Visa and mobile loans provider Branch yesterday announced a partnership in which Branch would provide financing to merchants who accept payment via Visa. The loans will be provided with an aim of enabling the merchants to fund growth of their businesses through supplemental stock, infrastructure investment and other operational needs.
Through the partnership, the two companies intend to significantly reduce the cost of cash for the merchants. Eligible merchants will be able to access loans of upto Ksh. 30,000 which can be repaid within 6 months. The loans will be disbursed directly to the merchants phones.
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While speaking at the launch of the partnership, Visa General Manager for East Africa, Sunny Walia had this to say, “We are happy to work with Branch to offer seamless access to finance through our Visa network, as they seek to provide micro-credit facilities to merchants across Kenya. With this partnership, we seek to offer value beyond just transactions. We would like to help the merchants grow their business and drive financial inclusion among the small merchant segments that are often unable to access quick loans.”