Two Kenyan fintech firms set to benefit from US grant
Friday, September 11th, 2020
Two Kenyan firms are among the beneficiaries of more than $2.5 billion (263 billion) development loans approved by the US International Development Finance Corporation (DFC) to support nine projects in Africa, Latin America and emerging markets across the globe.
Part of these loans will be used to support businesses in the wake of the Covid-19 pandemic.
E-commerce firm, Copia Global has loaned $5 million (Sh525 million) in equity to grow its mobile commerce platform and logistics network, which delivers essential goods like food, personal care products, and school supplies to low- and middle-income consumers in rural and peri-urban areas of Kenya.
Copia’s business model is designed to reach underserved communities including women and individuals earning less than $10 (Sh505) per day, with approximately 70 per cent of customers employed by small businesses or farms.
Another Kenya company, Kasha, an e-commerce firm dealing with women health and personal care products, has been given a $ 1 million (Sh105 million) loan in equity.
The funding will enable the firm to widen access to women and girls across Rwanda and Kenya to their products that include protective equipment.
Kasha’s mobile platform is accessible with or without internet or a smartphone, selling products directly to low and middle-income women.