What is Paylend? – Get to know how we Build Local Economies.
Paylend offers a digital platform that aims to Build Local Economies by providing financial solutions, based on the African financial culture. We have built solutions around credit management and created transparency within fundraising and distribution of funds.
Growing up, and even up to date, we always had that one corner shop that we frequented the most. We knew the shopkeeper by name, and so familiar was he with us, that he would give us, the children, goods on credit, knowing full well that it was our mothers that had sent us for the flour, sugar, oil… you name it! These debts would be settled at the end of the week, the month, or whenever our parents got access to funds.
These Mama Mbogas and Papa Dukas always journal the records on a piece of paper, or a book. These MSMEs were, and still are, the bedrock of all our communities, as they offer credit channels for our daily needs and activities.
Visiting these small businesses decades later, they are still as we left them. They still offer credit, they still know their customers by name, and sadly, their shop size is still the same. Meaning their income is still the same all these years later.
Due to the manual nature of journaling credit records, the data may be lost or tampered with. This causes conflicts between the business owner and their customers. With the conflicts in their businesses, they tend to lose their customers and this affects their cash flow. Similarly, they may not get back all the credit they gave out. These businesses experience stunted growth due to lack of proper credit management.
Paylend seeks to introduce these MSMEs into the digital space by providing a digital footprint for credit management, and proper inventory digitally.
BLACK-BOOK comes with a number of tools that makes the retailer manage their business with ease. By providing visibility of the records they transact on a daily basis, we turn them into financial managers. This gives them the advantage of being bankable.
Apart from the function of digitizing MSMEs, Paylend aims to foster visibility and credibility of funds around crowdsourcing and disbursement of funds to beneficiaries.
Harambee has been a culture that lives among us. Giving to support another is a part of us that makes us human. We always come together as friends, as family or as a community to support the causes that we care about. However, we are sometimes faced with challenges around fraud, or a lack of clarity on how much we have raised, and how the funds are used. Without transparency and accountability, the fundraiser goals are often not achieved.
With Paylend, the fundraiser goals are visible. The reporting feature allows you to view all the reports on who fundraised, to what cause, how much and on which date. This fosters accountability of funds raised. In cases where you have beneficiaries, you may disburse the funds in vouchers. To ensure the funds are used for the intended purpose, the vouchers are locked to specific services under the Paylend ecosystem. The beneficiaries can then redeem the funds at Paylend registered premises.
We offer these solutions through the various services that we offer:
- Okoa services is a digital footprint for the MSMEs, which facilitates credit management between retailers and consumers. It is a tool in the Paylend ecosystem that provides credit management by digitizing the black-book.
- Jaza services is a tool that offers credit management and eases the supply chain between suppliers and retailers. Paylend facilitates data-driven decision making for suppliers, by providing insightful data on what products are bought, in what locations and at what time. All this is done in real-time.
- Changisha is an online crowdsourcing platform that individuals and organizations use, to keep track of contributions and manage their funds. By creating an online giving layer, individuals and organizations champion causes that are important, and raise the funds to make a difference in the community.
- Pata voucher is a monitoring tool for the government, organizations and individuals, that aims to offer funds to the community. It allows effective monitoring and tracking of funds, thus ensuring beneficiaries use the funds for the intended purpose.
Reach Paylend and know more about our products through our website “Paylend.Africa”,
Our platform is available as a Mobile Application, Web portal and USSD.