PesaPal, Sokohela partner to introduce Pesapal Credit

Editorial Desk
By Editorial Desk 4 Min Read

Pesapal has partnered with Sokohela to introduce a new credit product for small and medium-sized enterprises (SMEs) in Kenya.

This loan product aims to provide fast and flexible financing solutions for SMEs that struggle to access credit from traditional sources.

The launch of Pesapal Credit aligns with the company’s mission to offer innovative and inclusive payment solutions for businesses and consumers in Kenya, according to Pesapal’s Founder, Mr. Agosta Liko.

He acknowledges the challenges faced by SMEs in obtaining credit, such as high-interest rates, strict collateral requirements, lengthy procedures, and lack of financial records. To address these issues, Pesapal has partnered with Sokohela.

The goal is to empower merchants to make confident financial decisions and excel in their respective industries, regardless of their size. The Pesapal platform provides tools designed to assist entrepreneurs in achieving their business goals without overextending themselves. The loan terms are transparent, easy to understand, and support comfortable repayment management.

The Pesapal Sokohela Loan offers several benefits 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 without hidden fees or charges, and online application and loan management through the Pesapal Platform.

Sokohela’s CEO, Mr. Nickson Onyango, views the partnership with Pesapal as a strategic move to leverage Pesapal’s extensive network of merchants and customers across various sectors. This collaboration aims to unlock new capital streams for SMEs, enabling them to scale efficiently.

By joining forces with Pesapal, a trusted and reputable payment service provider in Kenya, Sokohela aims to reach more SMEs and offer them convenient and affordable credit solutions tailored to their needs. This initiative supports SMEs and contributes to the social and economic development of the country.

The Merchant Credit solution is powered by Pesapal’s proprietary credit scoring algorithm, which analyzes transaction data from various sources, such as mobile money, e-commerce platforms, and POS systems.

This allows Pesapal to provide customized and affordable loans to SMEs based on their cash flow and business performance.

Pesapal is the largest payment gateway in Kenya, serving thousands of merchants and consumers across East Africa. It offers a wide range of payment products and services, including online payments, point-of-sale payments, mobile payments, bill payments, and event ticketing.

Sokohela, on the other hand, is a licensed digital credit provider that offers tailor-made loan products to SMEs in Kenya.

By utilizing artificial intelligence and data analytics, Sokohela assesses the creditworthiness of SMEs and provides instant loans through mobile money platforms. Sokohela operates under the supervision of the Central Bank of Kenya.

Overall, the partnership between Pesapal and Sokohela aims to revolutionize access to credit for SMEs in Kenya, contributing to their growth and the development of the country’s digital economy.

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