By Opeoluwa Okudero 
As Africa’s trade ecosystem evolves, a growing number of startups are trying to address one of its most persistent hurdles: the shortage of short-term capital for SMEs engaged in cross-border trade. One of such companies is Liquify, a Ghana-based fintech, which is attempting to turn unpaid invoices into investable assets.
The startup recently raised new funding to grow its team, enhance its technology, and expand to Nigeria and Francophone markets. But Liquify’s journey also reveals just how fragmented and complex the trade finance problem is in Africa.
At the Heart of the Problem: Cash Flow Delays
Exporters across Africa often wait months to get paid after shipping goods. This working capital gap, exacerbated by FX volatility, trust issues, and documentation problems, forces many SMEs to either scale down operations or rely on expensive informal loans.
Liquify’s approach of digitising receivables and offering upfront cash to exporters—mirrors similar models seen in developed markets. However, implementing this at scale in Africa brings unique hurdles.
What This Signals About Africa’s Fintech Evolution
Liquidity for SMEs is a recurring theme in African fintech innovation—from invoice financing to embedded credit. But most solutions remain niche and experimental.
The interest in turning SME invoices into an “asset class” highlights a growing desire to unlock capital through alternative channels—but whether models like Liquify can overcome trust deficits, data scarcity, and inconsistent enforcement remains to be seen.
Looking Ahead
Liquify plans to test new structured financial products, improve its AI risk engine, and simplify trade documentation for exporters. But its success—or failure—will likely mirror broader industry challenges: getting informal economies to adopt formal rails, and getting investors to see African SMEs not as a risk, but as a reliable return.
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