Kenyan ride-hailing startup MARAMOJA opens its API to fintechs and insurtechs
Kenya's ride-hailing platform MARAMOJA Transport has opened its API to local fintechs and Insurtechs. Through a new partnership with Switchlink Africa, service providers will be able to connect with MARAMOJA's over 100,000 drivers and customers.
Fintechs and Insurtechs now have an opportunity to connect to MARAMOJA's ecosystem via a single API and Third-Party Service Providers (such as Petrol Stations, Garages, Service Centers, Car Wash, Car Spares, Car Tracking, etc.).
Similarly, customers who will not have money to pay for their rides will have an opportunity to take rides on credit as well as purchase additional insurance covers and other products through the API. Switchlink Africa will build the system that will enable the service providers to plug into MARAMOJA’s ecosystem and enable them to provide credit and access insurance services among others:
David Waruinge, General Manager, Switchlink Africa: "Switchlink Africa team is looking forward to working with MARAMOJA. The MARAMOJA platform will potentially connect millions of users in the continent providing exciting opportunities for the ecosystem. Our team eagerly awaits what's to come with this partnership."
Ronald Mahondo, CEO of MARAMOJA Transport said the new partnership with Switchlink Africa is a new strategy to unlock value in the ecosystem, with the potential of growing the customer base, increasing their lifetime value as well as enabling them to access more services on the go: "We're super excited to partner with Switchlink Africa to take advantage of the speed and flexibility of their solutions. We can't wait to launch the Open API that will make it easy for anyone to connect with our ecosystem and to further the shared mission of unlocking value (by increasing access to financial, insurance, and other products in our ecosystem) in the process of solving the challenges facing Africa's (and Emerging Markets) transport and logistics industry."
Mahondo further noted that making the API open will enable clients/ riders to get rides on credit while drivers will be able to get cash advances and access credit facilities based on their activity in the app: “This API will enable MARAMOJA drivers to access their funds much faster, get affordable credit facilities and discounted products and services. Allowing funds to move quickly in respect to time-sensitive needs for working capital, emergencies, and similar expenses and may potentially improve the quality of service in the platform. MARAMOJA's retail clients will also get rides on credit and have the opportunity to access other financial and insurance products even when they don't have cash.”
MARAMOJA clients will enjoy embedded credit, finance, and lending facilities, which will enable them to access loans, financial offerings, and credit as an in-app experience increasing digital financial inclusion in the process.
Currently, MARAMOJA has partnerships with fintech companies including Imalipay, Power, Pezesha; and Insurtech companies including Afya Poa and Motisure. Through this API, all these partners will be able to tap into the MARAMOJA ecosystem seamlessly.
At the same time, MARAMOJA is currently piloting a DeFi instrument through a partnership with Symplify and Bitlipa which will unlock alternative financing opportunities and enable more DeFi players to plug into the ecosystem- Decentralized Finance (DeFi) enables transparent transactions using peer-to-peer interaction via smart contracts on a blockchain making products and services available on a decentralized public network.