Picture this: you’re a Nigerian facing the dreaded scenario of a failed bank transfer. Money deducted, but no value received. The frustration sets in as you embark on a journey of emails to customer service, hours on hold, and the uncertainty of when, or even if, your funds will be returned. It’s not just about the bank’s willingness to assist; it’s about navigating through a maze of fragmented financial data to resolve the issue.
Enter Recital, a promising Lagos-based startup on a mission to revolutionize the reconciliation process. Co-founded by Bobola Ojo-Ami and Cleopatra Douglas, Recital aims to streamline and automate the tangled web of financial transactions, making life easier for businesses and customers alike.
Ojo-Ami shares a personal anecdote about a failed attempt to top up his Airtel router, resulting in a loss of ₦30,000 and a frustrating ordeal of waiting for resolution. This experience reflects a common challenge faced by African businesses dealing with a multitude of payment sources, each with its own data format and reporting nuances.
Recital’s solution lies in centralizing financial data from banks, payment processors, and accounting systems, creating a unified view of transactions. Their cloud-based platform simplifies the reconciliation process, automating tasks that used to be manual and time-consuming. The heart of Recital is its automated reconciliation engine, capable of comparing records from multiple sources and currencies with remarkable efficiency.
But Recital doesn’t stop there. They also address chargebacks, the bane of merchants dealing with transaction disputes. Their upcoming chargeback module promises to streamline the evidence-gathering process, increasing merchants’ chances of winning disputes and safeguarding their revenue.
Cash management is another pain point Recital tackles, providing businesses with real-time visibility of their balances across various platforms and currencies. This feature empowers businesses to forecast cash flows, automate transfers, and maintain optimal balances effortlessly.
With a modular and volume-based business model, Recital offers clients flexibility in choosing the features they need, tailored to their transaction volume and requirements. The startup has gained traction, boasting of reconciling over a million transactions in under five minutes for clients, a testament to their efficiency and effectiveness.
While facing competition both globally and locally, Recital’s founders believe their deep understanding of Africa’s payment landscape and comprehensive platform give them a competitive edge. However, convincing African CFOs and operators to invest in back office automation remains a challenge, as operational infrastructure is often overlooked in the market.
As Recital continues to refine its offerings and adapt to evolving client needs, they are confident that their focus on the invisible work of financial operations will underpin Africa’s digital economy. The goal isn’t just about moving money faster; it’s about ensuring every financial transaction counts in driving Africa’s fintech evolution.
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