Financial services provider Blend Financial Services Limited (BFSL) today said it has signed a Memorandum of Co-operation (MoC) with the African Export Import Bank (Afreximbank) to offer mutually beneficial specialised services.
The endeavour is meant to extend support to the SME sector in the African continent.
Under the pact, Blend and Afreximbank Ltd would institutionalise factoring, credit rating institutions in Africa along with providing access to specialised services such as credit/financial appraisal to the financial institutions in Africa.
Factoring, a form of business financing, helps the SMEs to have easy access to finance especially meeting their working capital requirements without adding debt burden.
As a part of the business strategy, the company has entered into a joint venture with FIMBank Plc, Banca IFIS and Punjab National Bank to set up a venture engaged in the business of factoring, forfeiting and leasing in India.
