By Virginia Mwangi
Visa and Branch have announced a partnership that will see Branch offer custom financing to merchants who accept payment via Visa.
Visa, which leads the world in digital payments, and international mobile financial services firm, is set to get into the partnership which will provide merchants with funds to grow their business through, infrastructure investment, supplemental stock, and other essential operational requirements.
Loans will be disbursed directly to the merchants’ phones.
“We are happy to work with Branch to offer seamless access to finance through our Visa network, as they seek to provide micro-credit facilities to merchants across Kenya“, said Visa General Manager for East Africa, Sunny Walia.
Walia added that with the partnership sought to offer value beyond transactions and that they would like to assist the merchants to grow their business and drive financial inclusion among the small merchant segments that are often unable to access quick loans.
The partnership is said to be aiming at significantly reducing the cost of cash for the merchants.
Eligible merchants will be able to access loans of up to KSh30, 000 which should be repaid within 6 months.
Branch CEO Matthew Flannery said that Visa revolutionized the payments technology space and popularized the idea of the credit card to the world.
“At Branch, we think mobile financial apps are the ‘cards’ of the future. It only makes sense to be working together to bring world-class financial services to merchants here in Kenya and beyond,” said Branch CEO Matthew.
Branch provides financial support for billions of people around the world.
In emerging markets across the globe, there is an expanding need for reliable and fair financial services and capital.
Branch has a unique opportunity to build customer-based financial products for people worldwide following smartphone growth usage.