Paylend is digitizing the manual, black book recording of data traditionally used by MSMEs. So far it has digitized over 10,000 SMEs, providing an array of services including access to credit and crowdfunding tools. The US$2 million seed investment comes from Next Chymia Consulting HK Limited, an Asian company that provides blockchain applications, consultancy services and training to global entities. Paylend will use the capital to expand its operations in the Kenyan market and open new markets in Tanzania, Zambia, and Nigeria as part of its three-year growth plan. For a very long time, MSMEs have experienced stunted growth due to lack of efficient business tools or lack of funds. With Paylend, this will turn around by helping these businesses access affordable credit quicker thus allowing them to have liquidity thus ensuring business continuity. Additionally, alliances with strategic partners with similar goals to present business tools that ease operations of these MSMEs.
The formal banking landscape in Sub-Saharan Africa supports around 20 per cent of Africa’s bankable population, with most people excluded from access to finance and wealth creation, this is a massive opportunity for fintechs like Paylend. The power of technology in transforming communities, and Paylend’s model is doing that at a micro level, which is where a lot of work is needed if we are to drive digitization.