Kenya’s MarketForce and Pezesha Partner to Offer Merchants Access to Affordable Credit Options
Kenyan startups MarketForce and Pezesha have announced they have partnered to offer affordable inventory and wholesale distribution financing to MarketForce merchants. The partnership means Pezesha will provide credit to MarketForce merchants, who are local, small retail businesses, often informal and owned by an individual or a family.
MarketForce is a startup that enables the delivery of essential goods and services to retailers and consumers from consumer brands by bridging the information gap in last-mile distribution, while also maximizing efficiency in sales and distribution.
Pezesha offers clients a P2P microlending marketplace to connects lenders with high and low-income borrowers.
The aim of the partnership between MarketForce and Pezesha is to bridge the gap between merchants and distributors by providing access to affordable inventory credit options to both. The partnership will also provide value-added services such as financial literacy and digital tools to help retailers streamline their records and build digital transactions to build their creditworthiness.
The two startups aim to reach at least 10,000 merchants and help them grow their revenue and sales by up to 25%.
Tesh Mbaabu, chief executive officer (CEO) of MarketForce speaking on the partnership said that the partnership has enabled MarketForce to build an enhanced product that is fast and convenient.
He said “We are excited to partner with the innovative Pezesha team to offer our customers much-needed inventory financing. We’ve co-designed a credit product that is affordable and accessible instantly, ensuring retailers never run out of stock”.
Hilda Moraa, the CEO of Pezesha also spoke on the partnership “This partnership with MarketForce is timely as it allows Pezesha to embed credit in a cost-effective way through the existing distribution process, in the end propelling small retailers to survive, thrive, and grow during the current pandemic”.