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News

SC Ventures launches SOLV Ghana

Monday 4 March 2024 11:11 CET | News

SC Ventures has launched SOLV Ghana, a B2B online marketplace that offers MSMEs, short-term invoicing financing, BNPL services, and business loans. 

The official press release announced that SOLV's mission is to empower MSMEs by providing them with solutions that address their financial needs, streamline their operations, and foster sustainable growth. 

SOLV Ghana’s digital marketplace offers MSMEs access to a supply chain financing solution backed by multiple financial institutions and anchor relationships. The platform offers short-term invoice financing, BNPL services and business loans via a trusted marketplace of verified buyers and sellers.

SC Ventures has launched SOLV Ghana, a B2B online marketplace that offers MSMEs, short-term invoicing financing, BNPL services, and business loans.

Additionally, the platform seeks to provide reliable and affordable business support services such as accountants, marketing professionals, and lawyers from multiple service providers to enhance operational efficiency and sustainable growth. SOLV Ghana is also set to help MSMEs integrate into the Financial Trust Corridor established by the Ghanaian and Singaporean governments, which aims to integrate trade flows and business services discovery within the Asia-Africa trade corridor. 

The SOLV Ghana platform has onboarded 40 supply chain ecosystems linked to over 9,000 MSMEs participating on the platform.  

Driving MSME growth in Ghana 

In Ghana, MSMEs constitute 83% of the business populace and generate 71% of the nation's business revenues, as per a 2019 World Bank report. Despite this, they only capture 66% of the profits. These MSMEs face various hurdles, including limited access to efficient and fast credit or financing; and affordable professional support services. These challenges not only impact their profitability but also hinder their expansion and scalability efforts. 

As stated in the official announcement, SOLV Ghana aims to address these challenges by creating a verified and secured digital marketplace relationship between MSMEs, their suppliers, and participating financial institutions, to offer pre-approved loan facilities to fund shortfalls between their cash flows and existing working capital required for restocking.  

SOLV Ghana also provides reliable and affordable business support services to improve operational efficiency. Financing and access to professional services are critical elements that will enhance MSMEs’ business growth, and operational efficiencies, and set businesses for success across the country. 

About SC Ventures 

SC Ventures is a business unit that provides a platform and catalyst for Standard Chartered to promote innovation, invest in disruptive financial technology and explore alternative business models. Standard Chartered is an international banking group, with a presence in 52 of the world’s most dynamic markets and serving clients in a further 64.

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Keywords: product launch, BNPL, SMEs, financing , marketplace
Categories: Banking & Fintech
Companies: SC Ventures, Solv
Countries: Ghana
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Banking & Fintech

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