Support strengthens for Cauris in fortifying Jetstream Africa, aiming to fill Africa's trade finance void
In a significant move to bolster trade finance for Small and Medium Enterprises (SMEs) in West Africa, Cauris Finance has expanded its strategic partnership with Jetstream Africa, a logistics and trade finance platform based in Ghana. This marks the third investment by Cauris Finance in Jetstream since 2022, underscoring a deepening commitment to the African trade finance ecosystem.
Jetstream Africa's digital platform seamlessly integrates freight forwarding, customs brokerage, trade finance, and real-time cargo tracking. The fresh funding from Cauris Finance will be utilised to expand this platform's trade finance portfolio, enabling more SMEs to manage their supply chains more effectively.
One of Africa's major challenges is the $120 billion trade finance gap that restricts SMEs' growth due to working capital constraints. This partnership aims to address this issue directly, providing SMEs with the vital working capital and credit facilities tailored to their trade needs.
The partnership strengthens Jetstream’s ability to offer increased access to digital trade finance, improving logistics and supply chain management for SMEs. The platform's integration of customs and freight services simplifies business operations and reduces delays, enabling SMEs to operate more efficiently.
Moreover, the new funding will help Jetstream widen its coverage, reaching more SMEs in key markets where trade finance is currently scarce. This expansion is expected to facilitate business growth for SMEs despite funding constraints, allowing them to import goods, scale operations, and enhance their competitiveness in regional and global markets.
Azer Songnaba, Chief Investment Officer at Cauris Finance, stated that Jetstream is reshaping how African businesses move goods and access working capital. Miishe Addy-Asare, CEO of Jetstream, expressed that Cauris has been a consistent, thoughtful partner, and the new capital will help them serve more SMEs - faster and smarter.
In 2022, Africa imported $660 billion worth of goods, and fewer than 15% of SMEs in Africa can access formal credit. This expansion of Cauris Finance's partnership with Jetstream may provide more opportunities for SMEs in West Africa to access financing, potentially contributing to the growth and development of businesses in the region.
In conclusion, this expanded partnership between Cauris Finance and Jetstream Africa is a critical step towards bridging Africa's trade finance gap, thereby empowering SMEs with the necessary financial tools and logistical support to thrive within and beyond their local economies.
The fresh funding from Cauris Finance will be used to expand Jetstream Africa's trade finance portfolio, enabling more Small and Medium Enterprises (SMEs) to effectively manage their supply chains due to the integration of freight forwarding, customs brokerage, trade finance, and real-time cargo tracking. This partnership aims to directly address Africa's $120 billion trade finance gap that restricts SMEs' growth, providing them with vital working capital and credit facilities tailored to their trade needs.
