Craft Silicon aims for a share of the payday advance business

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Craft Silicon aims for a share of the payday advance business


Craft Silicon founder Kamal Budhabhatti. FILE PHOTO | NMG

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Summary

  • Employers will be able to pay the money to their staff before the normal payment date and the bank will recover the amount plus interest when the salary is paid.
  • Little will leverage its existing network of approximately 2,000 corporate clients nationwide to expand into the new business.
  • The expansion of services offered by Little comes after an additional capital injection of $5 million (572 million shillings) from Craft Silicon.

Craft Silicon is set to launch payroll management and payday advances through its Little app in a partnership that will bring in private companies and banks to provide short-term loans.

Employers will be able to pay the money to their staff before the normal payment date and the bank will recover the amount plus interest when the salary is paid. Businesses will be required to use Little’s payroll system as part of a new one-stop-shop application.

“The company does not need to bear the expenses of providing loans, but can set the limit for banks to lend 15 or 17 days before salaries are paid,” said the managing director. of Craft Silicon, Kamal Budhabhatti.

“When salaries are paid, the advance is automatically recovered. It is a complete model that revolves around businesses. Our company goal is good business and the right way to grow in a sustainable way.

Little will leverage its existing network of approximately 2,000 corporate clients nationwide to expand into the new business.

HR services marks the expansion of the Little platform which was launched in 2016 years offering taxi services. The app was developed by Craft Silicon in conjunction with Safaricom #ticker:SCOM.

The ridesharing industry has seen increased competition over the years. Little added other services such as movie ticket sales, deliveries, and payment of utility bills like pay-TV, water, and electricity.

The expansion of services offered by Little comes after an additional capital injection of $5 million (572 million shillings) from Craft Silicon.

Few is among apps that seek to offer a wide range of business and lifestyle services under one roof amid increased internet access and smartphone adoption.

Safaricom’s mobile money platform, M-Pesa, has also expanded its range of services, including business support, with plans to expand further into new areas such as insurance and investments.

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