• LooseChange, founded in 2019 by Michael Okoye, enables small businesses to accept digital payments directly from smartphones without extra hardware.

• The platform centralizes billing, customer data, and accounting to simplify daily financial management.

• Okoye aims to make LooseChange a one-stop digital tool for SMEs to track sales, manage receivables, and generate financial reports.

Nigerian entrepreneur Michael Okoye is reshaping how small and medium-sized enterprises (SMEs) record and collect payments through LooseChange, a fintech startup that turns smartphones into payment terminals.

Okoye, who serves as founder and CEO, launched the company in 2019 to help business owners manage transactions, invoices, and customer data from a single interface.

LooseChange’s technology allows merchants to accept digital payments, issue invoices, and maintain simplified accounting records using only a smartphone—eliminating the need for traditional point-of-sale terminals.

The solution consolidates financial operations and automates processes such as invoice generation, receipts, and transaction tracking. By doing so, the platform reduces equipment costs, enhances payment traceability, and improves cash flow management for small businesses.

LooseChange’s system integrates sales tracking, receivable management, and financial reporting across all payment methods. The platform positions itself as a digital one-stop shop for business operations, helping SMEs move toward financial transparency and efficiency.

Okoye’s approach reflects a broader trend in Africa’s fintech ecosystem, where startups increasingly focus on low-cost, mobile-first payment solutions to serve the continent’s vast informal and small-business sectors.

Beyond fintech, Michael Okoye sits on the board of the Nur Outreach Programme for Drugs Education & Reintegration, a Nigerian nonprofit focused on drug prevention and mental health care.

A graduate of Caritas University with a bachelor’s degree in electrical and electronic engineering, Okoye began his career in 2012 as executive development manager at Pyrich Group, a software and IT consulting firm.

In 2015, he joined Topaz ICT Solutions as business development manager, a position he held until 2019. He also served as programs head at the National Youth Council of Nigeria in 2018, reflecting his growing involvement in youth and technology initiatives.

This article was initially published in French by Melchior Koba

Adapted in English by Ange Jason Quenum