Small and Medium Enterprises (SMEs) form the backbone of Kenya's economy, contributing to over 98% of businesses and employing more than 70% of the workforce. However, managing finances and payments can be a daunting task for these businesses. This is where Business Payments Platforms come into play, offering a solution that streamlines operations and drives growth.

A Business Payments Platform is a digital platform designed to simplify the process of making and receiving payments. By integrating various payment methods such as credit/debit cards, mobile money, bank transfers, and cash into one system, these platforms offer a seamless and efficient payment experience.

For instance, Lipabiz Technologies Ltd, a leading business management platform in Kenya, offers an all-in-one solution for SMEs. With Lipabiz, businesses can send invoices, receive payments, manage cash flow, and track expenses – all from one platform.

According to a report by the Central Bank of Kenya, mobile money transactions accounted for approximately 70% of the total value of transactions in Kenya in 2020. Business Payments Platforms like Lipabiz leverage this trend by integrating mobile money services directly into their platforms, making it easy for SMEs to tap into this vast market.

Beyond simplifying payments, these platforms also offer valuable insights into a business's financial health. By providing real-time data on transactions, invoices, and expenses, businesses can make informed decisions and identify trends that could potentially impact their bottom line.

To reap the benefits of Business Payments Platforms, SME owners in Kenya should consider adopting these solutions. Not only will they streamline operations, but they will also gain valuable insights into their financial health – all of which contribute to growth and success.