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IFC Loans DTB Kenya $50 million to Support SMEs Affected by the COVID-19 crisis

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IFC, a member of the World Bank Group, today announced a $50 million loan to Diamond Trust Bank Kenya Limited (DTB) to support its borrowers, especially small and medium enterprises (SMEs), who have been affected by the economic challenges of COVID-19. 

The funds, which will be directed to Kenyan businesses across a range of sectors, are being provided under IFC’s global $8 billion fast-track COVID-19 facility. The facility was launched in March to protect jobs and support businesses with working and trade-related capital as economies grapple with the challenges of the pandemic. 

Nasim Devji, Group CEO and Managing Director of DTB, said, “As an SME bank, we are aware that these businesses are among the hardest hit by the pandemic. This facility will enable us to help SMEs address their cash flow challenges, which is a key concern as businesses need easy access to short-term liquidity. We urge our SME borrowers to take advantage of the facility to ensure their survival during these tough times, as we remain committed to their development.” 

Manuel Moses, IFC Country Manager for Kenya, said, “IFC’s partnership with DTB Kenya is part of our strategy to help businesses in Kenya manage the impacts of COVID-19 so they can continue providing essential goods and services. IFC is committed to helping countries across Africa meet the unique challenges of COVID-19 and also speed the process of recovery.” 

In April, Kenya’s Central Bank reported that SMEs had been hard hit by the economic slowdown caused by COVID-19 in part because of their challenges accessing fresh capital. The World Bank Kenya Economic Update projects that Kenya’s gross domestic product will fall this year due to the negative impacts of COVID-19, underscoring the urgent need to support the country’s smaller businesses. 

IFC has earmarked $2 billion of its $8 billion COVID-19 facility to the IFC Working Capital Solutions Program to provide funding to emerging-market banks so they can help businesses shore up their working capital.

 IFC COVID-19 facility will support existing clients in the infrastructure, financial, manufacturing, agriculture, healthcare, and other sectors vulnerable to the pandemic.

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Ajua Acquires WayaWaya for Seamless Payments Integration

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Ajua, the integrated Customer Experience Management solution for businesses in Africa, has acquired WayaWaya, the Kenya-based Artificial Intelligence (AI) and Machine Learning (ML) known for its innovative Janja platform, that enables borderless banking and payments across apps and social media platforms, for an undisclosed sum.

WayaWaya founder and lead Janja product builder, Teddy Ogallo, joins Ajua as VP of Product APIs and Integrations. 

The acquisition of WayaWaya allows Ajua to integrate Janja to automate much of the customer experience journey by integrating janja.me product into their product stack, closing the customer experience loop as the smart AI and ML built by WayaWaya gives SMEs the ability to automate responses and give the customer what they want, when they want it.

WayaWaya currently helps both individuals and businesses with intelligent messaging, across a number of social platforms, including Whatsapp, Facebook messenger, Telegram, and others, and allows its users to automate customer support and take cross-border payments. As well as its vast reach  with social platforms, WayaWaya is also integrated with global and African financial leaders including Mpesa, Airtel Money, Bankserv, First Data, Interswitch, Stripe, Flutterwave, Visa and MasterCard. 

Launched in 2012, Ajua was built to solve the customer experience gap for businesses on the continent to drive business growth. Ajua combines technology with customer experience, and has built a number of innovative products that deliver real time customer feedback at the point of service, for small and large businesses across Africa, with the goal to digitalize and  power  growth for over 45 million SMEs. Current Ajua infrastructure partners and clients include GoodLife Pharmacy, Standard Chartered, FBNQuest, Safaricom, Total, Coca-Cola and Java House. 

The acquisition of WayaWaya comes just one month after Ajua announced its partnership with Nigeria’s MTN for MTN EnGauge, an agile application that offers innovative customer management solutions. The platform enables businesses access to digital payments using a unique USSD code, CRM tools, customer feedback channels, debt management and tracking, business and product promotions through mobile and social media channels. Through its new product roll-out with MTN, Ajua is generating more data for its thousands of users, much of which can now be better automated and monetized through the products and services WayaWaya has built, including cross-border digital transfers, payments services and intelligent finance bots. 

Speaking on the acquisition, Ajua Founder and CEO, Kenfield Griffith says, “The acquisition of WayaWaya is an important milestone for us, as we make a significant leap in ensuring the customer experience journey for businesses across the continent is seamless. Integrating WayaWaya’s technology significantly complements our product suite and gives us the ability to automate our clients’ businesses and grow their revenues, which is an extremely powerful proposition for our customers of all sizes, across Africa. From our experience in this area, we understand the CX fundamentals that drive growth for our customers and we want to bring this intelligence to SMEs across the continent.”

“The additional reach this acquisition brings allows Ajua to scale significantly within the SME vertical, as we provide our customers today, and in the future, the tools they need to grow in Africa and beyond. We continue to be bullish on the point that customer experience and customer engagement are the engine for growth for businesses across the continent and they are disciplines that are critical factors in driving productivity and revenue growth”.  

The SME market in Nigeria alone is valued at $220 billion annually and projections reveal that businesses with Customer Relationship Management (CRM) have bolstered their productivity by 40 percent. Ajua, the leader in the technology-powered customer experience market for the continent, uses data and analytics to connect companies with their customers in real time, helping businesses to better understand the nature of their customers and subsequently increase sales through smarter experiences. 

Teddy Ogallo, founder of WayaWaya and new VP of Product APIs and  Integrations for Ajua adds, “Ajua’s focus on introducing and scaling customer service and customer experience for the continent – and essentially how they help businesses deliver excellence for their customers – is something my team andI have long admired. Seeing how WayaWaya’s technology can complement Ajua’s innovative products and services, and help scale and monetize businesses, is an exciting opportunity for us, and we are happy that our teams will be collaborating to build something unique for the continent”. 

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Facebook Rolls Out Instagram Lite to Sub-Saharan Africa and Other Emerging Markets

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Facebook has announced the launch of Instagram Lite to Sub-Saharan Africa, a new, lightweight version of the Instagram app for Android that uses less data and works well across all network conditions.

The new version of Instagram Lite for Android is less than 2MB in size, making it fast to install and quick to load. It also has improved speed, performance, and responsiveness. Instagram Lite not only works similarly to the Instagram app for Android, but it allows the Instagram experience to remain fast and reliable for more people, no matter what device, platform and network they use. 

Commenting on the rationale for introducing the app to Sub-Saharan Africa, Engineering Manager for Instagram Lite, Peter Shin said, “Connectivity in the region can be unstable, slow and expensive, making it challenging for people to have a high-quality Instagram experience. Many people were already familiar with the concept of a Lite app after the successful roll-out of Facebook Lite some years ago. We started testing the new version of Instagram Lite when people across the continent started asking for a Lite app for Android. The feedback was very positive and we are excited to launch it across the continent today”. 

“Our team aims to leave no one behind, so today we are very excited to bring Instagram Lite to people in over 170 countries, including the entire Sub-Saharan Africa region,” he added.

Instagram Lite is similar to the core Instagram app experience, though some features are not currently supported, such as Reels creation, Shopping, and IGTV. Instagram Lite is likely to gain appeal to users in locations with limited bandwidth or high data costs, especially in the developing world. 

Instagram Lite is currently rolling out in over 170 countries, and Facebook remains committed to building and improving the app to help everyone in the world connect to the people and things they love. 

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East Africa

Nokia and Airtel Kenya Lay 5G Foundations In Nairobi

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Nokia announced that it has been selected by African mobile operator, Airtel Kenya in a three-year deal to modernize Nairobi with high speed 4G and 5G-ready hardware from its comprehensive AirScale portfolio.

Deployment, which began in June, will cover hundreds of sites and include upgrading existing 2G, 3G and 4G radio access network (RAN) coverage in urban, semi urban, highways, tourist spots and central business districts in Nairobi and the rest of Kenya.

Nokia’s future-proofed network infrastructure will also offer Airtel Kenya the option to smoothly transition to 5G when necessary. The upgraded network will deliver enhanced connectivity to customers of Airtel Kenya and access to new, high-speed data services.

 Nokia is supplying Airtel Kenya with its AirScale Single RAN (S-RAN) portfolio for both indoor and outdoor coverage, including base stations and radio access products. These solutions will enable Airtel Kenya to deliver improved connectivity and capacity benefits including enhanced voice and data services to its subscribers while reducing complexity and driving cost efficiencies. The improved network will provide higher data speeds using additional 4G spectrum bands and provide access to secure, high-speed and reliable data services.

As part of the deal, Nokia will also deploy its cloud-agnostic NetAct software solution to securely manage Airtel Kenya’s networks. Nokia will also provide digital deployment, network planning and technical support services helping Airtel to launch its services faster to the market and ensure customer requirements for quality are met.

 P. D. Sarma, CEO, Airtel Kenya, said: “We are in the midst of rolling out our network to enhance coverage along with modernization of our data network that will help us to deliver improved, high-speed data services to our customers. This will allow our customers seamless coverage enhancing their browsing experience further. We are excited to partner with Nokia on this project. Its technology portfolio improves our network quality considerably and also allows us to move to 5G services in the future.” 

Rajiv Aggarwal, Head of CEWA Market Unit at Nokia, said: “This is an exciting deal in an exciting market. We are proud to supply Airtel Kenya with our comprehensive AirScale portfolio and support the operator with its efforts to deliver the best possible connectivity experiences to end users in Kenya. In a maturing market, we look forward to helping Airtel execute its strategy in the short-term as well as set it on the path to 5G services.”

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