MSMEs are the backbone of the African financial ecosystem, they do however, often face challenges when it comes to accessing the capital they need to grow. At Asante Financial Services Group, we are dedicated to empowering these businesses. Here is the success story of one of our valued partners, Maurice Nsengimana of Lucky Shopping Drinks Ltd in Kicukiro-Gatenga, who utilizes Ongera Stock as a financing solution – a product born from our partnership with SRDS in Rwanda!
Challenges faced by Maurice before Ongera Stock:
Before partnering with Asante Financial Services Group, Lucky Shopping Drinks Ltd, owned and operated by Maurice Nsengimana, faced a common yet significant challenge that many business owners encounter – a lack of sufficient capital to buy the products needed for their shop. Maurice, a dedicated and hardworking entrepreneur, was often forced to limit the variety and quantity of products available due to financial constraints. This not only affected sales but also caused customers to miss out on certain items, prompting them to seek those products elsewhere. The result? A drop in income and loss of potential customers.
The impact of Ongera Stock on Lucky Shopping Drinks Ltd was nothing short of remarkable:
Increased Sales and Profit: By availing Ongera Stock, Lucky Shopping Drinks Ltd increased its stock and sales value by 50%, resulting in a notable boost in sales volume and earned profit.
Customer Retention: One of the most significant positive outcomes was the retention of customers. Those who used to miss out on certain products now found them readily available at Lucky Shopping Drinks Ltd, contributing to higher customer satisfaction and loyalty.
Unique Features of Ongera Stock as a loan facility:
One standout feature of Ongera Stock is the reasonable interest rate. Maurice Nsengimana noted that when he compared the interest amount paid for a loan with the revenue generated, the margin was impressive. This not only encouraged him to continue using Ongera Stock financing but also instilled confidence in its effectiveness.
A Word of Encouragement from Maurice: Empower Your Business with Asante:
Maurice Nsengimana’s journey with Asante Financial Services Group serves as an inspiration for other business owners. As Maurice puts it, “I strongly encourage my fellow vendors to work with Asante because there are numerous advantages. When you want to invest your own money in your personal affairs, like paying rent, home supplies, paying school fees, etc., Asante’s loan – Ongera Stock can be used to keep your business running. The loan facility is easy to get, and you don’t have to physically leave your business; all you have to do is apply through your smartphone mobile app- Pronto.”
The success story of Lucky Shopping Drinks Ltd and Maurice Nsengimana is a testament to the power of financial empowerment. We at Asante Financial Services Group are committed to supporting small and medium-sized enterprises with innovative solutions like Ongera Stock. We believe that every business has the potential to thrive, and with the right tools and support, they can achieve remarkable success. If you’re a business owner in need of financial support, don’t hesitate to explore what Asante Financial Services Group can offer you.
Join Asante Financial Services Group on this incredible journey of financial empowerment and growth as we continue to unlock business potentials across Africa!
Witness Theophile Munyentwari’s remarkable journey with Asante’s Umurabyo Loan, a product born from our partnership with AC Mobility in Rwanda!
Theophile is the owner of Volcano Express Ltd in Kigali-Kicukiro-Rwandex. He embarked on a year-long journey with our 6-Month Loan Product, and the results are nothing short of extraordinary.
Here is Theophile’s success story and his insights on Umurabyo Loan product.
🔍 Challenges Before Asante Loan:
Before embracing Asante’s loan products, Theophile faced a common entrepreneur’s challenge—accessing quick funds at a reasonable rate. Running a business, especially in the Mass Transportation sector, demands constant capital flow, but finding the right source of funds was a significant hurdle. Then, he discovered Asante Financial Service Group.
💡 Positive Outcomes:
With Asante’s support, Theophile’s daily revenue skyrocketed by 60%. The downtime of a bus used to mean lost income, a painful reality he was all too familiar with. Umurabyo Loan empowered him to keep his fleet running smoothly, translating into higher profits. Whenever a financial challenge arises, he simply reaches for his smartphone and taps into the Asante App/Pronto for a quick solution.
🌟 Unique Features:
One standout feature for Theophile is the daily loan installment payment. It allows him to repay his loan seamlessly, a little at a time, without feeling the financial burden without impacting the operations of his business.
📣 Advice to Fellow Business Owners:
Theophile has some sound advice for fellow business owners. He highly recommends Asante over for its swift and convenient service.
Theophile’s journey with Umurabyo Loan is a testament to the power of accessible credit and strategic partnerships. We’re proud to be part of his success story and look forward to empowering many more entrepreneurs like him.
Join Asante Financial Services Group on this incredible journey of financial empowerment and growth as we continue to unlock business potentials across Africa!
Cash flow management might sound complicated, but it’s like handling your allowances – just on a bigger scale. If you run a small business, this is a must-know skill. This week, we’re here to help you understand the do’s and don’ts of cash flow management. Asante FSG is committed to walking with you through your business journey.
Why Cash Flow Matters?
Imagine your business is a car. Cash flow is the fuel that keeps it moving forward. It’s the money coming in and going out of your business. If you have more money coming in than going out, your business can grow. But if more money is going out, you might run into trouble.
The Dos of Cash Flow Management:
- Keep Track: Just like you track your expenses, keep an eye on your business money. Know what’s coming in and what’s going out.
- Plan Ahead: Think of cash flow like a roadmap. Plan your expenses ahead of time, so you’re ready for them.
- Save for Rainy Days: Sometimes business slows down. Having extra money saved up can help you stay on track, even during tough times.
The Don’ts of Cash Flow Management:
- Don’t Forget Invoices: If you sell something, don’t forget to ask for payment. Send invoices on time and follow up if needed. Asante FSG’s tips can help you get paid faster.
- Avoid Unnecessary Spending: Just like at home, avoid spending on things you don’t really need. Stick to your plan and make wise choices.
- Watch Credit: Getting loans or credit can help, but don’t go overboard. Borrow only what you can pay back. Asante FSG can guide you on responsible borrowing through our tailor-made credit facilities.
How Asante Financial Services Group Can Help?
At Asante, we understand MSMEs because we work with them every day. We offer tools and advice to make cash flow management easier:
- Access to Funding: Sometimes you need extra money to grow. At Asante FSG we offer loans and credit options designed for micro, small and medium businesses.
- Financial Tips: Our resources and tips can guide you on making smart money choices. Cash flow management is like steering your business ship. With the right tools and knowledge, you can sail towards success.
Asante Financial Services Group is here to help you navigate the world of cash flow and ensure your business sails smoothly towards financial stability and growth. Let’s work together to make your MSME unlocks its full business potential!
How to Automate Loan Payments.
At Asante Financial Services Group, we understand the importance of timely loan repayments and have designed our digital credit service to be fast, flexible, and accessible to entrepreneurs across the African region. With our loan calculator and credit decisioning technology, we aim to provide our clients with the tools they need to make informed financial decisions and stay on track with their loan repayments.
As an entrepreneur, taking out a loan can be a great way to support your business growth. However, it’s important to remember that timely loan repayments are crucial for maintaining a healthy financial profile and avoiding additional fees. Automating your loan payments can help you stay on top of your loan repayments and avoid missing deadlines and rollover fees.
So, what exactly is loan automation? Simply put, loan automation is the process of setting up automatic payments for your loan. This means that your loan repayments are automatically deducted from your bank account on a predetermined schedule.
The key benefits of loan automation include:
- It helps you to avoid missing payment deadlines. When you miss a payment deadline, you risk being charged a late fee, which can add up over time and make it more challenging to complete your loan repayment. Automating your loan payments and help you ensure that your payments are made on time, every time, without ever having to worry about manually scheduling payments.
- It helps you to avoid rollover fees. When you fail to make a payment on your loan, you may be charged a rollover fee, which can increase the amount of money you owe. By automating your loan payments, you can avoid these fees and keep your loan payments on track.
At Asante, we offer our clients the ability to automate their loan payments through our digital credit service in addition to automated reminders to keep them up to date with their payment schedule. Our loan calculator and credit decisioning technology helps our clients to make informed financial decisions, and our loan automation feature helps them to stay on top of their loan repayments.
For example, you take out a loan of 100,000 Kenyan shillings, and you set up loan automation for a monthly payment of 100,000 Kenyan shillings. With loan automation, you won’t have to worry about manually making your loan payments on your due date, the 100,000 Kenyan shillings will be automatically deducted from your bank account on the same day. This ensures that your loan repayments are made on time, every time.
In conclusion, automating your loan payments is an excellent way to avoid missing payment deadlines and rollover fees, ensuring that your loan repayments remain on track. With Asante’s advanced loan calculator and credit decisioning technology, you can make informed financial decisions and take advantage of our digital credit service to support your business growth. Trust us to help you achieve your financial goals.
Asante FSG’s Kenyan entity Asante FS East Africa Limited recent regulation by the Central Bank of Kenya means that our clients can trust us to provide reliable and secure financial services. Further to which, all our entities are regulated by the various regulatory bodies With our digital credit service, entrepreneurs across the region will continue to access loans that are designed to support their business growth and are part of a trusted network.
Wondering how financial inclusion can make a positive impact? Asante’s ecosystem-based digital lending platform, is making great strides in boosting mobile money agents throughout East Africa.
Catch up with how Asante FSG’s digital lending solution is providing just in time loans to Micro and SME business owners in Kenya, Nigeria, Rwanda, and Uganda.
Goodwell Investments visits Asante Uganda and takes a deep dive into our Mobile Money Float Financing Product in partnership with Interswitch. Through the app Quick Teller, Mobile Money Agents have access to instant loans to top up their float.
Join us in empowering small businesses and revolutionizing digital finance in Africa!
Good Credit record has become an essential aspect of our financial lives, and for a good reason. Your credit score is a measure of your creditworthiness, which can impact everything from loan approvals to interest rates, tenors and other loan terms. With so much riding on your credit score, it’s essential to understand how to maintain a good credit record. Andries Harman-Haywood, Chief Data Science Officer at Asante FSG, shares his insights on maintaining a good credit score.
What is a Credit Score?
First things first, let’s define what a credit score is. A credit score is a numerical representation of your creditworthiness based on your credit history, with higher scores indicating better credit worthiness. Credit scores are used by lenders, credit card companies, and other financial institutions to assess the risk of lending to you. The better your credit score, the more likely you will be approved for loans, credit cards, and other financial products, often at better rates.
Why is a Good Credit Score Important?
A good credit score can unlock many benefits. For example, a good credit score can help you get approved for the best loan terms including lower interest rates, saving you money in the long run. It can also help you qualify for higher credit limits, giving you more purchasing power. Additionally, having a good credit score can help you get approved for rental applications, utility services, and even referrals for employment and new business opportunities.
Tips for Maintaining a Good Credit Score
Maintaining a good credit score takes time and effort, but it’s worth it. Here are some tips from Andries Harman-Haywood on how to keep a good credit score:
- Pay your loans on time, every time: This is one of the most critical factors in maintaining a good credit score. Late or missed payments can have a negative impact on your credit score, so it’s essential to pay your loans on time, every time. Not just loans with us at Asante Financial Services Group, but all loans with every provider.
- Do not over-extend: Overextending yourself can also negatively impact your credit score. Keep your credit usage lower than your income, and stay away from maxing out all your loans and credit card limits.
- Consistency is key: Your credit score is based on cumulative experience. The more experience your profile demonstrates with timely loan repayment and character in income activity, the more information is available to determine whether you are a good credit recipient. So, consistency is vital in maintaining a good credit score.
In summary, maintaining a good credit score is crucial for financial success. By following the tips shared by Andries, you can increase your chances of maintaining a good credit score. Remember to pay your loans on time, avoid over-extending yourself, and consistently use your credit. By doing so, you’ll be on your way to achieving a strong credit record and unlocking many savings and benefits.
Every business will at some point require capital to grow their operations. Access to funds during financial downtime provides a business with working capital for operational expenses like inventory payroll or to invest in opportunities to grow the business.
For a small business owner, business loans are a safe and fast way to provide that extra financial boost to keep your business going and grow your returns. Asante FSG through a variety of business loans provides affordable loans to growing businesses to improve cash flow when they need it the most.
Loans not only save the day through injecting just-in-time working capital but they also assist in building credit track record when repayments are made timely. Your credit score is one of the most important factors in determining your creditworthiness. This means your creditworthiness is impacted, among other factors, by your repayment history. The following are more benefits of timely loan repayments.
- Lower interest rates: Borrowers with a good credit history may be offered lower interest rates on future loans, saving them money over time.
- Avoiding late fees: Late payments may result in additional fees, which can add up over time and increase the total cost of the loan.
- Maintaining a good relationship with the lender: Timely repayment demonstrates to the lender that the borrower is responsible and reliable, which can make it easier to get approved for future loans.
- Top up loans: these are additional loans offered on an existing loan to individuals with good credit behaviors. They are more accessible to avail and are disbursed much quicker.
- Strengthens financial position: A borrower’s financial situation improves after they pay off their loan, because it frees up the money, they’d been putting toward payments to handle other financial obligations.
Asante Financial Services Group is committed to supporting growing businesses in Africa. We value financial discipline because it not only builds financial trust in the long run but it is also directly connected with the long-term financial goals, financial health, as well as access to better financial options of African businesses.
Grow your business’ prospects by practicing positive financial habits today!
In Nairobi, October 19, 2022, Asante Financial Services (EA) Limited was pleased to announced its partnership with Solv Kenya, a member company of Standard Chartered Banking Group, which is a platform that empowers micro, small and medium enterprises (MSMEs) through access to affordable credit, by providing much-needed just-in-time financing to MSMEs in Kenya.
With over 10 million MSMEs in Kenya, this partnership will help bridge the gap for many of these businesses who face unique challenges in obtaining formal and competitively priced credit. This partnership will help reduce the financial burden on MSMEs, thereby promoting growth, jobs and sustainability while boosting the Kenyan economy.
Solv Kenya is a B2B Marketplace backed by SC Ventures, Standard Chartered’s Innovation fintech investment and ventures arm. The full stack platform is committed to empowering businesses through provision of access to new markets as well as resolve operational challenges and most importantly connect these MSMES to financial service providers.
Asante Financial Services EA Limited has been supporting MSMEs in Kenya since 2018 and has committed a credit line of over KES1B for the pilot phase of this partnership.
According to the World Bank, the annual SME credit gap in Sub Saharan Africa is about US$330Billion. MSMEs have a significant impact on the economies of most countries, especially emerging markets, representing 90% of all businesses, 66% of all jobs created and 50% of the world’s GDP. That does not suffice to create the much-desired inclusion and it is through partnerships such as these that we are able to bridge this gap and empower the growing businesses. Through this platform, MSMEs will benefit from alternative credit scoring and therefore ease of access to much needed working capital that will be provided by Asante FSG.
Asante FSG is at the forefront of facilitating inclusive economic growth in Africa through the provision of much needed financial services to growing businesses in the continent.
George Maingi, Asante Financial Services East Africa CEO “We are excited to be a part of this partnership and look forward to working with Solv Kenya to empower Kenyan businesses by unlocking their potential. Asante FSG is driven by its passion to see to the growth of the MSME sector in Africa. It is through strategic partnerships such as this one with SOLV Kenya that we are able to extend our reach to the MSME and build them through affordable credit”
Sheila Kimani, Solv Kenya’s CEO: “We are very excited to go to market with our various partners in a much bigger way now following a successful pilot of our initial product, Supply Chain Financing, which has seen over 3,800 MSMEs and more than 10 multinational companies participating and engaging on the platform in ways that have altered the course of MSME business in Kenya. We are looking at signing up 10,000 businesses by the end of this year.”
Some of the major challenges facing MSME’s include inadequate access to credit, complicated and high tax regimes, and the high cost of doing business among others. Of all these challenges, inadequate access to credit reigns supreme and that’s why Asante Financial Services Group has Bloom Loan to help MSME’s grow and increase business profitability through access to credit.
As the world embraces new technologies and growing businesses find new ways to achieve their goals and dreams, Asante Financial Services Group is working to be an integral part of that journey. We have been working together with Micro and Small enterprises since 2018 to help them meet their potential. We provide our customers with innovative financial solutions and exceptional customer experience that are targeted towards seeing them excel in the industries that they serve.
Asante Financial Services Group is aware of the impact that M-pesa has had in Kenya and East Africa at large. Most if not all money transactions in Kenya are through M-pesa becoming the main mode of payment for most individuals in the country.
Having started out just as a dream ourselves, we recognize the need of supporting these Micro and Small Enterprises) to access the help they need to achieve their business goals. Bloom Loan is a simple solution to meet the merchant’s immediate capital needs, and we believe that every business deserves the opportunity to expand. Bloom Loan by Asante Financial Services Group gives our customers quick financing solutions for their expansion, working capital and operational needs. It is tailor made for Safaricom Lipa na M-pesa merchants, making it easy for them to access fast and convenient credit for their businesses for up to Ksh.200,000.
Bloom Loan is ready to partner with every business that has an active Lipa na M-pesa merchant till that has been in operation consistently for at least 3 months. All you need to do is make a quick registration through your merchant device by dialing *310# to opt in and you can begin to access credit. This gives our customers the boost needed to keep their hustle going.
At Asante, we realize that every business is set up differently therefore Bloom Loan scores each business differently and we have customized loan limits for each business. Loan limits are scored based on your till transactional history, your credit history and your relationship with Lipa na M-pesa. Bloom Loan allocates loan limits to each store that you registered individually. This makes it possible for one customer to have different credit limits under different stores and access the loans separately.
Getting a Bloom Loan is easy, all you need to do is opt in on your merchant phone by dialing *310#. Once you have opted in, your limit will be shared and you can apply for your loan based on that. You will get your funding shortly after your request through your merchant account. Repayment is just as easy. It can be done in full or in partial instalments depending on the loan tenures allowing you flexibility to choose among the following for your business needs including:
- 21 Day Loan @7.6%
- 7 Day Loan @2.6%
- 1 Day Loan @0.4%
The earlier you pay the more the loan limit increases.
Asante Financial Services Group has made Bloom Loan easy to access with effortless payback. The thought behind the unsecured loan is to make it extremely convenient for the smooth running of your business without the time-consuming processes and long paperwork to acquire funding to grow your business. Bloom Loan is all for growth and inclusion. Let your business bloom with Asante Financial Services Group.
Asante Financial Services Group announces $7.5 million Series A investment anchored by Goodwell Investments with participation by other investors including Sorenson Impact Foundation and Forsage Holdings.