BUSINESS | NABUUMA | E-PAYMENT

KAMPALA - A Ugandan young entrepreneur has developed a new e-payment system aimed at boosting the Business-Business (B2B) space.

Dr. Shamim Nabuuma, the founder and CEO of the CHIL Artificial Intelligence Lab Group and a co-founder of Solerchil Technologies, says the new “Our Buy Now, Pay Later” solution eliminates all the burdens and risks associated with offering payment terms online.

This solution will be allowing all B2B dealers instantly offer credit terms at checkout even when the customer is trading with them for the first time.

Nabuuma’s innovation comes in as a timely solution as many merchants and business people do their businesses online.

Now many people no longer have to incur travel costs to purchase any merchandise within any part of the country and abroad since everything can be done online.

“After COVID-19 we realized many suppliers needed a solution through which they can conduct their businesses, as many people were now going e-Commerce. We think this is going to work effectively,” she noted.

While unveiling the solution at her office in Kampala, Nabuuma revealed that her company has so far raised $300,000 (about sh1.2b) in pre-seed to support its mission of revolutionizing B2B payments.

This round was led by Sufishent LLC and comes at the time when the company is expanding its service offering to support business operations.

Nabuuma explained that she intends to use the proceeds of the pre-seed funding to further develop digital credit technology for her company and expand its services across Africa, Europe, and the Middle East, towards the growth of B2B commerce space.

The CHIL Food Center is a B2B AI-powered conversational e-Commerce platform that simplifies the supply chain directly with food suppliers and food retailers in Africa, Europe, the Middle East, and Africa.

Nabuuma stressed that the solution can be integrated easily via APIs into existing e-commerce platforms and marketplaces.

APIs are mechanisms that enable two software components to communicate with each other using a set of definitions and protocols.

“We understand that trade credit is critical to supply chains, and Solerchil Technologies is solving this problem. That is why we are happy to be part of this and hope to lead even more rounds,” Richard Scott Johnson, a partner investor at Sufishent LLC said.

Who is Nabuuma?

She was appointed the African Representative on the Commonwealth Youth Council (CYC) Executive Committee.

In 2020 she became the first Ugandan to make it on the cover of Forbes Magazine, for her selection in the magazine’s Africa 30 under 30 list.

In 2021, Nabuuma who holds a Bachelor of Medicine and Bachelor of Surgery at Makerere University was selected by the Bloomberg New Economy as one of the extraordinary individuals forming the inaugural class of catalysts.