The Fintech Industry in Africa has seen significant growth over the last decade with multiple players entering the market. Many have been created for consumer ease and others have focussed on international company payment solutions.
Adumo has a fairly unique position in the market with a complete focus on their client’s business needs as part of their company DNA, putting reliability and product innovation front and centre in the business priorities.
The agile Fintech claims the status of South Africa’s largest independent payment processing partner and have been operating in the Sub-Saharan market place for over two decades. The company now operates in 11 African countries with more than 70 000 active clients across multiple business sectors including travel & hospitality, food, retail FMCG, international brands, online retailers, pharmacy and medical services.
They focus on four areas of expertise:
- Payment processing and acceptance which includes Bank agnostic, mobile payment devices, card payments alternative payments such as QR code payments and also e-commerce payment solutions that includes end-of-the-day cash-up and full reconciliation facility. They also provide a unique interest free 3-months to pay option in their product portfolio.
- Pay-outs and incentives – with multiple easy to use options to incentivise clients with flexible pay-out solutions such as gift cards, digital incentive cards that can be used for awards and commissions, partner incentives or for performance recognition
- Business funding – in what must be one of the most innovative funding products in the market, Adumo offers businesses a cash advance funding product that allows customers using their payment facilities access to capital loans without a fixed payback period and is simply based on their card machine turn-over. Clients processing R30 000 ($1780) or more per month are eligible for a cash advance of up to 75% of their monthly turn-over available to them within 24 hours from application. Payback is linked to their card machine turn over and once 60% of the capital has been repaid the clients can re-advance the money as required. Some additional qualifiers exist.
Paul Kent, Adumo’s CEO states that “Micro to Macro, our payment solutions are tailor-made for every business. In terms of the Adumo clients he adds that “They are the beating heart of our business, that’s why we work at providing innovative, affordable payment solutions and expertise to our clients, no matter their business size”.
