As an SME, the struggle to get your invoice processed has always been real and the struggle hard.
Excuses ranging from delayed disbursement by the National Treasury in counties, huge pending bills in state departments and corporates claiming to be chasing signatories have greeted frustrated small businesses over the years.
Most SMEs who usually depend on loans to service the project are usually left with huge payments and default once they complete their work with the state and some corporates
UAP Old Mutual’s is now targeting this sector with a Trade Credit Insurance policy to reduce the risk of a bad debt destabilizing a business.
This product may prove useful bridging the duration between when businesses get paid and allowing them to continue operations without interruptions.
UAP Old Mutual Group Managing Director, General Insurance James Wambugu said the product will also target multinational corporates, across a wide range of trade sectors to grow their businesses, capitalize on trade opportunities and protect their bottom line.
The scheme will cover customers across East and West Africa with access through Credit Guarantee Insurance Corporation (CGIC) of South Africa to trade credit insurance, which protects businesses from the risk of their commercial clients not paying invoices.