PESAPAL AND SOKOHELA  LAUNCH  AN INNOVATIVE  SOLUTION   FOR SMES IN KENYA

 Pesapal ‘s  chief commercial officer,  Kevin Khaemba (centre )  engaging    customers   in Mombasa.

 Pesapal, a  payment gateway , has partnered with Sokohela, a digital credit provider licensed by the Central Bank of Kenya (CBK), to launch a new loan  product for small and medium-sized enterprises (SMEs) in Kenya. The   product will offer fast and flexible financing solutions for SMEs that face challenges in accessing credit from traditional sources. 

Pesapal’s founder, Mr. Agosta Liko, said that the launch of  this  product   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,” said Mr. Agosta  adding  that  Paypal   understands   these challenges,  hence  the  partnership  with Sokohela  in order  to   address them.

Benefits

The benefits of this product include : digital scoring, approval and disbursement of loans, competitive interest rates, flexible repayment terms of up to twelve months, no collateral or guarantor is required,  transparency  in pricing ( no hidden fees or charges) as well as  online application and management of loans via the Pesapal Platform.

 According to Mr. Nickson Onyango, chief executive officer, Sokohela, this   partnership  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. We are excited to partner with Pesapal, a trusted and reputable payment service provider in Kenya. Together, we aim to reach out to more SMEs and offer them convenient and affordable credit solutions that suit their needs. We believe that by doing this, we are supporting SMEs and our country’s social and economic development,” Mr. Onyango said.

The  merchant  credit solution is powered by Pesapal’s proprietary credit scoring algorithm that analyzes the transaction data of SMEs from various sources, such as mobile money, e-commerce platforms and point of sale  systems. This allows  Sokohela  to offer customized and affordable loans to SMEs based on their cash flow and business performance.

  Pesapal  offers various payment products and services to individuals, businesses  and institutions. They include :  online, point-of-sale , mobile  and  bill payments  as  well  as   event ticketing.