Pesapal, a renowned payment gateway in Kenya, has joined forces with Sokohela, a licensed digital credit provider approved by the Central Bank of Kenya (CBK), to introduce a new credit product aimed at assisting small and medium-sized enterprises (SMEs) in Kenya. This collaboration aims to provide swift and flexible financing solutions for SMEs that often struggle to access credit from conventional sources.
The Founder of Pesapal, Mr. Agosta Liko, emphasized that the launch of Pesapal Credit aligns with the company’s mission to offer innovative and inclusive payment solutions to businesses and consumers in Kenya. He acknowledged the difficulties faced by SMEs in obtaining credit due to exorbitant interest rates, stringent collateral requirements, lengthy procedures, and lack of financial records. In response to these challenges, Pesapal has partnered with Sokohela to address them.
The goal is to empower entrepreneurs of all sizes, ensuring that they can make informed financial decisions and excel in their respective industries. The Pesapal platform’s tools are designed to assist businesses in achieving their objectives without overextending themselves, with transparent and easily understandable finance terms that facilitate comfortable repayment management.
The Pesapal Sokohela Loan presents several advantages for SMEs, including digital scoring, approval, and disbursement of loans, competitive interest rates, flexible repayment terms of up to 12 months, no collateral or guarantor requirements, transparent pricing with no hidden fees or charges, and online application and loan management via the Pesapal Platform.
Mr. Nickson Onyango, CEO of Sokohela, highlighted that the partnership with Pesapal strategically utilizes Pesapal’s vast network of merchants and customers across various sectors such as hospitality, retail, education, and travel. By collaborating, the two companies aim to unlock new capital streams for SMEs, enabling them to scale their businesses efficiently.
Mr. Onyango expressed excitement about partnering with Pesapal, a trusted and reputable payment service provider in Kenya. Together, they aspire to reach out to more SMEs, offering them convenient and affordable credit solutions tailored to their specific needs. This collaborative effort not only supports SMEs but also contributes to the social and economic development of the country.
The Merchant Credit solution provided by Pesapal is powered by the company’s proprietary credit scoring algorithm, which analyzes transaction data from various sources such as mobile money, e-commerce platforms, and point-of-sale (POS) systems. This comprehensive evaluation allows Pesapal to offer customized and affordable loans to SMEs based on their cash flow and business performance.
Pesapal stands as the largest payment gateway in Kenya, boasting thousands of merchants and consumers across East Africa. It offers a wide range of payment products and services to individuals, businesses, and institutions, including online payments, point-of-sale payments, mobile payments, bill payments, and event ticketing.
Sokohela, on the other hand, is a digital credit provider that specializes in tailor-made loan products for SMEs in Kenya. Leveraging artificial intelligence and data analytics, Sokohela assesses the creditworthiness of SMEs and provides them with instant loans through mobile money platforms. The company operates under the authorization of the Central Bank of Kenya, ensuring compliance with regulatory standards.
The partnership between Pesapal and Sokohela demonstrates the power of collaboration in driving innovation and growth in Africa’s digital economy. By combining their expertise and resources, these two reputable companies aim to empower SMEs and contribute to the overall development of the Kenyan business landscape.
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