Making payments should be as simple as breathing, but many Nigerians still find themselves battling with archaic banking systems that seem to be stuck in the Stone Age.
Between outrageous transfer fees, failed transactions, and endless intermediary delays, the financial sector sometimes feels like a slow-moving train bound to get users upset.
Interestingly, the Nigeria Inter-Bank Settlement System (NIBSS) revealed that electronic payment transactions in Nigeria reached ₦600 trillion in 2023, however, cash says it’s going nowhere, and inefficiencies are unending.
OnePipe is stepping in to change this with its latest innovation, PaywithAccount, a seamless, secure, and automated bank-to-bank payment solution designed to wipe out intermediaries and enhance financial efficiency.
The solution is particularly beneficial for small businesses struggling with cash flow constraints, delayed payments, and high transaction fees.
A study by PwC revealed that 48% of Nigerian Micro, Small, and Medium Enterprises (MSMEs) have experienced delayed payments due to various reasons, with 33% reporting severe consequences.
Traditional systems usually involve manual invoicing, repeated follow-ups, and high transaction fees, leaving business owners with less time to focus on growth.
OnePipe is simplifying financial transactions through API-driven solutions. Ope Adeoye, founder and chief plumber at OnePipe, said:
“Small businesses are the backbone of our economy, but too many struggle simply because getting paid is a challenge. We believe financial technology should remove obstacles, not create them. PaywithAccount helps businesses worry less about collections so they can focus on what truly matters—growth, innovation, and serving their customers.”
OnePipe was built on a vision to pull the services of financial institutions together into a set of APIs that are uniform in nature, making use cases born out of this to create the unimaginable.
Since that moment of inspiration, OnePipe has grown exponentially, now servicing 22,000 businesses monthly and processing transactions worth over half a billion dollars.
Nonetheless, a fundamental challenge remained—direct bank-to-bank payments without third-party friction. With PaywithAccount, that missing piece is finally in place, enabling direct payments from accounts across 19 major banks, with more institutions expected to join.
PaywithAccount is Supporting SMEs and Enhancing Financial Inclusion
PaywithAccount is not limited to being a convenient tool; it brings a solution that addresses the tiresome challenges faced by businesses, especially SMEs. The removal of intermediaries ensures faster settlements, improved cash flow, and reduced operational costs.
Ngover Ihyembe-Nwankwo, executive director at Nigeria Inter-Bank Settlement Systems PLC (NIBSS), spoke on its significance: “Account payments can really empower small businesses, drive growth, and ensure financial inclusion. Many businesses struggle with cash flow limitations, inefficient payment processes, and high transaction costs. They need solutions that provide speed, security, and simplicity without the friction that often comes with traditional payment methods.
“At NIBSS, our core vision is to empower the financial ecosystem to innovate within the framework of interoperability, ease of connectivity, collaboration, and cost-optimisation,” she said.
“PaywithAccount is another heartening example of what happens when industry players leverage these guardrails to enhance the overall quality of our nation’s digital payment system.”
For entrepreneurs across Nigeria, the ability to receive payments on time means the difference between survival and growth. Mrs Olumide Ashade, founder of King’s Court School in Lagos, shared her perspective:
“As a school owner, I want to focus on my students, not spend hours tracking unpaid fees. Many of our parents pay in instalments, but managing these payments manually has been stressful. A solution like PaywithAccount means we can offer flexibility to parents while keeping our finances in order.”
One of PaywithAccount’s greatest strengths is the collaboration behind its success. Ihyembe-Nwankwo asserted the importance of ecosystem-wide cooperation: “Innovation does not happen in silos… It requires a full ecosystem. You need regulators, financial institutions, fintech innovators, and businesses all working together to solve problems and drive progress.”
Again, compliance and security are top priorities. “The financial ecosystem thrives on trust, and that trust is built on a strong foundation of compliance, risk management, and consumer protection,” she added.
The automation PaywithAccount brings makes transactions more predictable and reliable. Adedeji Olowe, founder of Lendsqr, explained:
“Reliable repayment is the backbone of growth for lenders. At Lendsqr, we understand that payment delays are a significant problem for lenders. We have helped many of our lenders transition from debit cards to PaywithAccount, which reliably ensures loan repayments are on schedule.”
The telecom industry, for example, stands to benefit greatly. PaywithAccount can bridge the gap between prepaid and postpaid services, providing telcos with a more flexible and reliable payment structure.
PaywithAccount also provides a seamless alternative, ensuring that even market traders can receive digital payments without issues, as many small market sellers have started realising the importance of digital payments, after losing customers due to cash scarcity.
Beyond business benefits, PaywithAccount is expected to enhance financial inclusion by providing unbanked and underbanked individuals with easier access to digital transactions, further integrating them into the formal economy.
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