The partnership carries the promise of greater financial inclusion for the region.
liwwa, Inc. and Capital Bank of Jordan have signed a partnership agreement designed to serve small businesses in Jordan. The partnership will see liwwa assess the creditworthiness of small businesses who apply for financing at Capital Bank. Leveraging its proprietary technology liwwa will deliver rapid, high-quality credit decisions.
Ahmed Moor, liwwa’s CEO, stated that, “”Working with Capital Bank presents a great opportunity to help relieve some of the challenges small businesses face in accessing capital in Jordan. We’re enthusiastic about our partnership and are hopeful that together we’ll transform the SME lending landscape.”
Dawod Al Ghoul, Capital Bank’s CEO, and Ahmed Moor, liwwa’s CEO, signed the agreement on October 27th 2020 with the aim of providing borrowers with loans on Capital Bank’s secure website. The underlying digital service is intended to help deliver rapid credit decisions, a pressing need for many small businesses.
The small business financing gap, which stands at over $5 billion in Jordan, continues to present a major opportunity for banks and non-bank financial lenders. Often lending to SMEs is viewed as expensive and time consuming. liwwa’s processes and technology are designed to help address those considerations.
Yasser Kleib, Capital Bank’s Head of Institutional Banking, added that, “this agreement complements the efforts of the Bank in support of small and medium-sized businesses by providing a distinctive offering of comprehensive financial advisory and business solutions that help them to prosper and grow.”
About liwwa, Inc.: liwwa is a fintech focused on providing capital to small businesses in Jordan and Egypt. The company has issued roughly $50 million of debt to qualifying SMEs since 2015.