Avenews, a multinational financial technology company, has developed the first financial super app for Kenya’s Agricultural Small and Medium Enterprises (agri-SMEs).
The app provides an all-inclusive financial management tool that enables advanced Machine Learning (ML) algorithms to process hundreds of data points and create personalised financial products including access to digital credit.
Speaking during the launch of the financial super app on 16th November 2022 at Sarova Stanley hotel Avenews Country Manager, Emmanuel Murai, stated that the one-stop-shop app assists agri-businesses with operations and team management as well as digital invoicing and payments.
“Agri-SMEs are the driving force behind Africa’s economic growth but their financial needs often go unmet,” said Murai, adding that with Avenews, agri-SMEs can finally make informed financial decisions and unlock a credit facility that will see them achieve their full business potential.
He stated that Avenews is providing a solution that includes an ML- powered credit platform for agri-SMEs to power their businesses, an operating system for agri-SMEs to manage their businesses, payments and digital banking services suitable for businesses and an Application Programming Interface (API) marketplace for third-party services.
“With the Avenews super app, businesses can access the capital they need through a high loan value, therefore we encourage agri-businesses to unlock their full business potential by downloading the application whether for loan application or any other services they might need,” said Murai adding that Avenews has been in the Kenyan market for over a year now.
At the same time Avenews’ Head of Operations, Sharon Anyanga, introduced Avenews as a multinational technology company with a growing footprint in Africa and which provides financial solutions to agribusinesses such as suppliers, traders, aggregators and processors, directly linking their agri-trade activities with customized financial services.
“Avenews was founded in 2017 and the company’s platform enables digitization of the agricultural supply chain and enables agribusinesses to run their entire business operation through a set of financial management tools that control inventory, generate trade documents and initiate payments directly to counter parties,” said Anyanga.
By Edna Okoth and Isaac K’Obonyo