In a bid to provide access to unlimited working capital for SMEs across Africa, Kyiara Technologies Limited has recently launched its trade receivables platform.
“SMEs account for 90 percent of employment and contribute about 60 percent to GDP. Intra-Africa is less than 5 percent within the global sphere. The implication of this is the fact that there is a need to develop trade and create the enabling financing for SMEs across Africa, and that is why Kyiara exists to address these pain-points,” Chris Oshiafi, chairman of Kyiara Technologies Limited, said while addressing attendees at the launch.
Kyiara was created to empower small and medium businesses across Africa as SMEs are the fulcrum on which economic growth pivots. The platform aims to strengthen Africa’s invoice factoring ecosystem and to support intra-Africa trade.
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Lanre Bakare, the chief executive officer of Factoring and Supply Chain Finance Limited – a member of Pan African Capital Holdings Group, while addressing the audience noted that “Kyiara is an offshoot from the company’s webinar of last year that had key players in the financial industry and captains of industries in attendance.”
“The Kyiara platform provides early payment to both suppliers and buyers. For the suppliers, they get paid earlier to maintain cash flow while buyers get a discount on purchases, and this is what brought about the Kyiara platform,” added Bakare.
Kyiara is a platform that allows vendors to upload unpaid invoices and get financing offers from investors swiftly upon confirmation from buyers.
“We do not finance. We provide the technological platform to bring transparency and structure for all the stakeholders in the trade circle,” Val Obi -a director at Kyiara Technologies Limited, noted.
