Rollpay Africa Wants to Revolutionize Payments in the African Film Industry
Rollpay Africa Wants to Revolutionize Payments in the African Film Industry
The product is described by the company as the solution to the relentless payment process inefficiencies that have continued to plague the African film industry.
For three years, Filmmakers Mart has served the African film market, connecting filmmakers to full scale production needs via a virtual marketplace. Doing this has required the founders and team to interact more deeply with the space, leading them to evolve their offerings as the business continues to go.
One of the many market needs the company is looking to solve for has required more than a simple iteration of its existing products but the introduction of a new one. The newly-launched payment product for film and production projects promises to streamline the challenges faced in financial processing and transparency within the creative industry.
The product – Rollpay Africa – is described by the company as the solution to the relentless payment process inefficiencies that have continued to plague the African film industry.
According to the CEO, Eric Kafui Okyerefo, “efficient payment solutions are a game-changer for the African film industry. Rollpay Africa not only streamlines financial processes but also builds trust and reliability among production teams.”
He added that the decision to build a new payment product, specifically for the film industry, was backed by deep research that showed that the issues of scheduling production payments efficiently in ways that are sustainable for the cast and crew, given the irregular nature of the work as well as other process issues.
“Rollpay Africa was created to streamline and enhance payment processes within the industry. Building this has been a sum of our experience [as Filmmakers Mart] serving the diverse needs of customers in the African film industry. During this period, we worked closely with producers, directors, actors, and other stakeholders, gaining invaluable insights into the industry's operational challenges,” Okyerefo said.
The company noted that during the research phase, it interacted with producers, directors, actors, and other stakeholders, identifying significant gaps in the existing payment processes.
“The industry was marred by delays, lack of transparency, and high transaction costs, which not only disrupted production schedules but also affected the financial stability of talents and crew members. These issues highlighted the urgent need for a more efficient and reliable payment system.
“Customers of Filmmakers Mart frequently requested a streamlined and reliable payment system that could cater to the unique demands of the film industry. They needed a solution that could provide timely payments, better transparency, and access to enhanced financial services. Driven by the quest to deliver value to the African film industry, the founders of Rollpay Africa set out to create a platform that would address these challenges.”
Some of the key features of Rollpay Africa include real-time payments, transparent tracking of payments, an automated payroll system, detailed financial record and tax remittance. The app also plans to roll out two additional features for creatives — tailored financial services and insurance pack.
The former will get creatives access to loans, pension plans, and other financial services designed specifically for the irregular income patterns of talents in the film industry while the latter will provide an opportunity for producers and production companies to purchase insurance packages for the cast, crew, locations and equipment.
The platorms is betting on its “transparent payment tracking system which will allow all stakeholders to monitor payment statuses and histories, fostering trust and accountability. By automating payroll processes, Rollpay Africa accommodates various payment schedules and terms, reducing the administrative burden and errors. The platform employs advanced security measures to safeguard transactions, protecting against fraud and ensuring the safety of financial data.”
Its CEO, Okyerefo, told In Nollywood that he hopes this transparency will reduce financial friction and enable producers to focus on creative and operational excellence, driving the industry forward. Additionally, providing access to tailored financial services such as loans and pension plans further supports the long-term stability and growth of African film talent.
Key stakeholders in the film sector share his hopes as the issue of payment, insurance and pension have remained heavy topics within the industry.
Award-winning actor, Chimezie Imo is excited about the project and looks forward to its impact in the industry. “This is one of its kind here, especially in the Nollywood industry and I think it a welcomed development as it would enable talents to get paid on time, there will be no stories with payment, and also might take the stress of going to banks and network issue from producers too.”
Uche Okocha, a film producer, adds, "This will be quite unique as there is currently no one-stop-shop with these features. I believe it will go a long way to help producers, line producers, production accountants, production managers, and Heads of Departments (HODs) track production costs, tax compliance, and other reporting needs for TV and film productions."
Rollpay Africa is looking to become an indispensable product for the African film industry and improve its payment systems one feature at a time.
Click here to see more on Rollpay Africa’s plans and to request a demo.
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