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Capsa Technology, Nigeria’s invoice factoring platform, has reported an over 300 percent rise in its transaction volume despite Africa’s most populous country’s challenging economic environment.
In a statement, the company said by empowering suppliers, procurement teams, and supply chain stakeholders it surpassed N15 billion in trades before the end of October.
Mustapha Suberu, CEO Capsa Technology said this year, the company has experienced a remarkable 300 percent jump in transaction volume, with trades surpassing 15 billion Naira before October even ended.
“What is clear is that in today’s tough economic environment, businesses are actively seeking fast and reliable cash flow solutions, adding that the growing demand has been a major driver of its success in 2024,” Suberu said.
Speaking on how the platform supports its users, Segun Dada, chief sales & marketing officer said the platform is a marketplace where suppliers can sell their invoices and access cash within 48 hours, adding that this is a real game-changer for businesses managing tight cash flow.
Dada stressed that this has been especially helpful for suppliers in complex supply chains, keeping their operations running smoothly.
“What we often see is that businesses who join and start transacting with us quickly scale up, increasing their turnover. This naturally leads to trading more invoices on our platform and for larger amounts.
“For example, one of our FMCG clients grew their total transaction volume with us by over 400 percent this year—an incredible achievement for an industry that has been one of the hardest hit by Nigeria’s current macroeconomic challenges,” he said.
Beyond the growth in numbers, Dada said Capsa has made an impact in the business ecosystem, especially for women-led businesses as over 26 percent of its transactions this year supported women-led businesses, and women-led businesses have also increased their transaction volumes by over 200 percent this year.
“It’s a key part of our mission to empower diverse stakeholders in the supply chain. We see it as fueling economic resilience, which is so essential in today’s business landscape,” he added.
Suberu said looking ahead to 2025, Capsa’s focus will be on expanding its offerings to support even more businesses across Nigeria.
“We want to quadruple our impact by driving up transaction volume and providing more financing options. We’re aiming for growth that translates into sustained success for Nigerian businesses, particularly SMEs,” he said.
