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New credit product for SMEs in Kenya

from MARIA MACHARIA in Nairobi, Kenya
NAIROBI – SMALL and medium-sized enterprises (SMEs) in Kenya, facing challenges in accessing credit from traditional sources, have received a major boost.

Pesapal, a leading payment gateway, partnered with Sokohela, a digital credit provider licensed by the Central Bank of Kenya (CBK), to launch a new credit product.

Agosta Liko, Pesapal’s founder, said that the launch of Pesapal Credit is part of the company’s mission to provide innovative and inclusive payment solutions for businesses and consumers in Kenya.

“SMEs are the engine of our economy, but they often face difficulty accessing credit due to high-interest rates, stringent collateral requirements, lengthy procedures and lack of financial records,” the executive said.

“We understand these challenges and have partnered with Sokohela to address them. We’re all about our merchants being confident with their financial decisions and becoming world-class at what they do – regardless of their size,” Liko said.

Pesapal Sokohela loan offers SMEs a range of benefits, such as digital scoring, approval, and disbursement of loans, competitive interest rates, flexible repayment terms of up to 12 months, no collateral or guarantor required and online application and management of loans via the Pesapal platform.

Nickson Onyango, Sokohela’s CEO, said that the partnership with Pesapal is a strategic move to leverage Pesapal’s extensive network of merchants and customers across various sectors, such as hospitality, retail, education and travel.

“Our partnership is a testament to the power of collaboration in driving innovation and growth in Africa’s digital economy. We are confident we will unlock new capital streams for SMEs, enabling them to scale efficiently,” he said.

Pesapal is the largest payment gateway in Kenya, with thousands of merchants and consumers across East Africa.

Sokohela uses artificial intelligence and data analytics to assess the creditworthiness of SMEs and provide them with instant loans via mobile money platforms.

– CAJ News

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