">
TechMoran
  • About Us
  • Jobs
  • Motoring
  • Money
  • Pitch Your Startup
  • Submit Your Post
  • Freelance Gigs
Wednesday, March 3, 2021
  • Startups
  • Reviews
  • Insider
    • Obituaries
  • Business
  • Women
  • Blockchain
  • Columnists
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
  • Classifieds
No Result
View All Result
TechMoran
">
Home Fintech

Invoiceworx is expanding credit lines to the financially excluded informal SME market in South Africa

Milcah Lukhanyu by Milcah Lukhanyu
4 years ago
in Fintech, Startups, Tech
5 min read
0
http://4526.com/short-loans/mx1157.html

http://4526.com/short-loans/mx1157.html

Siya Ntutela launched Invoiceworx to provide credit to the financially excluded market using a unique credit risk assessment to help SME’s that face great challenges in accessing trade finance with an unmet demand of US $120 billion in Africa (one-third of the continent’s trade finance market) and US$700 billion in developing Asia.

Speaking to TechMoran Ntutela said Invoiceworx sources credit lines with big suppliers then offers them to small retailers. The firm then makes money by negotiating trade discounts with its suppliers on the inventory sold to the small retailers. Invoiceworx has now on boarded one big supplier and will be on boarding 10 more suppliers as it moves towards signing up 1000 small retailer in six months.

“Invoiceworx is an inventory financing platform that provides working capital to small retailers in the township, peri-urban and rural areas. The platform also facilitates cashless transacting between the suppliers and retailers,” said Ntutela. “This eliminate the cash in transit risk for the suppliers. ”

The firm negotiates credit lines and trade discounts with big manufactures by leveraging the buying power of the buying group (small retailers) then extends this credit to small retailers that wouldn’t have qualified in terms of the credit criteria from the big manufactures. When approved, the small retailer collects or takes delivery of the stock.

The small retailers make repayments at Invoiceworx payment points at Shoprite, Checkers, Pep and Boxer stores among others. The small retailer can check their balance and order more stock using an Unstructured Supplementary Service Data (USSD) code e.g. 120675#.

Invoiceworx’s main competition comes from commercial banks and other online platforms which unfortunately do not cater for the informal market. Partnering with big cooperate institutions is not easy but Ntutela says the firm is showing them that there is value in the informal market by highlighting the plight of the financially excluded at a world stage.

READ  Breaking: Former Wananchi Group CTO Riyaz Bachani Joins Angani.co As COO

Invoiceworx is looking to raise capital soon and therefore sees its participation at Seedstars as relevant it at this moment as these might see cooperates and government open their doors to innovation and partner with local startups.

Related posts

Facebook Launches ‘LeadHERs, a Book Spotlighting Female Leaders from across Africa

March 3, 2021
0

Africa Prize 2021 selects innovators to pitch for £25,000 Africa Prize for Engineering Innovation

March 3, 2021
0

Raise raises $25K from Microtraction to build Africa’s biggest platform for equity & fundraising

March 2, 2021
0

Angola’s crowdfunding startup Deya raises $50,000 pre-seed financing round

March 2, 2021
0

Ntutela’s journey has just began. After resigning from banking, he started a consultancy company that provided due diligence and credit analysis services. He consulted for SEDA and I.D.C on their prefunding activities and this highlighted to him the need for a micro-lender in the SME sector funding working capital, especially for those SMEs that are financially excluded from the financial system.

Readers 2,020

Share

  • Click to share on Telegram (Opens in new window)
  • More
  • Click to share on Tumblr (Opens in new window)
  • Click to print (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Pinterest (Opens in new window)
  • Click to share on Reddit (Opens in new window)
  • Click to share on Pocket (Opens in new window)

Like this:

Like Loading...

Related

Tags: South AfricaSTARTUPstartups
Milcah Lukhanyu

Milcah Lukhanyu

Milcah Lukhanyu covers daily news briefs at TechMoran. She is the person who will probably read your press release and get the story out of it or totally trash it. Send tips to [email protected]

Related Posts

Tech

Facebook Launches ‘LeadHERs, a Book Spotlighting Female Leaders from across Africa

March 3, 2021
0
Entrepreneurship

Africa Prize 2021 selects innovators to pitch for £25,000 Africa Prize for Engineering Innovation

March 3, 2021
0
Startups

Raise raises $25K from Microtraction to build Africa’s biggest platform for equity & fundraising

March 2, 2021
0
Startups

Angola’s crowdfunding startup Deya raises $50,000 pre-seed financing round

March 2, 2021
0
Tech

Ericsson hits more than 130 commercial 5G agreements, powers 79 live 5G networks across the globe. 

March 2, 2021
0
Startups

Kenya’s Powered by People raises $1.5M seed funding to help artisans compete in the global retail market

March 2, 2021
0
Business

Deezer lowers its subscription fees in Nigeria, abandons USD for Naira

March 2, 2021
0
Tech

HUAWEI upgrades its Petal Search to extend the environment to other smart devices

March 2, 2021
0

ADVERTISEMENT

Join our Mailing List

Loading

Recent Posts

Manchester United to partner with StarTimes to offer MUTV in Africa

March 3, 2021

Facebook Launches ‘LeadHERs, a Book Spotlighting Female Leaders from across Africa

March 3, 2021

Twitter Will Now Be Banning Users Who Continue To Spread False COVID-19 Information

March 3, 2021

OPPO Reno5 Versus Reno4: The Little Things That Matter

March 3, 2021
electric car kenya

Kenya Power Unveils Plans To Roll Out Electric Vehicle Charging Points

March 3, 2021
">
">

Follow Us

">

There are many sites out there focused on blowing off some steam, from funny entertainment to thrilling experiences like playing online, in some cases online gaming could grant you the chance to win extra money. We came across rocketpot.io while browsing for a good btc casino online and it left us a very good impression with their wide variety of games and crypto offering.

Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy

© 2019 Moran Media Group - All rights reserved TechMoran.

No Result
View All Result
  • Startups
  • Reviews
  • Insider
    • Obituaries
  • Business
  • Women
  • Blockchain
  • Columnists
  • Hacks & Facts
    • How To
  • Editions
    • US Edition
    • India Edition
    • MENA Edition
    • Asia Edition
    • Europe Edition
    • International Edition
  • Classifieds

© 2019 Moran Media Group - All rights reserved TechMoran.

Login to your account below

Forgotten Password? Sign Up

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
%d bloggers like this: