Financial technology company Tala has launched a Ksh 605 million fund to bolster Kenyan businesses and communities in the face of the Covid-19 pandemic. Photo: Supplied by Tala
Financial technology company Tala has launched a Ksh 605 million fund to bolster Kenyan businesses and communities in the face of the Covid-19 pandemic. Photo: Supplied by Tala

Tala launches nearly R107 mln rebuild fund to bolster Kenyan businesses, communities

By ANA Reporter Time of article published Apr 3, 2020

Share this article:

JOHANNESBURG  - Financial technology company Tala on Friday announced the launch of a Ksh 605 million (about R107 million) rebuild fund to bolster Kenyan businesses and communities in the face of the Covid-19 pandemic.

It said the fund, which the company plans to grow through additional funding and partnerships, would prioritise existing Tala customers and businesses providing essential services to their communities. 

Those eligible could apply for the fund’s first new product, a zero percent fee, six-month community support loan of Ksh 30,000 designed to support businesses which are helping Kenyans recover and rebuild.

Like many other countries in Africa and around the world, Kenya has not been spared the coronavirus first detected in China last December and rapidly spreading globally, with more than 100 people people testing positive in the East African nation while three have lost their lives.

The pandamic is expected to take a heavy economic toll as many countries have been forced to go into lockdown in a bid to arrest the spread of the virus.

“We believe small businesses are the backbone of the Kenyan economy. Businesses, and business owners, who provide essential goods and services to their broader communities will help Kenyans survive this crisis and will be on the front lines leading efforts to rebuild,” said Ivan Mbowa, general manager at Tala Kenya.

“We want to give those businesses the ability to get a head start in helping communities recover and rebound."

Tala said priority would be given to businesses providing the necessities a community needs to cope with a crisis, such as food, water, health and medical services, critical household supplies, education, and logistics related to these services.

Tala, which uses mobile technology and data science to make financial services simple, inclusive and accessible, says it has, since launching in Kenya in 2014, disbursed over $1 billion in credit to more than 4 million people.

- African News Agency (ANA) 

Share this article: