Toggle Market Expands Its B2B BNPL Solution to Rwanda

Toggle Market has expanded its B2B buy now, pay later (BNPL) solution to Rwanda.

The Toggle Finance product was already available across Europe, the Middle East and in four other African countries: Congo, Kenya, Nigeria and South Africa, Toggle Market said in a Wednesday (Feb. 1) press release.

“We are committed to support growth and development for [small and medium-sized businesses (SMBs)] and add economic value at each touchpoint in the value chain,” Toggle Market CEO Fuad Sajdi said in the release. “With the availability of Toggle Finance in Rwanda, we are making a further step towards our mission to make trade easier and more accessible for businesses of all sizes.”

There is a huge gap in working capital financing for SMBs in emerging markets across Africa, estimated at about $340 billion by the World Bank.

While most B2B firms are tackling the problem by providing cash-based solutions to SMBs, there’s a need for BNPL, Duplo Co-founder and CEO Yele Oyekola told PYMNTS in an interview posted in July 2022.

“We’re [launching] a B2B buy now, pay later [product because] we don’t want to give businesses just cash,” Oyekola said at the time. “We’re basically financing their payments because that’s also how you make payments as well.”

Toggle Market launched its B2B BNPL product in July 2022, helping buyers spread payments over six to 12 months while guaranteeing their suppliers are still paid within 24 hours.

According to the press release, Toggle Finance is available to qualified customers of the Toggle Hospitality marketplace and SMBs in many other industry sectors.

The product allows suppliers to extend credit to business buyers efficiently and securely while also enabling buyers to manage their cash flow and increase their purchasing power by making payments over time, the release said.

“Toggle Market’s BNPL solution provides a platform for business buyers sourcing goods from both listed and non-listed suppliers,” Sajdi said in the release. “This gives [SMBs] greater access to the products and services they need to thrive, without the burden of upfront costs or the need to secure traditional loans.”