A large proportion of B2B businesses in Nigeria still send paper-based invoices that are error-prone and take between 30-60 days to get paid.
The impact of this outdated system is far-reaching, often translating to trapped revenue, loss of productivity, and reduced efficiency.
Vendex’s Proposed Solution
Vendex is an invoicing infrastructure for African B2B Commerce. In more detail, it is an invoice and receivables management software that simplifies how B2B businesses bill, track orders, and get paid.
The Vendex platform automates the entire order-to-cash cycle including compliant invoicing, follow-ups, and robust cash flow forecasting.
Founded by Kene Ohaeri and a team of brilliant team of engineers and advisors, Vendex was born out of the need to help African businesses;
- Avoid late and lost invoices due to using paper-based systems
- Stay compliant through a library of templates/resources to help businesses in their intra-Africa trade.
- Eliminate cash flow crunch through their integrated invoice financing system.
- Cut administrative overhead due to manual data entry and reconciliation.
As many businesses struggle with cashflow crises, digitization deepens on the continent, and many governments in Africa seek to drive transparency by instituting e-invoicing mandates, Vendex promises a valuable and timely innovation.
How Vendex Works
In under 3 minutes, users can create their invoices, pass through compliance checks, send invoices, and do much more. The image below captures the Vendex framework
