Following this announcement, the first service that will be included in the Embedded Finance offering is expected to be a Buy Now, Pay Later (BNPL) feature, which will provide tech talent with secure and accessible financing options for essential work tools and resources.
Propel represents a Berlin-headquartered startup, which was developed in order to optimise the manner in which tech talent develops within emerging markets and underrepresented communities.
As the industry sees rising inflation rates, currency depreciation and other macroeconomic hurdles and challenges have marked Africa’s economic landscape. In regions and countries such as Kenya and Nigeria, high inflation and currency depreciation have significantly impacted the overall cost of living, while also making it increasingly difficult for individuals and clients who are looking to build a career in the tech area and aim to afford the products are needed to develop in their careers.
The Embedded Finance framework was developed for tech communities, while also recognising and aiming to meet the needs, preferences, and demands of customers in an ever-evolving industry. In addition, the company will also focus on removing these financial barriers and remaining compliant with the regulatory requirements and laws of the industry.
Throughout this launch, tech communities will be enabled to leverage Propel’s infrastructure in order to extend financial services to their members, rather than needing to design out their own technology, suite of solutions, and liquidity, as well as disbursement and collection channels. At the same time, with Africa’s tech ecosystem developing rapidly, the inflow of individuals into communities has also increased.
The BNPL service was designed to operate through a simple application process accessible via the Communities’ Dashboards. After receiving approval, users and clients will be enabled to receive a voucher code representing the approved loan amount, which will be redeemed with multiple verified vendors for the purchase of work devices, such as computers, tablets, or others. In addition, the program’s structure and flexible repayment schedules aim to ease the overall financial burden on tech talent, while also promoting inclusivity and accessibility within the market.
By removing key barriers through the use of its Embedded Finance stack, the company will focus on enabling more clients and individuals to access the tech industry, develop and grow in it, as well as realise their full potential.
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