|Posted by: Francis Onyemachi
Ovaloop Technologies Unveils Innovative Retail Operating System in Nigeria
Ovaloop Technologies has introduced a new retail operating system aimed at assisting retailers in Nigeria and across Africa in managing their inventory, payments, sales, and business reporting through a unified platform.
Growth in Nigeria’s Digital Payments Landscape Fuels Demand
The company highlighted that the expansion of Nigeria’s digital payments ecosystem has created a necessity for solutions that extend beyond mere transaction processing. This is particularly important for small and medium-sized enterprises (SMEs) seeking effective ways to manage daily operations.
Comprehensive Solution for Retailers
Combining key features such as inventory management, payment processing, accounting, and business intelligence, the platform allows retailers to produce accurate financial records, enhance operational efficiency, minimize internal fraud, and improve credit accessibility.
Nigeria’s Retail Market on the Rise
According to Finance in Africa, Nigeria’s retail market is projected to be the fastest growing in Africa in 2024, with modern retail sales expected to rise by 30.4%, reaching $13.2 billion.
Vision for a Modern Retail Economy
During the company’s launch event in Lagos, Ovaloop Technologies’ CEO and co-founder, Princewill Mba, characterized the platform as a transformative technology aimed at enhancing and formalizing Africa’s retail economy. He emphasized that the platform serves as an all-encompassing management tool for business operations.
Aiming for a Shift in Retail Management
Mba indicated that Ovaloop intends to evolve its focus from simply creating payment-processing products to developing technologies that enable retailers to oversee their entire business operations effectively. The formalization of retail processes would empower unbanked SMEs to engage with credit facilities, a critical hurdle for many African businesses.
Addressing Significant Operational Challenges
Recognizing a significant gap in inventory management solutions across Africa, Mba noted that many businesses still depend on outdated manual record-keeping and disparate software. He stressed the importance of understanding local business practices to develop a solution that manages operations comprehensively.
Leveraging Advanced Technology for Security and Integration
Daniel Kiranko, co-founder and chief technology officer of Ovaloop Technologies, added that the platform is designed for easy access and fortified with robust security measures to validate payments and detect fraud. Kiranko explained that Ovaloop Pay Protect ensures every transaction is linked to a verified payment, thus eliminating the complications of using fragmented tools.
Accessibility and Integration with Supply Chains
Accessible via web and mobile devices, Ovaloop provides users with a complete overview of their business from any location. Furthermore, the platform will integrate with various supply chains, granting users access to both domestic and international products.
Combating Inventory Loss and Fraud
Chairman of Ovaloop Technologies, Titilope Ejimagwa, emphasized that inventory loss and employee theft continue to pose significant operational challenges. Drawing from nearly four decades of experience in marketing and entrepreneurship, he noted the risks of losing stock to trusted employees, underscoring the necessity for integrated technologies like Ovaloop to enhance operational transparency and mitigate losses.
