SMEs in Africa. Image Credit: World Bank
SMEs in Africa. Image Credit: World Bank

Germany-based global SME lending platform Bitbond and BitPesa have today announced that they are joining forces to improve access to financing for SMEs in Africa.

Bitbond connects fixed-income investors with small business owners who need loans. To make global cross-border lending possible, the platform uses the bitcoin block-chain for payment processing. By working with BitPesa, borrowers who receive funding on Bitbond can now have their loan paid out directly to a mobile money or bank account.

BitPesa pays local currency out to the borrower’s preferred payment option within minutes. The integration between Bitbond and BitPesa is now live in Kenya, Nigeria, Uganda and Tanzania.

Founder & CEO of Bitbond Radoslav Albrecht in a press statement said 10% of their global user base comes from Sub-Saharan Africa.

“We’re excited to work with BitPesa in this region because there is a huge unmet demand for small business financing. Together with BitPesa, we can significantly improve our service,” he said.

BitPesa founder & CEO Elizabeth Rossiello adds to Albrecht comments saying, “We are always excited to partner with companies that make doing business in Africa easier and more efficient.”