PML Daily: 40 Days-40 Fintechs: How Social Lend Africa is closing financing gap for small businesses

by Mojaloop Foundation on June 17, 2020

Categories: In the News

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KAMPALA — While micro, small and medium enterprises account for over 80% of businesses in Uganda and employ the largest number of the country’s working population, they still find it hard to access bank credit. This is mainly because majority are informal, fragile, lack collateral and thus considered risky.

However, in a bid to close the financing gap and enable them continue playing their rightful role in Uganda, Social Lend Africa, a Financial Technology Company (FinTech) has democratized lending to ease access to credit, using a digital platform.

Through the platform, small business owners in need of credit are linked to lenders, so as to access affordably and conveniently, according to the Social Lend Africa co-founder and chief executive officer Marvin Peter Akankwasa.