4G CAPITAL, a leader in technology-driven financial inclusion announces an update on its operations across Kenya and Uganda regarding its approach to safeguarding its clients, employees and services amid the COVID-19 outbreak.
For over six years, 4G Capital’s primary focus has been the removal of barriers that inhibit financial inclusion and unlocking the potential of East Africa’s micro and small businesses through the provision of working capital credit combined with financial literacy and business enterprise training.
As Kenya and Uganda go into ‘lock-down’, the COVID-19 outbreak threatens the most vital yet vulnerable segment of the economy, the informal sector. In Kenya, according to the FSD Kenya and Kenya Revenue Authority, approximately 95% of the country’s businesses and entrepreneurs operate within the informal sector, and only 24% of them own a business bank account.
The majority of 4G Capital’s clients are traders operating within the informal sector, typically located in crowded open-air markets, where isolation and social distancing protocols are incredibly challenging. Restricted access to running water and sanitation will also create enormous difficulties as these businesses do their best to follow safety guidelines.
The survival of small businesses is critical to the welfare of local communities as they provide affordable food and daily provisions. In response, 4G Capital and other industry leaders have formed a coalition to enable access to sanitizer and hand washing facilities across market places in greatest need.
The company is committed to assist throughout this challenging period while supporting government policies. Wayne Hennessy-Barrett, CEO and Founder of 4G Capital, said: “We have a clear mission to not only drive growth across the informal economy but to protect it”.