Standard Chartered Bank has launched a KSh10 billion annual fund for small and medium enterprises (MSMEs) in Kenya through its B2B marketplace platform, Solv.
The platform, Solv, seeks to offer and aggregate services to transform businesses’ profitability, growth, and operational efficiency.
It aims to provide access to financing to over 100,000 Kenyan MSMEs by the end of the year, issuing over KSh10 billion annually in working capital financing.
During its three-month pilot period, it provided KSh150 million in loans to the MSMEs in the country that has already registered on the platform.
According to SC Ventures, the business unit that provides the platform for Stanchart to promote innovation and financial technology, MSMEs remain the most underserved industry segment despite their significant role and contribution to the economy.
Solv Kenya’s CEO Sheila Kimani, said that the platform is the first of several products planned for release to the market to promote MSMEs by giving them control, convenience, speed, and access to more financial and business solutions.
“We are excited to enter the market in a much bigger way now following a successful pilot of our initial product,’ Kimani said.
“Supply Chain Financing has seen over 3,800 MSMEs and more than 10 multinational companies participate and engage on the platform in ways that have altered the course of MSME business in Kenya.”
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Hailing some of the initiative’s benefits, the general manager of Outlook Index, Catherine Muchai, said their business had been impacted hugely since enrolling on the platform.
“I love the convenience and the choices my customers now have as they are now able to buy more stock using the working capital solution from Solv. I still look forward to what else they have in store for me and my business in the months to come.” Muchai said.
The platform’s launch in the country marks the initiative’s debut in Africa following a successful rollout to India’s 65 million MSMEs through an e-commerce platform since last year.
The platform is accessible through mobile phones and web-based applications.
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