFA franc (XOF) and integrating mobile money services, addressing key challenges businesses face with slow and costly transactions.
By entering Francophone Africa’s evolving payments market, Nilos aims to compete with established platforms like Cauridor, HUB2, and Bizao. With a focus on efficiency and accessibility, the company seeks to empower businesses with faster, more cost-effective financial solutions, further bridging the gap in Africa’s digital payments ecosystem.
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Founded in 2021 by Raphael Fettaya and Eytan Messika, Nilos is empowering growth in emerging markets with a seamless payment experience so businesses can focus on what matters.
The platform has developed a sophisticated payment experience that includes revolutionary payment rails, integrating stablecoins, FX brokers, and a unique payment routing technical. This approach enables it to find the most optimal path for payments in real-time and provide the best payment experience possible.
Nilos’ goal is to build an ecosystem where cross-border payments are instant, transparent, and accessible to all businesses. The platform wants to give businesses a comprehensive solution that combines multi-currency accounts, unparalleled FX liquidity, and total transparency. This will streamline their current fragmented payment experiences and empower them to compete globally.
By giving businesses in emerging markets, the same financial efficiency and ease as those in developed countries, Nilos sees a future where companies in under-developed regions can send and receive cross-border payments instantly, without the headaches, high costs, and delays that they experience today.
Notably, by using stablecoins as a liquidity mechanism and combining various payment methods into one easy-to-use platform, it plans to build a payment system that’s robust, secure, and scalable.
Africa’s Burgeoning B2B Payments Market
Nilos joins the likes of other Europe-based payment platforms, like Revolut that are expanding its services to the African continent.
Africa’s B2B payments market holds immense potential, driven by the continent’s rapidly growing SME sector, which forms the backbone of its economy. Despite the significant role SMEs play, they face major challenges with payments, both in receiving and making them. Fintech companies have a unique opportunity to provide efficient, secure, and affordable payment solutions to address these challenges, which could drive substantial economic growth and development.
In the vast landscape of Africa’s economic opportunities, it remained underexplored which could reshape the continent’s future. Despite its size, this market remains largely untapped, presenting a golden opportunity for companies bold enough to venture into its depths.
Africa’s B2B payments market is colossal, driven by the continent’s burgeoning SME sector. According to the World Bank, SMEs represent about 90% of businesses and more than 50% of employment worldwide. In Africa, SMEs are the backbone of the economy, contributing significantly to GDP and employment. However, these businesses often face significant challenges when it comes to payments, both in receiving payments from customers and making payments to suppliers. This is where the opportunity lies.
By providing efficient, secure, and cost-effective B2B payment solutions, fintech companies can unlock enormous value for African SMEs. The potential rewards for solving these problems are substantial, not just in terms of financial returns, but also in terms of driving economic growth and development across the continent.
As the world increasingly looks to Africa as the next frontier of economic growth, those who can see the hidden opportunities in the continent’s B2B payments market will be well-positioned to reap the rewards. By addressing the challenges and leveraging the opportunities, they can help build a more inclusive and prosperous future for Africa.
Looking Ahead
The next wave of fintech innovation is coming from Africa, and it is those who are prepared to embrace this reality that will lead the charge.
The hidden opportunities are there for those who are willing to look beyond the surface and explore the depths of this untapped market. The future of B2B payments in Africa is bright, and it is a future that is waiting to be shaped.