Kopo Kopo unveils ‘Grow’ to boost SMEs

By Margaret  Manini

Business management software firm Kopo Kopo has launched a cash advance product targeting Small and Medium sized Enterprises (SMEs).

The company, which said it has local 10,000 clients,  explained that the new cash advance service dubbed “Grow” would tap into a space that has been neglected by mainstream financial services institutions.

Though servicing a segment that is not serviced by banks, the firm noted that it is not offering loans but cash advances that attract a one off fee as opposed to interest.

The service will be advanced to businesses already using Kopo Kopo business management software.

“Small and medium enterprises are too big for micro financial institutions and too small for commercial banks, which has seen them have difficulties accessing capital for instance for replenishing stock,” said Francis Mugane chief executive Kopo kopo.

He said unlike a traditional bank loan, “Grow” is designed to help businesses grow and prosper by accommodating their cash flow cycles.

“Grow cash advances are disbursed in minutes, require no personal guarantee and come with no late fees or penalties.”

“In our years of doing business, we’ve seen even our best customers struggle to access capital for their businesses,” said Mugane.

He said given the mission to help businesses grow and prosper, solving this problem with Grow was a logical next step – and it’s only one of many steps to come.

The basic requirement for businesses to become eligible for “Grow” is accepting electronic payments via Kopo Kopo for three months.

The more payments a business accepts via Kopo Kopo, the more cash they are eligible to receive.