•The former algorithm-based trader at New York’s Wall Street says the company’s larger balance sheet gives the company a competitive advantage to lead and stay ahead of its competitors
• Haile says there is a big need for access to credit in Nairobi and Mombasa. Tier 2 and Tier 3 towns have not been fully served or are charged higher rates by firms using aggressive lending practices. Aspira Kenya managing director Yoeal Haile A product financing company, Aspira Kenya si picking up pace in the country, taking advantage of lack of credit access.
The company was launched by Mauritius-based and listed firm CIM Financial Services Limited (CIM Group) in April 2017 to offer finance to help customers purchase products including electronics, furniture and motorcycles on hire purchase terms.
Speaking to the Star, the managing director Yoeal Haile is optimistic to beat the competition from other players and have sustained growth in the Kenyan market.
This is as the firm squeezes into a space that is comprised of increasingly asset finance services by banks and a high number of digital money lenders in the market.
Recently, telecommunication company Safaricom launched a similar product, Beba Sasa Lipa Pole Pole in partnership with KCB Bank. The market has other players such as Lipa Later.
Despite this, the former algorithm-based trader at New York’s Wall Street says the company’s larger balance sheet gives it a competitive edge to lead and stay ahead of its competitors.
What drove you to choose Kenya?
Our parent company in Mauritius has been in operational for 32 years and wanted to expand into other African markets. After extensive market research we discovered Kenya is the most attractive country to bring hire purchase and leasing operations. We considered factors like lack of access to credit and size of the market, established retail networks and opportunities to start up a fintech business. Kenyans are comfortable using mobile money and mobile-studio financial services.
We kicked off operations mid-2018 and are now trying to grow awareness of the brand.
How does Aspira work? We facilitate customers to buy goods they want immediately and pay for them over three months, six, nine or 12 months. Using a downloaded online application, customers take two minutes to apply and get approved for up to Sh500,000. How has the firm priced credit to beat the competition? We have tried to be as lean as possible in order to offer cheaper credit to customers, […]