Financing SMEs through technology

Growth Factor Technologies is a Fintech with a focus on Supply Chain Finance and our vision is to transform the livelihood of SMEs in Africa, starting with Ghana (the gateway to Africa) and Nigeria (the giant of Africa). Both these countries have shown stable improvement in economic growth and continue to use technology to diversify Africa-facing solutions.

Our training

We are an impact and solutions driven team trained under the Meltwater Entrepreneurial School of Technology popularly known as MEST which gave us great exposure into the tech start-up world and this was good preparation for our desired journeys as tech entrepreneurs. While in the program we also took part in Kosmos Energy’s agriculture-focused CSR program the Kosmos Innovation Centre which gave us great exposure to the challenges faced in the agriculture industry with extensive research done from the ground up.

Nvoicia — Unlocking Working Capital

Addressing the problem

We leveraged on both learnings from MEST and KIC and developed our flagship product Nvoicia which helps SMEs gain access to collateral-free working capital, this was born from the problem that most suppliers of agricultural products are paid 30–90 days later after delivery of produce and due to this delay in payment they aren’t able to grow their businesses. Looking deeper into the problem, it goes without saying that we broadened our scope as this problem affects many other industries.

Providing instrumental growth

The goal behind Nvoicia is to drive an instrument of stability and growth to SMEs by providing collateral-free working capital through invoice discounting. The task at hand is to use machine learning for credit risk scoring and to gain insight into industry performance and trends in order to optimize our risk analysis methodologies

The ultimate goal

We are using technology to measure and implement effective means of supporting the average SME so that they can reach their potential which ultimately will lead to a rise in our continents GDP, that is our main goal.