Avenews, a multinational financial technology, has uilt the first financial super app for Kenya’s Agricultural Small and Medium Enterprises (agri-SMEs)
The super app provides a comprehensive financial management tool that enable advanced ML (machine learning) algorithms to process hundreds of data points and create personalized financial products, including access to digital credit.
The one stop shop assists agribusiness with operations and team management, as well as digital invoicing and payments.
“Agri-SMEs are the driving force behind Africa’s economic growth, but their financial needs often go unmet. With Avenews, agri-SMEs can finally make informed financial decisions and unlock a credit facility that will have them achieve their full business potential,” said Mr. Murai.
According to the World Bank, SMEs make up about 90% of business globally and employ over 50% of the workforce contributing up to 40% of the GDP in developing countries. However, agri-SMEs receive only 2-7% of total bank credit, An estimated 2.5 M agri-SMEs are in need of financing solutions in Sub-Sahara Africa alone, resulting in an $80 billion finance gap in the sector.
Avenews is providing a solution that includes an ML-powered credit platform for agri-SMEs to power their businesses, an operating system for agri-SMEs to manage their businesses, payments and digital banking services suitable for businesses and an API marketplace for third-party services.
“With the Avenews Super App, businesses can access the capital they need through a high loan value. We encourage agri-businesses to unlock their full business potential by downloading the application whether for loan application or any other services they might need,” concluded Mr. Murai.
Avenews has beem in the Kenyan market for over a year and based on the learnings and successes, the agri-fintech is expanding its market share in Kenya with its new industry-specific financial super app.