Moniepoint introduces Working Capital Loans to provide loans to businesses

#MoniepointFeature: Using its Working Capital Loans product, Moniepoint made $3.3 million in loans in just over a month, with no defaults. Working capital loans give retailers access to affordable borrowing, allowing them to restock, scale, and run their businesses on a daily basis.Moniepoint, a prominent African Fintech platform, announced its 2023 Q2 successes, including currently supporting 1.3 million businesses, and said it has developed Working financial Loans, a service aimed to help merchants overcome financial difficulties and keep their businesses functioning and growing.Working Capital Loans provide firms with a line of credit based on their capital (or share) in the company. They are short to medium term loans ranging from 7 to 120 days that can be readily and quickly obtained. As a result, any merchant who conducts business through their Moniepoint account may have access to a line of credit equivalent to the volume of business that passes through the account. The product is already widely used by a lot of their businesses, such as supermarkets and gas stations, and there are now no defaults. According to the report, one of the most significant barriers that African small businesses confront is the inability to invest in and grow their operations. With limited working capital loans, these enterprises are unable to resupply and scale as they should.