NCBA’s LOOP launches LOOP BIZ+ platform for SME payments, stock and loans
LOOP DFS, NCBA Group's digital financial services arm, launched LOOP BIZ+ in Nairobi on October 29. The platform combines card and mobile money payments, AI stock tools, a marketplace and credit in one service for small businesses.
NCBA Group's digital financial services subsidiary, LOOP DFS, has launched LOOP BIZ+, a single platform for small and medium-sized enterprises. According to The Star, the launch took place in Nairobi on October 29. Merchants can take payments, track stock, market products and get financing through one system instead of several. Merchants can accept Visa cards, NFC contactless payments, mobile money and LOOP payments through a point-of-sale device. The same payment features are available on the LOOP BIZ mobile app and a web portal. TechMoran compared the service to US payments firm Square. It reported that merchants will pay KSh 1,500 a month to use it. The platform also links merchants to LOOP Discover, a marketplace inside the LOOP consumer app. The company says the marketplace reaches more than 500,000 consumers. AI-powered inventory tools monitor stock, forecast demand, recommend restocking and flag slow-moving products. According to TechMoran, the system flags slow-moving stock each morning. On financing, LOOP will use merchants' transaction histories to help assess their creditworthiness. The products include quick loans and overdrafts…
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