Sokowatch has been named the winner of Visa Everywhere Initiative – for identifying solutions to help small businesses recover from impacts of COVID-19. The startup won the global challenge for its tech-enabled solutions which improve supply chain efficiencies and allow small businesses to easily access essential goods.
During the pandemic, Sokowatch extended credit lines to informal retailers, allowing business continuity and boosting sales by up to 25%. The move, Disrupt Africa reports, abated the possible closure of many small retailers in a continent where the informal retail market accounts for 90% of purchases.
Sokowatch was able to offer the financing solutions by leveraging its data tracking analysis tools to understand its market ecosystem, which spans up to 16,000 shops in nine cities in East Africa. The firm also used data analysis tool to ensure retailers had adequate stocks of essential goods, track comity shopping trends and offer competitive prices from manufacturers.
Speaking on the award, Sokowatch Founder and Global CEO Daniel Yu said, “I’m incredibly honoured to have been selected as this year’s winner of the Visa Everywhere Initiative… We’re glad to have been able to use our tech to quickly respond to the crisis in a way that directly supports the families and shop owners in the communities through our unique credit extension model and the e-voucher scheme.”
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