8th November 2018, Sharm el Sheikh, Egypt: At the Africa 2018 Forum in Egypt, 4G Capital announced the launch of NxtGen, a new credit solution developed specifically for the banking industry that will help provide working capital credit to MSMEs across Africa.
The Seed Funds (TSF) in Ghana will be 4G Capital’s first banking customer to utilise NxtGen’s turnkey technology solution that integrates seamlessly with their existing banking system. NxtGen will enable TSF to reach the underserved MSME sector across Ghana in an automated and cost-effective way.
TSF will use NxtGen technology to support the ‘last mile’ retail supply chain by providing working capital credit, blended with 4G Capital’s fintech platform to established micro retailers on behalf of large distributors and supply chain aggregators.
This application of NxtGen is based on 4G Capital’s ‘Kuza’ product which has seen success across Kenya since its launch in 2017. To date, Kuza has provided 1,400 businesses over $500,000 in credit. According to a recent survey by TechnoServe, one of 4G Capital’s partners, customers using Kuza saw an 82% average increase in revenue over 12 months.
TSF, licensed by the Bank of Ghana and operational since 2014, has rapidly become one of the country’s leading financial institutions. With nine branches across greater Accra, the bank’s growth strategy is focussed on launching digital-first financial products and services that address financial inclusion through greater interoperability across financial platforms such as mobile money.
We are proud to stand alongside The Seed Funds, showcasing the power of partnership between bank and fintech. Together we seek to address the MSME finance gap in Ghana which currently stands at over $4.9bn.
- Wayne Hennessy-Barrett, Founder & CEO of 4G Capital
We are excited to partner with 4G Capital to introduce this innovative product to the Ghanaian market. TSF is committed to partnering with innovative fintech companies to develop financial products and services for Ghanaian consumers. We expect the full platform to be disbursing loans at the beginning of next year.
- Albert O. Mmegwa, CEO of The Seed Funds