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omnispay poised to revolutionise B2B payments for SMEs in the MEA region

Small and medium-sized enterprises (SMEs) are the lifeblood of the Middle East and Africa’s economy. Contributing significantly to the non-oil GDP, they form a vibrant and dynamic business hub. However, their ability to thrive is often hampered by limited access to essential financial services. The UAE alone has over half a million SMEs and many of these SMEs lack essential banking facilities, timely credit, and digital payment solutions.

Here’s where the challenge lies: While consumer-to-business (C2B) payments have seen rapid innovation and uptake, research indicates a stark contrast – less than two per cent of business-to-business (B2B) transactions are carded.

Traditionally, SMEs solve this problem by approaching banks, but bank lending for SME working capital is negligible. According to a World Bank and Union of Arab Banks study, out of the total Bank lending, the lending to the SME sector in UAE is just 3.85 per cent.

omnispay solves the cash flow problem by supporting SMEs in both payables and receivables.

It allows the SMEs to:

1. Pay their suppliers even when the suppliers don’t accept cards.

2. Collect from their customers digitally via payment links and QR codes.

With quick onboarding and settlements, the SMEs see a direct impact within weeks of starting with omnispay.

Further supporting their growth, omnispay will offer financial products specifically tailored to SMEs, including working capital loans and Buy Now, Pay Later (BNPL) facilities

Read more about omnispay at Khaleej Times

Omnispay Editorial
Omnispay Editorial
Curates stories related to payments, startups and small businesses