Leap² Innovation Challenge on FinTech Theme: FinTech.
Every Year Over 100,000 SME's close business in Kenya due to lack of access to affordable credit facilities. We want to enable small businesses access instant working capital and stock so that they can continue to operate and make sales. Our goal is to grow our platform and advance loans to 500 new businesses.
There are many struggling small businesses that have potential to grow but cannot access loans and credit facilities from banks. Loniwa has built a platform to issue these businesses with instant working capital to purchase supplies/stocks. We also link all small businesses to suppliers near them to ensure they will always get stocks at discounts and on credit guaranteed by Loniwa.
With Loniwa, no business will hut down because the owner lacks capital to buy stocks or he/she does not have a relationship with suppliers; they register on Loniwa and immediately they can get stock for their shops from major suppliers.
Their goal is to connect every shop owner and small business in Kenya to Loniwa. They help them sell more by enabling them to operate without fears of ever running out of stock. They target to reach 500 small business owners in every estate in Nairobi by End of August 2018.