German-based SME lending platform Bitbond and African payment services provider BitPesa announced on Monday they have formed a new partnership to improve access to African SMEs financing.
Bitbond stated that by working with BitPesa, borrowers who receive funding on its lending platform can now have their loan paid out directly to a mobile money or bank account. BitPesa pays local currency out to the borrower’s preferred payment option within minutes. The integration between the companies is currently live in Kenya, Nigeria, Uganda, and Tanzania.
Founder & CEO of Bitbond Radoslav Albrecht stated:
“10% of our global user base comes from Sub-Saharan Africa. We are excited to work with BitPesa in this region because there is a huge unmet demand for small business financing. Together with BitPesa, we can significantly improve our service. This means that a small business owner from Kenya can receive loan funding from investors from all over the world via Bitbond and have the funds paid out to his mobile money account in 20 minutes. This is an unprecedented level of innovation and convenience in the entire online lending space.”
BitPesa founder & CEO Elizabeth Rossiello added:
“We are always excited to partner with companies that make doing business in Africa easier and more efficient. Our customers are businesses looking to grow across the continent and beyond. Better access to efficient financing is a tremendous way to boost their growth.”