Avenews builds Agri-Finance Super App
Avenews,a multinational financial technology company is building the financial super App for Kenya’s Agricultural Small and Medium Enterprises(Agri-SME’s).
The super App provides a comprehensive financial management tool that enables advanced ML(machine learning) algoriths to process hundreds of data pints abd create personalised financial products-including accces to digital credit.
The One-stop App assists agribusinesses with oparations and team management,as well as digital invoicing and payments.Avenew’s Country Manager ,Emmanuel Murai notes:”Agri-SME’s are the driving force behind Africa’s economic growth,but their financial needs often go unmet.With Avenews,Agri-SME’s cab finally make informed financial decisions and unlock a credit facility that wiil have them achieve full business potential,”Said Murai.
According to the World Bank,SME’s make up about 90% of businessglobally and employ over 50% of the work force contributing up to 40% of the GDP in developing coubtries.However,agri-SME’s receive only 2-7% of the total bank credit.An estimated 2.5 Million agri-SME’s are in need of financing solutions in Sub-Saharan Africa alone,resulting in an $80 Billion finance gapin the sector.
Avenews is providing a solution that includes an ML-pwered credit paltformfor agri-SME’s to power their businesses,an operating system for Agri-SME’s to manage their businesses,payments and digital banking services suitable for businesses,and an API market place for third-party services
”With the Avenews Super App,businesses can access the capital they need through a high loan value.”We encourage agri-businesses to unlock their full business potential by downloading the application whether for loan application or any other services they might need” Concluded Mr.Murai.
Avenews has been in the Kenyan market for over a year and based on the learnings and successes,agri-fintech is expanding its market share in Kenya with its new industry-specific financial super App.