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SC Ventures launches digital marketplace for MSMEs in Ghana

By Delisha Fernandes

February 29, 2024

  • business loans
  • buy now pay later services
  • Cash Flows
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SC Ventures, MSMEs, invoicing financing, buy now pay later services, business loans, cash flows, FinTech news, FinTech Africa

Standard Chartered’s innovation and FinTech investment arm, SC Ventures, has launched a B2B online marketplace offering MSMEs in Ghana access to financing options.

SOLV Ghana will give micro, small, and medium enterprises (MSMEs) access to short-term invoicing financing, buy now pay later services, and business loans via a marketplace of verified buyers and sellers.

“At SOLV, our mission is to empower MSMEs by providing them with innovative solutions that address their financial needs, streamline their operations, and foster sustainable growth,” said Sam Kwaku Peprah, CEO of SOLV Ghana. “The SOLV Ghana platform has successfully onboarded 40 supply chain ecosystems linked to over 9,000 MSMEs participating on the platform. The launch of our marketplace in Ghana marks a significant step towards realizing this vision, and we are eager to contribute to the national economic development agenda.”

SOLV Ghana aims to address these challenges by creating a verified and secured digital marketplace relationship between MSMEs, their suppliers, and participating financial institutions to offer pre-approved loan facilities to fund shortfalls between their cash flows and existing working capital required for restocking. SOLV Ghana also provides reliable and affordable business support services to improve operational efficiency.

“Our distributors are the happiest people today because they are offered a credit limit from SOLV that enables them to buy stock and pay later,” said Joseph Odame, General Manager of Global Poly Ghana, a supplier that participated in the pilot. “As a manufacturer, we are excited about how SOLV’s intervention will help curtail our account receivables and offer us competitive advantage over our peers.”

SOLV Ghana’s digital marketplace offers MSMEs access to a supply chain financing solution backed by multiple financial institutions and anchor relationships. The platform provides short-term invoice financing, buy now pay later services and business loans via a trusted marketplace of verified buyers and sellers. In addition, the platform provides reliable and affordable business support services such as accountants, marketing professionals, and lawyers from multiple service providers to enhance operational efficiency and sustainable growth.

“We are thrilled to support SOLV in bringing its transformative solutions to Ghana. The collaboration between SC Ventures, SOLV, and its local development partners, signifies a commitment to driving innovation and fostering economic development,” said Dan Karuga, Member, SC Ventures. “Together, we aim to empower MSMEs and contribute to the growth of the Ghanaian economy, following our learnings and successes in India and Kenya.”

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