OmniBiz Africa Unveils BNPL, Bookkeeping Services

The B2B eCommerce firm Omnibiz Africa has launched two new features for retailers: a buy now, pay later (BNPL) option and a bookkeeping app called MyStore. 

The Nigerian company announced the new products at an event in Lagos last week, saying they would give customers credit options to grow their businesses and the ability to track sales, cost, prices and profits. 

‘’With the introduction of MyStore App, retailers can now replace the traditional paper-based bookkeeping with the automated bookkeeping app,” Deepankar Rustagi, CEO of Omnibiz Africa, said at the launch. 

“This app will help retailers record their sales and measure their profit. They will also be able to manage their stock inventory effectively and monitor their customers with the app. There is also the advantage of being able to manage their stores online with the app when they are not physically present at their locations,’’ he said.

Meanwhile, the BNPL option will help retailers scale their operations, as they’ll get the chance to purchase more goods and pay for them after making a sale. 

Omnibiz Africa says it “eliminates the inefficiencies of traditional trade by digitizing the key stakeholders,” and has helped more than 50,000 retailers in the fast-moving commercial goods (FMCG) industry buy products.  

Read more: Businesses Want Trade Credit to be as Fast, Easy and Available as Buy Now Pay Later 

Already popular in B2C markets, some aspects of BNPL have made their way into the B2B realm, Dan Zimmerman, chief product and information officer at TreviPay, told PYMNTS in an interview last week. 

“I think the first impact we’ve seen from BNPL, and how B2C is influencing B2B, is that it’s driving this change in expectations that net terms should act a lot more like BNPL — real time, digital, fast, easy,” he said. “The new expectations of net terms or direct bills as referred to in B2B are getting changed by BNPL from B2C.” 

Read more: Payroll, Accounting FinTechs Capture VCs’ Attention 

Earlier this year, Omnibiz announced it had raised $3 million in seed funding, with plans to use the money to expand throughout Nigeria — the company currently operates in six Nigerian states — and the larger West African region, and to introduce new product categories, including over-the-counter pharmaceuticals and alcoholic beverages.