NCBA Group's digital financial services subsidiary, LOOP Digital Financial Services, has introduced LOOP BIZ+, a business platform designed for small and medium-sized enterprises in Kenya. This platform combines payment processing, inventory management, customer discovery, and lending. By integrating these services, LOOP BIZ+ aims to streamline business operations and provide a more efficient way for merchants to manage their finances and growth.
LOOP BIZ+ offers a range of features, including a point-of-sale device, a mobile application, and a web portal. Merchants can use these tools to accept various payment methods, such as Visa cards, near-field communication contactless transactions, mobile money, and LOOP payments. The platform also includes AI-powered inventory management tools that monitor stock levels, forecast demand, and recommend restocking. This helps merchants make informed purchasing decisions and reduce the amount of money tied up in slow-moving goods.
A key feature of LOOP BIZ+ is its use of merchant transaction histories to inform credit assessments. This allows eligible businesses to access quick loans, overdrafts, supplier credit, and longer-term financing, subject to eligibility requirements and credit approval. The platform's credit-goal feature enables merchants to set borrowing targets and track their progress. As businesses grow, their credit limits can evolve, providing them with the necessary funds to expand their operations.
The launch of LOOP BIZ+ extends LOOP's partnership with Visa, integrating card acceptance with other digital payment options. This collaboration aims to help more businesses participate in digital commerce. John Njoroge, Visa's country manager for Kenya, noted that this integration would facilitate greater adoption of digital payment solutions among Kenyan businesses.
LOOP BIZ+ connects merchants to LOOP Discover, a marketplace within the consumer application that has over 500,000 consumers. This platform is designed to replace the multiple systems that many small businesses use to manage their operations, such as separate payment terminals, mobile-money tills, stock records, marketing channels, and loan applications. By consolidating these services, LOOP BIZ+ aims to reduce the administrative burden on merchants and enable them to focus on running their businesses.
Sheila Kimani, chief commercial officer at LOOP DFS, emphasized that LOOP BIZ+ brings various business needs into one platform, allowing merchants to spend less time reconciling systems and more time running their business. The financing offering includes quick loans, overdrafts, supplier credit lines, and a digital pathway to longer-term borrowing, all subject to eligibility criteria and credit approval. NCBA Bank backs the platform for its credit relationship, linking the digital platform with the banking group's lending capabilities.
The platform will be issued to merchants at a monthly fee of KES 1500. With its comprehensive suite of services, LOOP BIZ+ is poised to support the growth and development of small and medium-sized enterprises in Kenya. By providing a streamlined and efficient way to manage business operations, LOOP BIZ+ aims to make a positive impact on the Kenyan business landscape.
Key points
- LOOP BIZ+ combines payment processing, inventory management, and lending to support small and medium-sized enterprises in Kenya.
- The platform uses merchant transaction histories to inform credit assessments and provide financing options.
- LOOP BIZ+ is backed by NCBA Bank and has partnered with Visa to integrate card acceptance with other digital payment options.
