Do You Know Your Business Customer?- BRS Is Now on Patascore For Your KYB Due Diligence.
Patascore is a cutting-edge financial services platform that specializes in providing detailed insights into customer information. At its core, Patascore is designed to empower businesses and lenders with real-time, accurate data about potential clients in the business sector.
Patascore, powered by Pezesha, has now introduced a business verification service through the Business Registration Service (BRS), along with a credit score for businesses. In the dynamic landscape of the Kenyan business environment, staying ahead of the curve is crucial for both businesses and lenders.
In the past and current world, lenders have to get the help of legal representatives to visit the registration offices to verify business details physically. This process is not only time-consuming, but also prone to errors, delays, and unforeseen costs. However, during the FY 2020/21, the Business Registration Service (BRS) achieved a milestone by registering the highest number of business entities to date, totaling 154,236. This figure comprised 101,674 business names and 50,932 private companies. Concurrently, the Movable Property Security Rights registry recorded a significant number of activities, with 102, 637 initial notices and 18,665 searches. These statistics indicate a growing awareness and interest in utilizing movable properties to access loans. (BRS Annual Report 2022)
Patascore has recognized the challenge of going through extensive records and has seamlessly incorporated the Business Registration Service into its platform. This integration provides lenders with a streamlined and efficient solution for obtaining in-depth insights into the businesses they are considering for financing- be it short or long-term credit facilities.
The core functionality of Patascore’s BRS lies in thoroughly verifying business registration details and fetching a comprehensive credit history. This service eliminates the need for lenders to navigate bureaucratic hurdles, significantly reducing the Turnaround Time (TAT). The time-consuming process of sending lawyers to verify details has been replaced with a digital and instantaneous method, making business transactions smoother and more efficient.
So, why must lenders have a profound understanding of the businesses they are potentially collaborating with? In the Kenyan business environment, where diverse sectors coalesce, having a comprehensive understanding of a business’s background is paramount. The success of a lending relationship is not solely based on financial transactions but also on the intricate details that make up a business — its history, compliance, and creditworthiness.
Patascore’s BRS addresses this need by giving lenders real-time access to accurate and verified business information. This expedites the lending process and ensures lenders can make well-informed decisions based on a business’s track record and credit history.
So how does it work?
In under two minutes, you get all the information you need about the business, including its registration details, and the credit history (CRB). The report also provides details about the directors, business address, contact information, registration status and historical credit report.
You can then export a business’s full credit, KYC and business profile information in a consolidated PDF report.
The Kenyan business landscape has witnessed significant growth in recent years, with a surge in small businesses contributing to the nation’s economic vibrancy. There are 1.5 million formerly registered SMEs and 5 million informal MSMEs . This accounts for 33.8% of the GDP (KNBS Economic Survey, 2022). However, this rapid expansion has also given rise to challenges, such as increased competition and a greater need for secure financial transactions.
Patascore’s BRS emerges as a solution to the challenges faced by lenders, offering them a reliable and efficient mechanism to assess the creditworthiness and legitimacy of businesses. By automating the verification process, Patascore reduces the risk associated with lending and fosters a climate of trust between lenders and businesses.
The Patascore Business Registration Service marks a significant leap forward in the evolution of business financing in Kenya. By seamlessly integrating business registration verification and credit history retrieval into its platform.
For businesses seeking financing and lenders aiming for a comprehensive understanding of their potential partners, Patascore’s BRS is a game-changer. It aligns with the evolving needs of the Kenyan business landscape, offering a solution that is not just innovative but also essential for sustainable economic growth. Embrace the future of business financing with Patascore’s Business Registration Service — where efficiency meets reliability. You can reach out to us via hello@pezesha.com for a demo and pricing information.