Rinchi
TechInAfrica – 4G Capital has opened a new office in Kampala to support SMEs in the country. 4G Capital provides instant access to credit for small businesses in Africa, helping them to achieve growth and business scale.
The new office in Kampala is part of the company’s pan-African expansion plans. The new office will help 4G Capital to offer full and unsecured loans for small businesses in the country, helping them to achieve business growth in a shorter period of time.
The customer branches of 4G Capital in Kenya by the end of 2018 reached 70 while more than $21 million was disbursed over the course of the year. On the other hand, collection rates stand at 94.08%, which is above the national average.
4G Capital obtained a money-lenders’ license from the Uganda Microfinance Regulatory Authority (UMRA) and commence operations in two markets in Kalerwe and Nakawa, Kampala. The finance firm is currently expanding its operations across Uganda.
4G Capital’s B2B product, KUZA is a short term credit offered to retailers aiming at unlocking potential and increasing retail purchasing. By far, KUZA has been used by a number of distributors in East Africa and in the global.
According to the data provided by the SME Finance Forum, Africa’s MSME finance gap stands at $331 billion. Small businesses contribute to more than 50% of Africa’s combined GDP and over 80% of employment. However, many MSMEs in Africa still find it difficult to get financial support to grow their businesses.
Source: Kenyan-digest.com
