They chose Kenya because of the adoption of technology and mobile banking,” Unilever Customer Development Director Luck Ochieng told Hustle. Unilever, the makers of products like Vaseline, Sunlight, Omo and Lifebuoy, had data on its 41 distribution points, and Mastercard could offer credit windows. This is a unique offering at a time when loans to small traders are limited following the introduction of interest rate caps. Mastercard wants to get other brands onto its platform, as well as other lenders to increase the products and credit available. It usually depends on the month and is mainly late payments, which attract a heavier interest fee of 10 per cent,” Luck said.

Source: Standard Digital February 20, 2019 08:03 UTC