East Africa's Digital Dawn: ClickPesa Debt Fund and Pendulum enter into funding and technology partnership for Tanzania's Microfinance Evolution

BERLIN, Nov. 21, 2023 /PRNewswire/ -- ClickPesa and Pendulum have teamed up in a technology partnership, leveraging the possibilities of decentralized finance (DeFi). In East Africa there is a huge SME funding gap. By employing DeFi solutions developed on the Pendulum blockchain, which leverages Polkadot and Stellar technology, Pendulum and ClickPesa Debt Fund strive to increase financial accessibility for SMEs by financing MFIs who have the reach, expertise to serve SMEs, initiating this journey in Tanzania.

Through the fusion of ClickPesa's proficiency in digital financial solutions and extensive networks in East Africa, and Pendulum's cutting-edge Web3 technology based on Polkadot, this partnership is set to equip Microfinance Institutions (MFIs) with essential tools and resources to access funding through the ClickPesa Debt Fund. This empowerment enables MFIs with more financial muscle to reach SMEs and women-led enterprises throughout Tanzania.

This on-chain initiative offers improved accessibility and interest rates to MFIs in emerging markets. It provides tangible yield opportunities for DeFi investors in the Pendulum ecosystem and beyond, fostering positive impact in developing regions and creating a synergy between profit and purpose.

"We are thrilled to announce this strategic partnership with Pendulum," said Richard Lema, COO of ClickPesa, which runs the ClickPesa Debt Fund. "Their commitment to driving financial inclusion aligns perfectly with our mission to empower SMEs and women-owned businesses in Tanzania. Together, we will leverage the power of blockchain technology to create a more inclusive and efficient financial ecosystem for all."

Pendulum's Web3 technology links the Polkadot and Stellar ecosystems, offering access and insights into cutting edge decentralized finance tools for Web3 applications. This collaboration strategically opens pathways for resource allocation to support MFIs in Tanzania.

"Pendulum is excited to collaborate with the ClickPesa Debt Fund in their mission to support SMEs and women-owned businesses in Tanzania through MFIs," said Daniel Kisluk, CMO & Co-Founder at Pendulum. "We believe that the fusion of ClickPesa's financial services expertise with Pendulum's Web3 technology will lead to transformative financing solutions for MFIs, unlocking new opportunities for growth and prosperity."

With the initiation of fundraising for ClickPesa's $5 million Debt Fund, a new phase in Tanzanian fintech has begun. This collaboration reinforces ClickPesa's prominence in the fintech sector of East Africa and highlights Pendulum as a central DeFi hub enhancing financial inclusion in underserved communities across the globe.

About ClickPesa:
ClickPesa is a leading fintech company in Tanzania committed to providing innovative financial solutions to small and medium-sized enterprises (SMEs) and women-owned businesses. With a mission to bridge the SME funding gap and drive economic growth, ClickPesa leverages technology to deliver efficient, accessible, and inclusive financial services.

About Pendulum:
Pendulum is a pioneering technology company that serves as a bridge between the Polkadot and Stellar ecosystems. With expertise in blockchain technology, decentralised finance (DeFi), and Web3 applications, Pendulum is dedicated to advancing financial inclusion and empowering businesses through cutting-edge technology.

About ClickPesa Debt Fund:
ClickPesa Debt Fund is a dedicated financial institution with a mission to empower small and medium-sized enterprises (SMEs) and women-based businesses by providing them with essential capital and support to thrive in today's competitive business landscape.

SOURCE Satoshipay