Toggle Market announces the launch of Toggle Finance, it’s innovative B2B product aimed at SMEs seeking supply chain trade finance and payable financing alternatives, to its new customer base in Rwanda.
This innovative solution transforms B2B e-commerce by providing SMEs direct access to financing for their operational purchasing needs. Through Toggle Finance, customers can receive a flexible B2B BNPL (Buy Now Pay Later) solution, providing them with an option to pay later, and spread the costs of goods, making it easier to manage their cash flow and increase their purchasing power. To facilitate this service, the company has partnered with international underwriters and private creditors who are sharing the same vision to transform the B2B financing space. This is in addition to the already existing trade and logisitics services available to its customers in Rwanda.
With a growing tourism, agriculture, FMCG and manufacturing sectors, Rwanda has been growing its reputation as a tech-affiliate and forward-looking nation with a vision to elevate to a middle-income service and knowledge-based economy, and has become increasingly attractive for international investors. This growth has been underpinned by a strong investment in infrastructure, with Kigali’s international airport already ranked among the best in Africa, construction is currently underway for a new airport to serve the increased passenger traffic, alongside the country’s unique adoption of sustainability and environmental ethos.
The tourism industry continues to be a cornerstone for the country offering a diverse portfolio of properties from luxury lodges to business hotels. The country in fact has for some time reigned as one of the best kept secrets for luxury destinations for its nature reserves.
In contrast, supply chain challenges remain a constricting reality for businesses in Rwanda. They are facing limited access to finance with high interest rates as well as limited local capital markets.
“Toggle Market’s BNPL solution provides a platform for business buyers sourcing goods from both listed and non-listed suppliers. This gives SMEs greater access to the products and services they need to thrive, without the burden of upfront costs or the need to secure traditional loans,” said Fuad Sajdi, CEO of ToggleMarket.
He added, “We are committed to support growth and development for SMEs and add economic value at each touchpoint in the value chain. 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.”
The future of B2B e-commerce is shifting, and Toggle Market is determined to play a leading role in supply chain transformation. As the demands of business buyers evolve, the company through Toggle Finance and its trade marketplaces, such as Toggle Hospitality, will continue to innovate, offering new and improved solutions to meet the changing needs of SMEs across multiple industry sectors based on each country need they operate in.
The Toggle Market team will be attending the Africa Hospitality Investment Forum taking place in Nairobi, Kenya on 12-14 June 2022 where they will be unveiling their new finance product to the hospitality sector in Africa.