During the Covid lockdown some businesses were unfortunately put on hold as they did not know how to continue performing transactions with their customers. FinTech firm Beyonic provide an elegant solution to this problem through their digital payment platform which provides quick books on mobile money rails.
The platform integrates all telecom companies in Uganda and the wider region through a single login.
According to Ms Doreen Lukandwa, the Vice President Beyonic/MFS Africa, when you log into the account, you can effect any payment to as many people as possible.
The platform is flexible, she says they provide solutions regardless of the size of the business as well as providing real time settlements that facilitate business growth.
“In the current lockdown, a lot of businesses are asking themselves how they can continue to make money, reach their customer in the safest and most affordable way possible or how to scale their businesses beyond the confines of one district or country. We enable them to do exactly that. Also given the current situations where people have to work remotely and are disconnected from their customers, FinTechs like Beyonic have to be very innovative around how they enable businesses to continue to thrive. This explains why during theses COVID-19 times, we have focused on refining the answer to the question for you,” she explains.
Lukwanda further explains that when you get a Beyonic account, all you need to is provide very basic Know-Your Customer (KYC).
“Open an account with us and you will be able to continue running your business without having to deal with physical cash. All you have to do is have the mobile numbers that you want to send the money to. Also the numbers of the people that you want to collect from, communicate very widely that you can accept widely that you can accept payments through your platform,” says Lukwanda.
She shares that Beyonic recently merged with a company called MFS Africa which has enabled them to significantly increase the number of markets in which Beyonic operates.
“The vision of MFS is to make borders matter less and for us that does not mean allowing your business to move from one country to another, it means making quality better and gender inclusivity be part of it.”
She notes that over 50% of their employees are women and adds that they have been deliberately making it simple for female owned businesses to access these platforms.
Lukwanda stresses that accessibility and innovation are key pillars of the Beyonic philosophy.
“We believe in using the digital platforms and infrastructure to make a lot of these challenges solid, to make services easier for people to access. It is not enough to collect cash. Cash is not as much of a king and in times like these where people have to work remotely and their customers so far away from them, it means we have to be very innovative to make sure that the economy continues to thrive and that includes things like mobile money, bank payments,” she says.
It is heartening to see the important role that the tech sector is playing in the economic recovery with innovative solutions like Beyonic’s platform eliminating barriers to growth by reconnecting businesses with their customers.