Visa and Branch form a micro-credit partnership
Visa, the global leader in digital payments, and global mobile financial services company Branch have announced a partnership where Branch will offer personalized financing to merchants who accept payments through Visa (Visa on mobile or card).
The loans will provide traders with funds to grow their businesses through additional inventory, infrastructure investments and other key operational needs. The loans will be paid directly to the phones of the traders.
“We are pleased to be working with Branch to provide seamless access to finance through our Visa network as they seek to provide micro-credit facilities to merchants across Kenya,” said Sunny Walia, Visa’s Managing Director for the ‘East Africa. “With this partnership, we seek to deliver value beyond simple transactions. We would like to help traders grow their business and foster financial inclusion among small segments of traders who are often unable to access quick loans, ”he added.
Through this partnership, Visa and Branch aim to significantly reduce the cost of cash for these merchants. Eligible traders will be able to access loans of up to KSh 30,000 ($ 300) which can be repaid within 6 months.
“Visa revolutionized the payments technology space and popularized the idea of the credit card around the world,” said Matthew Flannery, CEO of the branch. “At Branch, we believe mobile financial apps are the ‘cards’ of the future. It makes sense to work together to deliver world-class financial services to traders here in Kenya and beyond. “
Branch is a provider of machine learning-based mobile financial products in Africa and Latin America, with the intention of expanding into Asia. Branch helps unlock financial access to billions of people around the world and is currently Africa’s most popular financial app. In emerging markets around the world, there is a growing need for fair and reliable financial and capital services. With the growth in the use of smartphones at an all time high, Branch has a unique opportunity to create customer-centric financial products for people around the world.