Pesapal and Sokohela Launch Credit Product for SMEs in Kenya

Digital payments company Pesapal has partnered with Sokohela, a digital credit provider to launch a new credit product for small and medium-sized enterprises (SMEs) in Kenya. 

The loan product will offer financing solutions for SMEs that face challenges in accessing credit from traditional sources.

Pesapal’s Founder, Mr. Agosta Liko, said that the launch of Pesapal Credit 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. We understand these challenges and have partnered with Sokohela to address them.’’ Mr. Agosta said.

‘’We’re all about our merchants being confident with their financial decisions and becoming world-class at what they do – regardless of their size. We design our tools on the Pesapal platform to help entrepreneurs achieve their business goals without overextending. Finance terms are transparent and easy to understand, supporting comfortable repayment management,”  he added. 

Pesapal Sokohela loan offers SMEs a range of benefits such as digital scoring, approval and disbursement of loans and flexible repayment plan of up to 12 months, among others.

Sokohela’s CEO, Mr. Nickson Onyango, said that the partnership with Pesapal 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 POS systems. This allows us to offer customized and affordable loans to SMEs based on their cash flow and business performance.

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