The FutureList – Step into the Future



Coverage of top innovators and technology trends from across The FutureList community

Digital Financial Management Scaleups Empowering Small Businesses in Africa

By Lucy Kinyua

This snapshot highlights two fintech scaleups that are using different technologies to empower small businesses in Africa to digitise their financial management processes through their software-as-a-service. 


Bujeti is a comprehensive financial management platform designed for African businesses that is based in Lagos, Nigeria. The company was founded in 2022. Their platform simplifies accounting, and expense management, provides corporate banking solutions, and offers real-time financial insights. 

Bujeti was founded by Cossi Achille AROUKO and Samy Paul CHIBA. Achille has over 9 years of engineering experience, including more than 3 years at Paystack, Achille is a 3-time founder in Fintech and AI. He led the Commerce/Subscriptions and Invoicing team at Paystack, while Samy holds two MSc degrees in Business Administration, and brings valuable experience from Ariane Group and previously served as the CEO of SmartSoft Europe. At Bujeti, he ensures smooth operations.

Bujeti has garnered attention for its user-friendly interface and intuitive design. Bujeti caters to a diverse range of industries, including Agriculture, Technology, Travel & Hospitality, Logistics, Healthcare, Manufacturing, Real Estate, Construction, Retail, Media, and Entertainment, and provides features such as cash management, expenses workflows, payments, including multi-currency payout, payables management, bank transfer, batch payment, bills payment; and corporate cards.


Oze is a transformative mobile and web application designed to empower small business owners across Africa by providing them with essential financial management tools and access to capital. Through its innovative platform, Oze enables users to track their business finances efficiently, make data-driven decisions, and unlock opportunities for growth. With its headquarters in Accra, Ghana, and a presence in Lagos, Nigeria, Oze is strategically positioned to support the growth of MSMEs across the region.

Oze was founded by Meghan McCormick and Dave Emnett. With a background in management consulting, Meghan is a systems thinker and strategist passionate about designing solutions that deliver real value to customers, and has positioned Oze as a leading provider of digital financial management solutions. Dave holds an MBA with a focus on Business Analytics & Marketing. With expertise in marketing strategy, Dave leverages his experience in marketing analytics and entrepreneurship to drive growth at Oze.

Oze serves as a comprehensive one-stop solution for small business owners, offering a range of essential services including bookkeeping, payments, and access to loans. By equipping entrepreneurs with the tools to manage their finances effectively, Oze empowers them to optimise performance, tap into networks, and access capital for expansion.

Furthermore, Oze collaborates closely with banks, fintech companies, and impact organisations to extend its impact and reach. Through partnerships with financial institutions, Oze provides a digital lending technology portal, facilitating profitable lending to SMEs. Leveraging credit scoring powered by machine learning, Oze enables lenders to make informed decisions, expanding access to credit for small businesses.

In addition, by partnering with companies and impact organisations, Oze offers tailored tools and products designed by experienced entrepreneurship support professionals. From providing value-added services to SME customers to delivering impactful monitoring and evaluation (M&E) and digital business education, Oze is dedicated to making small business programs a success.

Innovation Insights

In the business financial management sector, several innovative practices and technologies have emerged to address challenges and drive growth. Here are some notable examples:

  • Cloud-Based Financial Management Systems: Cloud-based platforms like Bujeti and Oze have revolutionised business financial management by providing anytime, anywhere access to financial data. These systems streamline financial processes, and offer real-time insights into financial performance.


  • Artificial Intelligence (AI) and Machine Learning (ML): AI and ML technologies are increasingly being integrated into financial management systems to automate repetitive tasks, analyze large datasets, detect patterns, and generate predictive analytics. These capabilities enable businesses to make data-driven decisions more efficiently and accurately.


  • Predictive Analytics and Forecasting: Advanced analytics tools enable businesses to analyze historical financial data, identify trends, and forecast future performance with greater accuracy. By leveraging predictive analytics, businesses can anticipate market trends, manage cash flow more effectively, and make proactive strategic decisions.


  • Open Banking and API Integration: Open banking initiatives and API (Application Programming Interface) integration enable businesses to securely share financial data with third-party applications and service providers. This interoperability fosters innovation, allowing businesses to access a broader range of financial services and customize solutions to their specific needs.

These innovative practices and technologies contribute to the growth of the business financial management sector by improving efficiency, reducing costs, enhancing decision-making, and enabling greater access to financial services. By leveraging these tools and embracing digital transformation, businesses can position themselves for success in an increasingly competitive and dynamic business environment.

Challenges and Future Outlook

The digital business financial management sector, while promising significant benefits in terms of convenience, accessibility, and efficiency, faces several challenges that need to be addressed for sustained growth and impact. Here are some key challenges:

  • Financial Inclusion: Despite the proliferation of digital financial services, significant portions of informal businesses remain unbanked or underbanked. Access to smartphones, internet connectivity, and digital literacy are barriers that need to be addressed to ensure broader financial inclusion.


  • Interoperability and Standards: Achieving interoperability between different financial systems and platforms is crucial for seamless transactions and data exchange. Establishing industry standards and protocols can facilitate interoperability and promote collaboration among stakeholders.

Regarding the future of the sector, innovations such as those seen with Bujeti and Oze indicate a move towards more personalised, AI-driven financial management solutions. These innovations leverage machine learning algorithms to analyze spending patterns, provide personalised recommendations, and automate financial tasks. Additionally, the integration of blockchain technology holds potential for enhancing security, transparency, and efficiency in financial transactions.

As these trends continue to evolve, we can expect digital business  financial management solutions to become increasingly sophisticated, inclusive, and integrated into everyday life, ultimately empowering business owners and finance teams to make smarter financial decisions. However, addressing the aforementioned challenges will be critical in realising this future vision.

Key takeaways from the innovations in the digital business financial management sector, exemplified by platforms like Bujeti and Oze, include:

  • Personalisation and Automation: These platforms leverage AI and machine learning to provide financial insights and automate routine tasks, offering users tailored recommendations and streamlined processes.


  • Financial Inclusion and Accessibility: Digital financial management solutions have the potential to broaden access to financial services, particularly in underserved communities, by leveraging mobile technology and innovative payment methods.


  • Collaboration and Integration: Open banking frameworks foster collaboration between traditional financial institutions and fintech startups, leading to a more interconnected and competitive ecosystem that benefits consumers and businesses alike.

The impact of these innovations on the sector is significant, driving increased efficiency, convenience, and empowerment in financial management. They enable individuals and businesses to make more informed decisions, optimise their financial activities, and navigate an increasingly digital economy with confidence.

Readers are encouraged to engage with the topic of digital business financial management, whether by exploring existing platforms like Bujeti and Oze, staying informed about emerging trends and technologies in the sector, or considering how they can leverage digital tools to improve their own organisations’ financial management practices.

Get innovation insights from The FutureList weekly. Subscribe to our newsletter here