Asilimia, a Kenyan Fintech digitizing payments for MSMEs, has launched Leja, a digital ledger app that allows business owners to manage their transactions in real-time. With the Leja app, Asilimia users will be able to create simple cash-based accounting records as well as keep a ledger of outstanding debits and credits.
In Kenya, many micro and small businesses are constantly excluded from access to capital and formal financial services due to lack of or poor financial business information. This has continued to be the case even with the unique economic and financial challenges presented by COVID-19. Despite the numerous loan commitments offered by lenders, 90% of MSMEs are still locked out because they have zero credit score, lack sales records, and have no collateral. Asilimia seeks to solve this problem, by enabling small scale entrepreneurs make the most out of their businesses.
“We are excited to introduce this feature into the market,” Tekwane Mwendwa, CEO and Co-Founder at Asilimia said. “It has come at an excellent moment to support our users formalize and digitize their business transactions as it will now be easy for them to track their sales and expenses and also follow up on what they are owed by customers.”
The Leja app users will also get to enjoy an integrated mobile money infrastructure that allows them to send and receive online payments with reduced transaction fees by up to 90%. The online payments can be channelled to access insurance and high value loans.
Currently, Asilimia’s growing active subscribers have recorded transactions with a value of more than Ksh. 1.9 billion ($17 million).