Visa and Citi have launched Citi Optimized Pay, a card payment solution developed with Cellulant.
The platform, powered by Cellulant’s Tingg payment gateway, is designed to improve cash flow for small businesses by enabling Citi corporate clients to pay suppliers using commercial cards.
Suppliers can receive funds through their preferred method, including bank accounts and mobile wallets.
Kenya’s Supply Chain Finance market is valued at $24.8 billion annually, representing 25.1% of GDP, but according to the International Finance Corporation (IFC), only 7-10% of demand is currently met.
Due to corporate policies, suppliers often wait 60 to 90 days for payments, causing cash flow challenges. Citi Optimized Pay aims to bridge this gap by offering faster payments and flexible options.
The platform supports supply chain finance in Kenya, where small businesses account for about 80% of enterprises.
