Helping MSMEs To Develop
Recently EFSA was contacted by Startwise, a new SA company dedicated to helping MSMEs grow. We look forward to talking to the founder Velly Bosega soon and reporting on his vision. Meanwhile, Kenyan fintech startup Paylend is helping MSMEs record data and access loans more effectively. Paylend is conducting surveys in Tanzania and Nigeria ahead of beta tests in those markets. Founded in 2019, Paylend specialises in digitising the manual, “black book” recording of data traditionally used by MSMEs. Businesses can access proper transaction documentation, enabling them to be bankable and giving them an advanced method for credit management. In its home market of Kenya, the startup has over 6,500 customers accessing goods and services or redeeming vouchers, via mobile app and USSD. So far, it has on-boarded over 2,000 premises. Paylend charges a percentage of its customer’s subscription fees, withdrawal fees, and commissions. It plans to expand to Nigeria, Tanzania, SA, and Zambia.
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