Solv Kenya, the Standard Chartered Plc-backed digital marketplace for small traders, has disbursed more than an eighth of its initial credit line a few months after setting up, signalling appetite for supply chain funding.
Solv Kenya CEO Sheila Kimani said the platform has issued Sh106 million loans, about 13.6 percent of initial Sh780 million from financial institutions for onward lending.
The cash has been wired to about 1,000 micro-, small- and medium-sized enterprises (MSMEs) signed up on the platform out of 3,300 traders nominated by suppliers.
“The reception has been amazing. I was on the ground last month meeting people along the entire value chain, and one common thing that came about is convenience,”Ms Kimani told Business Daily.
The fintech platform enables small traders to access funding based on their transaction history with the suppliers without the need for collateral.