Tech

Kenya’s digital credit provider MyCredit secures $3m in debt funding

Published

5 months ago

December 31, 2023

Kenyan digital credit provider, MyCredit Limited, has announced raising the sum of $3 million in debt funding from impact investment firm, BlueOrchard.

MyCredit CEO, Wangaruro Mbira, who made the announcement, said the non-bank financial services company would use the new funding for onward lending and scale up its operations in the country.

“MyCredit Limited intends to offer affordable and medium-term financing of up to a maximum period of three years to its customers who are in the education sector,” he said.

“The company is specifically targeting private school owners seeking both secured and unsecured funds. They can borrow up to between Ksh1 million to Ksh5M secured funds. This will be done through its newly launched education product known as ‘Kuza Elimu Loan’.

“We have over 10,500 customers and we will be opening more branches gradually in all the 47 counties and commercial centers to be able to reach more entrepreneurs in the education sector”, he added.

According to Mbira, the funding is coming a few months after MyCredit also received a $2.6 million loan facility from a social impact investor and worldwide cooperative, Oikocredit, with the aim of funding SMEs in Kenya.

“MyCredit’s mission to support businesses and local communities to achieve greater financial freedom through tailor-made loans to small and medium enterprises (SMEs), professionals and civil servants.

“With this investment, MyCredit will continue to improve access to capital for SMEs in a fast, convenient and affordable way”, he said.

Related Topics:Featured Funding Kenya Mycredit

Click to comment

Tech

Google relaunches Hustle Academy with AI focus to empower African SMBs

Published

8 hours ago

May 16, 2024

Akanimoh Etim

Google has relaunched the 2024 cohort of its Hustle Academy, a programme dedicated to accelerating the growth of small and medium-sized businesses (SMBs) in Sub-Saharan Africa.

Making the announcement on Thursday, Google said it is opening of applications for the Hustle Academy with a special focus on using Artificial Intelligence (AI) to provide comprehensive business education, mentorship, and networking opportunities to SMBs.

According to Kristy Grant, Head of B2B marketing for Sub-Saharan Africa at Google, the 2024 cohort of the programme introduces a significant upgrade – business-focused AI training integrated directly into the curriculum.

“This year, the new AI modules focus on data-driven decisions, optimising operations, and building AI-powered marketing strategies,” Grant said.

“AI holds immense potential for African small and medium-sized businesses SMBs, enabling them to drive innovation, increase efficiency, and unlock new levels of economic growth.

“The Hustle Academy has supported over 10,000 businesses who have gone ahead to raise funding and create jobs since inception.

“By incorporating AI into our curriculum, we aim to further amplify this impact, equipping SMBs to harness AI technologies for improved business performance and economic progress,” Grant emphasized.

She added that applications for the 2024 Hustle Academy cohort are open to SMBs in Kenya, Nigeria, and South Africa.

Tech

Latin America’s biggest payment processor PayRetailers expands into Africa

Published

1 day ago

May 15, 2024

Akanimoh Etim

Latin America’s biggest payment processor, PayRetailers, has announced its expansion into Africa with coverage across four countries, Rwanda, Zambia, Uganda, and Tanzania.

A statement by its Chief Operating & Digital Officer, Lorenzo Pellegrino, said by expanding into Africa will offer customers a unified payment solution that will be a game changer for cross-border online merchants looking at Africa as their next move for strategic growth.

He said to strengthen its presence in the continent, PayRetailers is activating its payment processing functions that will “offer a simple, user-friendly, and scalable experience to businesses looking to grow their regional operations and give them access to major local methods like SPENN, Airtel, and MTN.”

“This market is increasingly connected and mobile and destined for strong growth, which is why PayRetailers, in its mission to increase financial inclusion and continue supporting business growth in emerging markets, has decided to activate its networks in the region and drive this exciting era of prosperity,” Pellegrino said.

“As a part of our strategic expansion, we are extending our coverage to four markets in Africa, at least to start with. Over the coming months, we plan to steadily expand our operation in the continent, which is experiencing incredible growth in the payments industry and has massive potential for merchants looking to diversify and broaden their consumer base.

“Using the stellar and continuous growth we have experienced in LATAM as our guide, we are well-poised to help businesses thrive faster and more sustainably.

“We recognize the immense potential and significance of venturing into these dynamic markets.

“Each new addition to our market coverage is a gateway into untapped opportunities and strengthened partnerships, ensuring our sustained growth and global relevance.

“Our imminent expansion into additional countries across West, North, and Southern Africa underscores our commitment to empowering our clients and connecting them with diverse consumer bases across the continent.

“From May onward, businesses will be able to operate in the region using PayRetailers for their online users, representing a major milestone for its client portfolio and its innovation strategy for 2024,” the statement said.