Moniepoint launches Working Capital Loans to give businesses access to credit

<p>#FeatureByMoniepoint: Through its Working Capital Loans product, Moniepoint gave out $3.3million in loans in just over a month, with zero defaults. The working capital loans provide merchants with access to affordable credit, giving them the finance they need to restock, scale, and run their businesses on a daily basis.</p>, <span>Moniepoint launches Working Capital Loans to give businesses access to credit.</span>, <h2>Announcing its 2023 Q2 achievements which include now serving 1.3 Million businesses, Moniepoint, leading African Fintech platform, mentioned it has launched Working Capital Loans, a solution designed to help merchants solve capital challenges and keep their businesses running and growing.</h2>, <p>The Working Capital Loans product offers businesses a line of credit relative to their capital (or stake) in the business. They are short to medium term loans ranging from 7 to 120 days which can be easily and in some cases automatically renewed.</p>, <p>This way, any merchant who runs his business via their Moniepoint account may have access to a line of credit proportional to the business that passes through the Moniepoint account. The product is already widely adopted by a number of their businesses; supermarkets, fuel stations, etc. and currently has zero defaults so far.</p>, <p>Report shows that access to finance remains one of the biggest hurdles faced by African small businesses, which predisposes them to an inability to invest in and grow their business. With insufficient working capital loans, these businesses are held back from restocking so they can scale as they ought to.</p>, <p>The new product allows businesses access to a revolving credit facility that they can use for purchasing additional inventory and short term working capital for smooth business operations - solving two major problems; access to affordable credit whenever they need it and convenience in accessing the credit.</p>, <p>Speaking on the launch, Vice President of Business Loans, Tobi Amira, said: “We are conscious of t