Tech in Africa
We earlier covered the pivot by Nigeria’s MVX Transit, a digital freight and haulage company to MVX. Often regarded as Africa’s “Uber for Ships,” the company has set its bet on international trade. As a maritime tech startup, MVX now has a presence in South Africa, Kenya, Ghana, Rwanda, and Tanzania. The platform is also introducing embedded trade finance services on its platform.
MVX has now partnered with PayHippo to expand trade finance opportunities for SMEs across Nigeria. This partnership looks to generate trade across Nigeria and create positive economic outcomes for Africa’s largest economy. The goal is to empower underserved SMEs with easy-yet-affordable collateral-free loans that look to supercharge their businesses and create economic opportunities for the company. MVX and PayHippo have also advanced $12,000 (₦5 million) in trade finance to an SME in Nigeria.
MVX’s Trade Finance Director, Abdelmuizz Bello, said the collaboration with PayHippo is “exactly where we want to be as a company.”
The WTO gives estimates 80 to 90 percent of global trade is reliant on trade finance. However, AfDB gives the financial shortfall at US$82 billion. Bridging this funding gap requires targeting Africa’s SME funding needs, making up 95% of businesses on the continent.
MVX connects SMEs to verified 3rd party financial partners who advance fast, easy, non-collateralized working capital. The digital solution offers integrated and seamless logistics and financing that advances credit to businesses to pay their customers and facilitates them in terms of logistics.
Since its inception, MVX has worked with over 200 businesses in sectors like manufacturing, oil & gas, construction, agriculture, and power. PayHippo is a Nigeria-based AI-driven SME lending platform.
