Saturday, December 3, 2022
  • Pezesha is solving this by incorporating various blockchain technology and their robust API-driven credit scoring technology.
  • The Kenyan fintech plans to create $100 million in financing opportunities yearly for businesses.
  • The decentralized application has provided over 75,000 loans to MSMEs, and the company has taken the initiative to educate over 200,000 MSMEs while disbursing around $2 million across Kenya.

Decentralized Applications(dApps) have hoarded the stoplight of the tech world for some time. Through its fundamental utilization of blockchain technology, dApps have been utilized in the crypto space for some time.

It is also not news that Africa is currently a gold mine regarding cryptocurrency. Many African countries have taken the necessary treads to be viewed as Africa’s Tech Hub. Still, today, we will only focus on the Pezesha application, a Kenyan fintech. Also, we will highlight its recent achievement that some might say is a course to promote women’s empowerment.

Pezesha’s History

In 2017 Hilda Moraa found Pezesha within Kenya. From the get-go, the decentralized application aimed at being the first Africa-focused digital financial marketplace. The Kenyan Fintech has built a substantial network that connects Small and Medium-sized businesses to working capital from banks, microfinance and other financial institutions.

Its primary focus is aiding underfunded and underserved African markets. Over the years, it has relied on its partners and customers to provide and produce credit scores and access when purchasing additional inventory.

Pezesha’s team works relentlessly to achieve its goals.[Photo/CeoBusinessAfrica]

It has utilized various blockchain technology within its systems enabling its array of investors to rely on accurate algorithms that account for risk while lending to small secure businesses. Since its launch, the Kenyan fintech has allowed both traditional and non-traditional institutions to offer working capital to MSMEs. 

The decentralized application has provided over 75,000 loans to MSMEs, and the company has taken the initiative to educate over 200,000 MSMEs while disbursing around $2 million across Kenya.

Pezesha’s Achievement

In an interview with TechCrunch, Moraa, the CEO and founder of Pezesha, said, “The opportunity, impact and effect of solving work capital problems for SMEs are huge. We are solving the main cause of such problems: information asymmetry issues to provide quality, responsible and good borrowing.”

 She further stated that Pezesha is solving this by incorporating various blockchain technology and their robust API-driven credit scoring technology. The Kenyan fintech has had multiple achievements over the years. It started by winning the AFI Inclusive FinTech Showcase.

Read Ethereum mining; a beginner’s guide to get you started

Its team could capture the AFI member’s attention and draw in the expert judges with their powerful pitches on how to solve various financial issues through blockchain technology. Its winning concepts involved promoting youth and women empowerment by having a customer base of 80% youth and 60% women.

The company Dapp successfully secured a seven-figure seed extension led by GreenHouse Capital. Venture Garden Group also added to it as an “on-lending liquidity support”.

The funding aided the Kenyan fintech in expanding its reach all across Africa. Ruby Nimkarr even stated that Pezesha is breaking down the barriers that have plagued SMEs’ finances by taking an ecosystem approach to the problem of accessing capital.

In recent news, Pezesha raised $11 million from a series led by Women’s World Banking Capital Partners and the Cardano blockchain builder, Input Output Global(IOG). The series also included additional partners such as Verdant Frontiers Fintech Fund and Cfund.

With these funds, Pezesha aims to expand its operations to other countries such as Nigeria, Rwanda and Francophone Africa. This was a big stepping stone for Kenyan fintech and its decentralized application.

Steps to promote women’s empowerment in Africa

It is no news that Pezesha’s customer base mainly targets women. It recently announced its aim to focus on women entrepreneurs. Some women might have difficulty accessing funding from a formal banking system. This move is viewed as a way to focus on improving women’s empowerment, especially in Africa.

Offering them a way to access capital gives African women a means to realize their goals and business ideas. Most youths and women are eager to create a brand launch and start SMEs and small businesses in hopes of being the next big thing.

The Kenyan fintech plans to create $100 million in financing opportunities yearly for businesses. Targeting women entrepreneurs promotes Africa as a nation but creates a platform where individuals can prosper equally regardless of gender. 

Read: Blockchain technology; The basis of Kenyan applications

This vision is made possible since the company is currently working with over 20 partner companies enabling it to extend loans to over 100,000 SMEs and MSMEs. These numbers will grow over the years as Pezesha has plans to scale operations significantly. It opens its reach by establishing new markets within Sub-Saharan Africa and West Africa.

Christina “CJ” Juhasz, the chief investment officer of Women’s World Banking Asset Management, stated that Pezesha is working non-stop to deepen the range of financial products offered to women-owned MSMEs.

Conclusion

The decentralized application has utilized various blockchain technology to achieve these goals. The business has proved its worth by constantly outdoing itself. It has raised enormous figures with Seedstars, GreenHouse Capital and Consonance Investment Managers. Morraa further stated that they have a suitable business model and will continue to find investors with similar goals and values.

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