How a Kenyan Factoring company turned Corona from a nightmare into an opportunity

During the Covid-19 crisis, a Kenya headquartered Invoice Finance operation managed to transition from a fully manual workflow with face to face customer interaction at branches into a fully digitally enabled business with all staff working remotely.

During this transformation, the following operational improvements took place:

KEY KPI’s

  • Time taken from a request of funding until fund disbursal reduced from 48 hours to 1 hour
  • Funding utilisation by existing clients increased by 17% and new SCF facility requests increased by 21%
  • Customer onboarding time decreased from 4-6 days to under 2 days
  • Supplier Participation Increased by 38%
  • Support queries and complaints decreased by 67%

Momentum Credit is part of a leading African non-banking financial institution specialised in SME credit, and specialises in Invoice Finance. Today, it is the leanest and most technologically advanced part of the business, despite their early stage. As the other areas of the business struggled to maintain smooth operations during the pandemic, Momentum flourished and was able to transition seamlessly due to one strategic move: The implementation of the Finverity’s White Label Solution for Invoice Finance.

The process began with a deep dive into the processes and structures of Momentum Credit, followed by the design of an implementation timeline and a tailored product demonstration. Due to the specific requirements of the parent business, Momentum had to retain some of the legacy systems in place that are used across units while overlaying Finverity’s system to enhance daily operations and customer-facing activities of the invoice finance team. The entire implementation period, including testing, lasted a total of 60 days and came at minimal upfront costs. “The process we had was improved, digitalised, tested and deployed with only a few zoom calls a month, for which the Finverity team was always very well prepared. We asked for custom features and even integration into our legacy systems, and their timelines remained shorter than anybody else on the market by a mile. Moving from manual paperwork, powerwalking through the office and getting dozens of phone calls a day from clients; to what we have today, in under 2 months, was unbelievable. Thanks to us, the whole business is now looking to become digital”

Sharon Olende, head of factoring and trade finance at Momentum Credit

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Finverity offers local banks and non-banking financial institutions in the factoring & supply chain finance space, a ready-made, white-label solution that can be tested and deployed within 30 days with minimal upfront costs.

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Posted by Radek

Chief Marketing Officer at Finverity