Kenyan small and medium-sized enterprises (SMEs) struggling with cash flow delays may soon find relief with a new digital payment tool. Citi, Visa, and Cellulant have introduced Citi Optimized Pay, a card-based payment system designed to ease financial bottlenecks in supply chains.
The solution operates through Cellulant’s Tingg payment gateway, allowing Citi corporate clients to pay suppliers directly using their commercial cards. Suppliers, in turn, can receive payments via bank transfer or mobile wallet, ensuring flexibility and faster transactions. This innovation addresses a critical issue in Kenya’s supply chain—delayed payments, which often take 60 to 90 days due to corporate policies.
Addressing a $24.8 Billion Market Gap
Kenya’s supply chain finance market is valued at $24.8 billion annually, making up 25.1% of the country’s GDP. Yet, existing solutions meet just 7% to 10% of this demand, highlighting a significant gap Citi Optimized Pay aims to close. By providing a secure and efficient digital payment system, the initiative could boost operational efficiency and unlock growth opportunities for businesses.
Visa East Africa’s Vice President and GM, Chad Pollock, expressed confidence in the partnership. “Citi Optimized Pay will enhance supply chain payment efficiency and provide businesses with reliable cash flow solutions, aligning with Visa’s mission to empower businesses in a dynamic market,” he stated.
Cellulant’s Group CEO, Peter O’Toole, echoed this sentiment. “Co-developing Citi Optimized Pay aligns with our mission to offer secure, innovative payment solutions. This solution empowers SMEs by improving cash flow management, enabling business growth across the value chain.”
With digital transactions gaining momentum, this latest fintech innovation could mark a turning point for Kenyan SMEs, offering them the liquidity needed to scale their operations.
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One reply on “Citi, Visa, and Cellulant Launch Digital Payment Solution for SMEs”
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