Standard Chartered is getting into the e-commerce space in Kenya with the expansion of Solv, their Business to Business (B2B) marketplace first launched in India in 2020.
The company, through SC Ventures, their innovation, ventures and fintech investments unit, announced back in December 2020 that they would – after India – expand to Kenya and Ghana. The Business Daily has confirmed this expansion is happening. (It also appears there have been recruitments in the recent past for a Products Lead, and a Risks Compliance Officer).
What is Solv?
Solv is a marketplace for micro, small and medium-sized enterprises (MSMEs). It is a platform meant to helps MSMEs trade goods with each other, expand their customer base, digitise their businesses and access much more.
Solv is fully owned by the Standard Chartered Group.
Through Solv, MSMEs will enjoy services like:
- Digitised operations
- Buy now Pay Later (BNPL) programs and credit facilities from multiple lenders
- Access to quality products from verified suppliers at competitive prices
- Reliable on-ground logistics support
Recently, through the SC Ventures unit, Standard Chartered in Kenya announced the launch of SC shilingi, a money market fund done in partnership with Sanlam Investments. SC Shilingi allows Kenyans to invest with as little as KES 1,000 and earn interest.