Challenges

Platcorp Holdings, founded in 2003, aims to bring access to financial services to the financially excluded and underbanked. In 2014, already established in Kenya, Tanzania and Uganda, Platcorp was eager to reach new African markets and to help more people and small businesses access the financial support they need, exactly when they need it.

When Premier Credit in Kenya launched a product called SupaKwik, the team had no idea it would become their key product. SupaKwik seeks to cater to unforeseen immediate working capital needs designed for customers whose businesses have verifiable daily cash flows, such as the MamaMbogas.

The MamaMbogas are women entrepreneurs in Kenya who run small grocery stores usually found on the side of the road. They start working early in the morning, which is when they take out a SupaKwik loan to pay for their stock. And even before the end of the day, MamaMbogas can start repayments.

Primary target

Which group does your product/service primarily target?

Description of Innovation

Platcorp Holdings, founded in 2003, aims to bring access to financial services to the financially excluded and underbanked. In 2014, already established in Kenya, Tanzania and Uganda, Platcorp was eager to reach new African markets and to help more people and small businesses access the financial support they need, exactly when they need it.

When Premier Credit in Kenya launched a product called SupaKwik, the team had no idea it would become their key product. SupaKwik seeks to cater to unforeseen immediate working capital needs designed for customers whose businesses have verifiable daily cash flows, such as the MamaMbogas.

The MamaMbogas are women entrepreneurs in Kenya who run small grocery stores usually found on the side of the road. They start working early in the morning, which is when they take out a SupaKwik loan to pay for their stock. And even before the end of the day, MamaMbogas can start repayments. Credit-line includes SME financing, deduction at source and asset backed financing and its value is built on speed. All funding is instant, transferred by mobile phone-based money transfer services.

Results

Platcorp Holdings, founded in 2003, aims to bring access to financial services to the financially excluded and underbanked. In 2014, already established in Kenya, Tanzania and Uganda, Platcorp was eager to reach new African markets and to help more people and small businesses access the financial support they need, exactly when they need it.

When Premier Credit in Kenya launched a product called SupaKwik, the team had no idea it would become their key product. SupaKwik seeks to cater to unforeseen immediate working capital needs designed for customers whose businesses have verifiable daily cash flows, such as the MamaMbogas.

The MamaMbogas are women entrepreneurs in Kenya who run small grocery stores usually found on the side of the road. They start working early in the morning, which is when they take out a SupaKwik loan to pay for their stock. And even before the end of the day, MamaMbogas can start repayments.