Creative control is the ultimate incentive for individuals who want to live and work independently. Being your own boss who works on your own time is the 21st-century definition of freedom, and many freelancers crave the opportunity that this freedom brings.
However, financial control is one of the most stubborn challenges freelancers face in their pursuit of creative freedom. Getting paid on time is a human right that too many brands or clients avoid without consequence. Luckily, there is an inspiring tech solution with the potential to put some respect back into the freelancing game.
As we reflect on the importance of Human Rights Day in South Africa, we spoke to freelance consultant Thulani Masebenza. As one of the founders of invoicing tool Moya Money, he is a believer in putting money into the pockets of dreamers. Moya Money presents a solution that will prevent benefactors of our creative talents from exploiting us and our art.
Who and what is Moya Money?
My co-founder Sabica and I started Moya Money in 2021 with this mission in mind: to make self-employment sustainable in Africa by making it easier for money to flow in the gig economy across the continent. We were both freelance consultants and recognized a massive gap in the market to provide financial services to freelancers. Every year, businesses make $28 billion in payments to 120 million African freelancers. In addition, we aim to make this easier for businesses to do since it currently takes them 4-5 business days a month. This is because approval of rates & hours for multiple freelancers is burdensome.
The lack of solutions to pay multiple freelancers at once and back & forth emails to verify information are a problem Moya Money can solve. Additionally, in our South African market, clients owe 97% of freelancers money outside of payment terms, adding up to $200M annually in late invoices. Naturally, we want to solve this problem.
Freelancing and remote working have grown exponentially among African creatives. What do you think we need to understand about running a creative business to be successful?
To successfully run a business, you need systems to collect payments from your clients, track outstanding payments from clients, and manage/categorize expenses. Furthermore, you need to learn to outsource work such as tax or other necessary legal support. Millions of creatives express their gifts through design, music, film or art. However, most don’t have a system allowing them to run their business optimally. The admin of running a business, such as invoicing and managing expenses, does not interest creatives. Instead, they just want to focus on their craft and put aside most of their time to be creative.
What are some of the features of the Moya Money App that can help to build a successful creative career?
The Moya Money platform enables businesses to manage their freelance or independent workforce. Automated invoices, created templates, and sharing links with the freelancers create smooth business flow. Our product is a Business-to-Business to consumer platform. We offer features to both businesses who manage and pay creatives, as well as creatives themselves. This allows businesses to receive errorless invoices from the freelancers they work with and pay these invoices easily on the platform.
The platform empowers creatives to accept invoice requests from their clients who use the Moya Money platform. Similarly, they can create and send invoices to clients outside of the Moya Money network. Early payment requests on any invoice processed through the platform set Moya Money apart. Essentially, they get paid before payment terms. Freelancers can also request early payments to free cash flow to execute projects, such as photography or videography projects which require equipment to execute the work.
The Moya Money has seen a massive uptake in photographers, cinematographers, and influencers using their services. Hopefully, in the next few years, it will be an all-in-one solution for creative freelancers in a variety of creative spaces. Besides, the size and needs of each creative project differ, and the platform wants freelancers to have the money they need when they need it.
Creatives and independent workers do not have the same guarantee as full-time workers, and Moya Money intends to push the creative economy in the direction of better month-to-month financial security.
Getting paid on time is the human right of every influencer. As one of the founders of Moya Money, what have you learned about the relationship between freelancers and money?
Getting paid on time is definitely a human right which is why our value proposition to creatives is – get paid on time, every time. This is very important on the business and personal level for creatives. Late payments or lengthy payment terms from their clients hold many creatives’ cash flow. Unfortunately, this makes it difficult for them to operate and generate more income. Most creative work requires the hiring of equipment or booking studio time upfront. Consequently, Moya Money’s services must honour that need. Cash flow held up from previous projects inhibits the progress of future projects.
On the personal side, creatives have unpredictable incomes, and not getting paid on time worsens the problem. It makes it difficult for them to budget, pay rent, and access financial services such as credit and financial planning. This leads to financial instability and causes situations where creatives might be earning the same amount as full-time employees but do not enjoy the same level of financial security as them.
Which milestones and achievements by Moya Money thus far make you most proud?
We were enlisted as the first South African startup into the global fintech incubator Tenity (formerly F10) as part of their Spain batch II cohort in Barcelona. Since then, we have had five business clients who have a network of over 7500 freelancers. We are currently one of 29 startups across the continent to be part of the Multichoice Africa Accelerator programme.
The team has processed more than half a million rand worth of payments on our platform, attained strategic investment and built a facility where creatives can request early payments. We secured a prudent partnership with Business and Arts South Africa. On the digital content front, we run our monthly Coffee & Convos event. So far, it has created over R75 000 worth of opportunities for freelancers.
Furthermore, we will launch the final version of our app to market in June/July. It is a future milestone we are excited to reach after just two years of existence.
According to StatsSA, 34% of the population is estimated to be working as freelancers. How can Moya Money empower them to make the most out of their creativity through your services?
We empower freelancers by providing them with a means to request early payments from their clients. We understand that the gig economy functions on access to high-quality equipment for gigs. Our early payments solution takes the stress out of waiting, ensuring the project remains on schedule. Therefore, the hassle of creating spreadsheets and miscalculating expenses is a thing of the past.
We’re building a network of freelancer-friendly businesses and will eventually be able to provide users of our platform with exclusive access to gigs and opportunities. Lastly, we also empower creatives by enabling them to verify the clients they work with. Lastly, we supply employment contract templates to have solid agreements with the clients with whom you can collaborate and engage.
If I want to use Moya Money for my business, where do I start?
You can get started with Moya Money by simply signing up on our website – https://www.moya.africa/. A member of our team will contact you to confirm your successful onboarding to the platform. If you have any questions, our team is on standby to assist you with whatever you need. We invested in creating a community hub through an event called Coffee & Convos. It is a networking event involving coffee, conversation and building connections between businesses and freelancers. Business and Arts South Africa is a proud supporter of Coffee & Convos.
Also, we’ll be having our next conversation at Regent Business School on the 13th of May, under the theme, ‘The Art of Business’. You can sign up for our newsletter to get updates on this event here – https://www.moya.africa/#moya-sign-up
You can get paid on time every time, too. So, Follow Moya Money on social media to learn more.
