Olanrewaju Olamide and Sokoya Isaac, both nineteen years old, recently launched their indigenous invoice-generating app called ‘Billently’.
The duo, who started their friendship and eventual partnership at Badagry Grammar School, Lagos, explained that their app can best be described as indigenous because it is tailored to the needs of most SMEs in Nigeria.
Based on a report by PwC Nigeria, the rate of invoice usage among small and medium-sized enterprises shows a continued reliance on manual systems despite the country’s large business base of about 39.65 million MSMEs, which account for 96 percent of businesses and nearly 50 percent of GDP.
As revealed in the report, many SMEs still spend 10 to 15 hours weekly on manual invoicing and financial administration, indicating low adoption of digital tools. With most small and medium-scale businesses in Nigeria relying on informal methods like spreadsheets, WhatsApp messages, or the owner’s memory to track invoices and payments, businesses are constantly at the mercy of missed payments, poor financial organization, and stress. Ultimately, this manual approach leads to inefficiencies, including error rates of 3 to 5 percent, annual revenue losses of 5 to 10 percent, and delayed payment cycles of 45 to 60 days.
In contrast, findings from the PwC Nigeria research indicated that SMEs which use digital invoicing applications experience significant improvements, including error rates below 0.1 percent and payments were received 40 to 60 percent faster, often within 15 to 30 days.
Moreover, the adoption of digital financial tools was also linked to a 52 percent increase in revenue, highlighting the benefits of invoice-generating apps. With the planned nationwide e-invoicing mandate, adoption rates are expected to rise, helping SMEs improve efficiency, cash flow, and financial transparency.
Speaking about their latest creation in a virtual interview, Olamide and Isaac, disclosed that Billiently is an all-in-one solution for Nigerian SMEs and freelancers seeking to manage invoices, track payments, and stay on top of their business finances without needing complex accounting software.
In their very words, “the invoice generating app was designed to meet the needs of small and medium-sized businesses, including freelancers, since Nigeria is gradually entering the era of remote work, without breaking the bank or being extremely tech savvy.”
While speaking on the uniqueness of Billently and the features that set it apart from similar initiatives, Olamide, the technology lead, noted that the application maintains a very minimalist outlook, prioritizing functionality over complexity.
He further revealed that the application can be used seamlessly by any age bracket, no matter the level of literacy. “Anyone can use our application. The interface is smooth and straight to the point. With very simple steps, users can seamlessly generate their invoices, track payments, and manage bills. Additionally, Billently aligns with local tax requirements and real-world business practices,” he stated.
Looking at the future, both founders assuredly expressed optimism. Citing the prevalence of modern technology in global economic activities, they believe Nigeria will also catch up, stressing that Nigeria is already taking a giant leap into an era of technological advancement and innovation, especially since Artificial Intelligence (AI) is gaining grounds.
For Billently, they stated that the primordial objective remains the same: “keep it simple, easy to use and efficient.” Notwithstanding, Isaac, the co-founder and marketing lead, asserted that the grand plan for the app is to take it beyond core billing features to address other pain points for Nigerian business owners. “We plan to introduce financial summaries and reporting, better organisation for tax compliance, and other features that help business owners maintain better business relationships with clients,” he indicated.
As of press time, FTN confirms that Billently is currently being used by several SMEs across various states in South-West Nigeria.
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