Denis Opudo
SpacePointe is a Nigerian based startup that that develops products geared towards small and medium enterprises (SMEs) with their main focus on retailers. The startup’s partnership with the Edo State Government allows for easier tax collections and gives the government real-time visibility on all the collections completed. The company raised a funding of $1.2 million in June 2016.
According to SpacePointe chief executive officer (CEO) Sayu Abend, embezzlement of funds was a major issue related to revenue collections. By utilizing their platform, it implied that the money that was previously stolen could be accounted for properly. It was so successful that even the transport unions harmonized with the state to help them collect their union dues. SpacePointe currently has lined other Nigerian states that will be accommodated onto the platform and has so far processed more than one million transactions.
The number is expected to go up come 2018 by 10% if what is in the plans will be achieved. The company’s mode of enabling payments for the informal sector has been boosted by the collaboration with Edo State Government. SpacePointe now shifts its focus on higher growth come 2018. The company’s long-term goal is to enable payment for the African informal sector.
SpacePointe is looking forward setting up a strong focus on revenue automation as other states are online to launch their revenue automation program on their platform starting in the first quarter of 2018 that calls for a significant work to be carried out. The company is targeting 15,000 merchants come to the end of 2018. It now calls for the company to work hand in hand with Fintech and banking partners across Africa to achieve the target.
