Nigerian fintech startup, Flex Finance, has launched a money-managing mobile application, Flex, to manage the finances of micro, small and medium-sized enterprises (MSMEs) in Nigeria.
Since its launch in March, the app has reportedly helped thousands of businesses track billions of naira, introduced smarter budgeting and automated spending flows.
According to the Chief Executive Officer, Flexfinance, Yemi Olulana, the need for the application is that Nigerian business owners struggle with the right tools to manage businesses which have been a major problem arising from reconciling invoices and receipts, error-filled finance reports and stressful payment methods.
During a media parley, Yemi said: “When we interviewed over 100 business owners, many of them complained that they struggled to reconcile and account for their spending. With this weak management habit, banks find it hard to give loans and other financial services to these businesses, therefore leading to collapse.
This is where Flex finance steps in as a solution, built for Nigerians by Nigerians.” Yemi said that Flex finance integrates the best anti-fraud technology used by top companies in the world to deliver seamless spend management, budgeting, and hitch-free payment.
He stated that Flex finance is an all-in-one spend management software equipped with a digital wallet to help Nigerian Businesses scale. With the Flex Finance app, business owners get to safely and conveniently manage their spending, make bulk transfers, track their expenses and approve and disburse requisitions from their smartphones or laptops with ease.
In contrast to using different digital platforms to carry out transfers, monitor requisitions and budgeting, Flex is a software that enables transfers, monitor requisitions and budgeting with a user experience optimised for quick and easy usage.
Speaking on the operations of the application, he added that it helps businesses easily categorise expenses as they spend, set budgets and get alerts which ensures businesses make decisions about spending while gaining 100 per cent visibility into company spending.
According to a user, Head of Operations, Sorties Logistics, it has been able to determine money spent running the businesses easily.
“I like how Flex Finance makes it easy for us to categorise expenses in our operations, with these we know the exact details of each money spent in our organisation, and I also enjoy their swift transfers.”