Micro, Small and Medium Enterprises (MSMEs) in Kenya provide about 84% of employment according to the Kenya National Bureau of Statistics.
They contribute about 34% to the country’s GDP and their importance cannot therefore be gainsaid.
One financial technology company is at the forefront in helping MSMEs digitise their operations, and provide them with mobile loans to boost their business.
Asilimia (derived from Swahili word for ‘percentage’), started out as a solution targeted at reducing the transaction costs incurred while using mobile money (notably M-pesa, Airtel Money and T-kash).
Through their platform, they reduced the percentage of transaction costs to zero, thus the name ‘Asilimia.’
The company’s CEO and co-founder Tekwane Mwendwa graced TV47’s Morning Cafe. He explored the topic of funding for MSMEs, and the options available. Asilimia recently raised $2 million (KSh225 million) in pre-seed round, for increasing the loans portfolio to MSMEs and expanding in East Africa.