Business Development and Telecoms Manager, CWG Plc, Mr. Tereigh Ozakpo, spoke with Emma Okonji on the company’s homegrown technology solution designed to aggregate bills for subscription-based businesses in a convenient way that will enhance growth. Excerpts:
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Can you tell us more about BillsnPay technology solution?
As the name implies, BillsnPay entails aggregation of all financial documents. It is a platform that helps billers, also known as business owners, whose businesses are subscription-based, to issue bills on financial transactions to customers in a more easy and organised way, for the purpose of accountability. BillsnPay can therefore be aptly described as a payment solution platform built on technology to help merchants and customers to close business gap in the same ecosystem. It enables billers present their bills and handle client reconciliation process. It also allows bill recipients to view and make payments and consolidate all their records on a single platform. The solution, which provides payment options for the customers, is also designed to notify the merchant when bills are paid.
Can you give further clarification on the subscription-based businesses that the solution addresses?
By subscription-based customers, I mean customers that subscribe to a particular business and make payment at the end of the financial transaction, but the solution is not restricted to only subscription-based customers. Other categories of customers that are involved in any form of financial transactions can also benefit from using the solution. So the solution offers a platform where merchants and customers could settle their transactions and bills in a way that customers receive the bill, and make payment when they are financially ready to do so.
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Beside reconciliation of financial transactions that BillsnPay addresses, what other features are unique about the solution?
There are several features and benefits of BillsnPay. Aside reconciliation of financial transactions, it also helps to aggregate bills by putting together several bills and arranging them in sequence in such a way that both the merchants and the customers can see through their bills at a single glance. It saves the stress of running around to get receipts for any financial transactions. When bills are paid, the customer gets instant receipt and the merchant gets prompt that a bill has been paid. For bulk bills, the solution arranges the bills in sequence in a way that the customer can easily see and understand, and the bills can be downloaded in either the excel format, word or PDF.
With BillsnPay solution, customers can buy airtime across all networks on the platform and pay for utility bills. It also has features like donation for charity which the donor can conveniently monitor to know how his or her money is been spent. The platform currently supports donations to St. Theresa’s IDP camp in Yola, Adamawa State.
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How does the BillsnPay solution work?
Its working principle is easy. Customers receive text and email alert on the BillsnPay platform. They receive notification on all financial transactions, and customers receive payment reports and merchants receive bills enquiry from customers. Payment proofs are uploaded and both the merchants and the customers get immediate access to new and old bills. It is an integrated payment gateway that gives customers the immediate access to payment of all financial transactions.
To get started, users will log on to the website, www.billsnpay.com, or download the app from Google Play Store and Apple Store to get registered.
What are the benefits of BillsnPay solution to merchants and their customers?
The benefits are huge. It accounts for easy reconciliation and reporting, it boosts tracking and payment records. It leads to customised bills reminders in the form of SMS and email notifications. Immediate receipt of payments directed to merchants’ account.
What may have prompted CWG Plc to come up with this kind of solution?
We are a technology company, providing technology solutions to address human challenges and difficulties in transacting business of any sort. So we saw a need to address the challenges associated with billing of customers for goods and services, as well as to address the challenge of paying such bills at the appropriate time without accumulating them for too long. There have been lots of huddles in billing and paying of bills and we decided to develop our homegrown solution called the BillsnPay.
For example, there is a trend where people love to live in estate for the purposes of security and comfort. Such people are faced with payment of several bills like electricity, generator, water, security, gardener, LAWMA, among others. Another scenario is the church that has several bills to pay. So BillsnPay helps in aggregating the several bills into a single report for easy assessment and payment. Again, we have noticed that most people are always occupied with busy job schedules and they tend to forget payment of their bills. Such persons rely on others to always remind them of their bills and that is part of what our solution does for such customers by aggregating their bills in a single platform and presented to them on their mobile phones and computer screen in a sequence that they will easily remember.
Who are the target audience of the BillsnPay solution?
The target audience for the solution are the corporate bodies that are into subscription-based business that sends regular bills to their customers. Small businesses that sends bills can also use it.
How can small and medium size entrepreneurs (SMEs) benefit from BillsnPay solution?
SMEs could be seen as small businesses with small employee base but handle several financial transactions with customers. Such SMEs can conveniently use the BillsnPay solution to further grow its business. One of the features of BillsnPay is that it helps to reduce operational cost of a business.
It is an intelligent solution that helps reduces operational bills, and so it is highly recommended for SMEs and for big corporations.
Has the solution been deployed in other regions of the world, and how successful is it?
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The solution was developed in Nigeria, and we are just pushing it out to the Nigerian market, from where we will extend it to other regions. We have plans to take the solution to other African countries and beyond.
The federal government is keen at blocking loopholes for financial leakages in the public and private sectors led business. How helpful is this solution in blocking such loopholes in the system?
BillsnPay is built to ensure accountability in every financial transaction. Multiple users can be registered on the single platform and the solution is designed not only to create an atmosphere of ease of doing business, it also ensures accountability by blocking all financial loopholes in an organisation. The platform is developed in such a way that multiple users could be registered and this allows the multiple users to receive notifications on financial transactions and keep the records. So no individual in the group can manipulate the figures because the information that a particular user has, is the same information that other users have, which makes it difficult for any use to deliberately manipulate figures. The solution allows tracing and tracking of information, which again makes it difficult for anyone to steal or manipulate figures on the platform.
Is CWG Plc considering taking the BillsnPay solution to governments at all levels, since it has the capacity to curb financial leakages?
We have already reached out to several corporations including the government, and we believe that they will like it, because the solution was specifically developed by Nigerians for businesses in Nigeria and beyond.
Looking at the poor infrastructure situation in the country, do think the solution will be widely adopted by the public and private sector organisations?
In developing the solution, we considered the state of our infrastructure and the solution was built in such a way that it can run successfully on different infrastructure layout and the cost of integration is zero. Mobile devices are widely used today in the country and they are running on existing infrastructure that works. The solution is also built on mobile device, such that people can access the app from their mobile devices and also use the solution on their mobile devices. It is a cloud-based solution that can run on both mobile and fixed devices. All that the user needs do is to download the BillsnPay app or they could go online and log on to www.billsnpay.com and get registered to use the solution. It’s easy to use. So in terms of infrastructure, we have already bridged that gap and users do not need to buy server or any form of infrastructure in order to access the solution. With a connected mobile device or connected laptop and desktop, the user is ready to connect to BillsnPay solution. It’s that easy.
So what is the unique selling point that will attract customers to BillsnPay solution?
Aside the numerous benefits of the solution listed above, it has other unique features that customers would want to be attracted to. It helps for easy presentation, aggregation and payment of bills. It provides ease and convenience of use, as well as easy reconciliation of accounts and financial reporting, all geared towards ease of doing business, speedy growth of business, stability and profitability.
How is the ease of deployment of the BillsnPay solution?
In terms of ease of deployment, it is very easy to deploy, and that is why it was designed as a selfless service. Once a customer downloads the app or decides to log on to the website, the next step is to get registered and provide the necessary information, which is very easy to do. Once that is done, the biller can start sending out the bills to customers at very affordable cost. We have a 24-hour backup support that keeps the platform ready for all transactions at every minute of the day.
The BillsnPay solution can be aptly described as a disruptive technology solution, and FinTechs are at the forefront of creating disruptive solutions. What is your take about growth of FinTech in Nigeria?
FinTechs are known for their disruptive technology solutions that are changing the ways things were hitherto done in the technology space, and the FunTech in Nigeria are doing very well. What they need is the government support and they will do more. For me I see a steady growth of FinTech in Nigeria, especially in the financial space.
What is your advice for business owners who may want to give the solution a trial?
My advice is straight forward. They should put their trust in the solution, deploy it and see how it will enhance their business. The benefits are huge and I want them try it. It gives convenience, provides notifications, and it is highly secured.
