Kenyan fintech startup Paylend, which is helping MSMEs better record data and access loans, is conducting surveys in Tanzania and Nigeria ahead of beta tests in those markets.
Founded in 2019 by Bendon Murgor and Eliutherius Juma, Paylend is digitising the manual, black book recording of data traditionally used by MSMEs. “Loss of the book or tampering with records becomes a source of conflict, leading to poor business relationships and huge loss of revenue.
This is the biggest problem that Paylend aims to solve,” Juma told Disrupt Africa. With Paylend, business owners can access proper transaction documentation, enabling them to be bankable and giving them an advanced method for credit management.
In its home market of Kenya, the startup has over 6,500 customers accessing goods and services, or redeeming vouchers, via mobile app and USSD. So far, it has on-boarded over 2,000 premises. The startup, which charges a percentage of a customer’s subscription fee to a shop, as well as withdrawal fees and commissions, is actively working on expanding to other markets.
“We plan to expand to Nigeria, Tanzania, South Africa and Zambia. We are already conducting surveys in Tanzania and Nigeria in preparation for a beta test in the last quarter of 2021. By the end of 2022, Paylend will be operational in three different markets – Kenya, Tanzania and Nigeria,” said Juma.