Conektr, Triterras Team to Bring UAE SMBs More Working Capital

Global FinTech firm Triterras is partnering with digital lower trade, groceries and HoReCa marketplace platform Conektr to give micro- and small retailers increased access to working capital across the United Arab Emirates through the inventory management tool on the Conektr app.

Through the Triterras’ Invoice Bazaar platform, small businesses in the fast-moving consumer goods (FMCG) space get more access to working capital for procurement through an all-digital process with Know Your Customer (KYC) requirements. The first phase of the initiative will target more than 7,000 retailers across the region, the Wednesday (July 13) joint press release said.

“Neighborhood retailers globally have historically been unbanked for access to credit,” said Anand Nagaraj, Triterras’ executive vice president of business development, in the release. “Our collaboration with Conektr will help break this cycle through an easy-to-onboard, paperless process that is available to thousands of micro- and small retailers on the Conektr platform that are in need of financing to help operate and grow their businesses.

“This collaboration is the latest step in our journey to provide cutting-edge lending solutions to underserved market segments, enabling their continued contributions to both local and global economies,” he said.

There are about 25,000 small retailers in residential and commercial areas of the UAE, but many have struggled to secure bank credit and are forced to rely on the owners’ equity or supplier credit, the press release noted.

“We know first-hand that the availability of working capital can help small retailers maintain their inventory, leading to customer retention and business growth, so this is an important advancement for the ecosystem of micro- and small retailers in the region,” said Madhusudhanan Janakarajan, founder and CEO of Conektr, in the joint press release, adding the company expects about 2,000 retailers to sign up when the product is launched.

Related: UAE Government Employees Offered Year Paid Leave to Start Businesses

Last week, Sheikh Mohammed bin Rashid Al Maktoum, the vice president and prime minister of the UAE and ruler of Dubai, said government-employed UAE citizens can take up to a year’s leave to start their own business ventures. Government employees that take the leave opportunity will retain their jobs and still receive half their salaries.

The government hopes that by giving government employees a year to work on launching their businesses without having to worry about lost income, innovation in the country with flourish.

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