Aspira Kenya Launches Sh3M Asset Finance Program for SMEs

Buy now, pay later company Aspira Kenya has launched an Sh3 million asset finance program for small businesses.

Aspira’s Bizna facility will finance businesses for a maximum of twenty-four months at a two-percent monthly interest charge.

The funding would enable enterprises to purchase tools, machinery, workstations, and computers to boost production and growth.

“Since we launched our operations in Kenya, Aspira has been an ardent supporter of Kenyans, enabling access to funding for them to thrive. I am pleased to witness another milestone with the emergence of the SME Bizna financing offering in Kenya,” Cim Financial Services Group CEO Mark van Beuningen said.

“It is well poised and will be opening up new avenues to equip this underserved market with the necessary tools SMEs need to prosper in an innovative environment,” the CEO said.

Cim Financial Services Group, based in Mauritius, owns 100 percent of Aspira Kenya.

In order to service the qualified consumers, the startup claims it would provide real-time access to capital through quick 48-hour decisions across a 200+ partner network.

“Shouldering the SME sector is vital to safeguarding the current and future economic health of the Kenyan economy.”

“In order to ensure a robust business environment for SMEs, we must unlock their access to funding,” van Beuningen added.

In Kenya, SMEs account for 80% of all employment. This sector is creating a new middle class and boosting the demand for upcoming products and services as a result.

The informal sector, which is thought to make up 98 percent of enterprises in Kenya and account for 30% of jobs and 3% of the country’s GDP, includes the majority of SMEs.