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nouhaila_zaki

What Kenya's mobile money success could mean for the Arab world - 1 views

www.worldbank.org/...-could-mean-for-the-arab-world

M-Pesa Kenya Arab World

shared by nouhaila_zaki on 12 Feb 21 - No Cached
  • For a successful model, the Arab World can look to Kenya’s development of mobile money or “M-Pesa”. In many ways, the elements that lead to M-Pesa’s success in Kenya are already present in the Arab World. Young people in MENA are digitally savvy, are active on social media and are some of the heaviest users of mobile phones in the world.
    • hichamachir
      hichamachir on 12 Feb 21
       
      M-Pesa can influence many countries to believe in the power of technology and innovation. I think that embracing the entrepreneurial lifestyle can help many countries to innovate and create successful business and M-Pesa is a great example.
  • The growth of M-Pesa is the result of many factors, including the ease of setting up an account (which is free and only requires an official ID), its simplicity of use, its affordability, the high literacy rate of the population, and the high penetration of mobile phones.Another key element to M-Pesa’s growth worth emphasizing is the regulatory stance adopted by the Central Bank of Kenya (CBK). It decided not to oppose the entry of the telecom operator into the financial sector as long as it offered sufficient guarantees. CBK adopted an “above the fray” position as a regulator and allowed for experimentation in order to foster innovation.
  • The successful adoption of M-Pesa in Kenya reverberated across the African startup scene. It acted as a catalyzer and a signal for young entrepreneurs in Kenya and Africa as a whole: revolutionary ideas could be successfully implemented in Africa and generate both business opportunities and a development path for local communities.
    • samielbaqqali
      samielbaqqali on 12 Feb 21
       
      M-Pesa will influence many nations to believe in the potential of creativity and technology. I think it will help many countries to innovate and build effective companies by adopting the entrepreneurial lifestyle, and M-Pesa is an excellent example.
  • ...1 more annotation...
  • A MENA perspectiveMENA could easily follow in Kenya’s footsteps, and reap immense benefits. The adoption of mobile payment systems makes transactions cheaper, easier and safer. By simplifying how clients can pay for goods and services, it helps firms reach out to new customers and foster private sector development across the economy. Moreover, as is often the case with innovations, it has the potential to be built upon and used by other new technologies and to create a positive momentum in fintech as a whole.Governments in the Middle East and North Africa should enable digital innovation with conducive regulations and the development of a regulatory ‘sandbox’, which guarantees the security of transactions but allows for experimentation, that would stimulate the development and adoption of disruptive innovations.Today, economic connectivity is achieved by the development and harmonization of optic fibers, IT equipment, online payment systems, information transmission and data protection policies. If the MENA region puts sufficient efforts in this direction, it could propose a new path to its citizens, in particular the youth, and bring about a new development strategy adapted to the modern age.
    • nouhaila_zaki
      nouhaila_zaki on 13 Feb 21
       
      This except is very interesting because it touches upon the way in which M-Pesa could benefit MENA societies. It encourages MENA governments to legislate in favour of innovation and digital products in order to propose a new development strategy that befits the modern age.
  • mohammed_ab on 12 Feb 21
     
    I think that this article has some great information on how to replicate the success story of M-Pesa in the Arab World. I think that the Arab World is in need of such service to facilitate the life of unbanked people, and especially women. This article also highlights the importance of having a lenient regulatory system.
mbellakbail69

Prime Bank launches SimbaPay - International Money Transfer Service | Value Added Servi... - 0 views

www.biztechafrica.com/...16250

shared by mbellakbail69 on 13 Feb 21 - No Cached
  • Prime Bank, a leading private bank in Kenya, has partnered with London-based FinTech SimbaPay, to launch an instant international money transfer service via the bank’s digital platform PrimeMobi.Through SimbaPay, Prime Bank customers will now be able to instantly and securely send money directly to bank accounts or mobile wallets across 15 countries in Africa, Europe, and Asia including India, United Kingdom, China (WeChat Pay), Germany, Uganda among others, the company said in a media statement.
    • nourserghini
      nourserghini on 13 Feb 21
       
      This article reveals a new service offered by Simbapay with the partnership of the kenyan Prime Bank to provide instant money transfers to 15 countries through the PrimeMobi platform.
    • mbellakbail69
      mbellakbail69 on 13 Feb 21
       
      Via SimbaPay, customers in Africa, Europe and Asia, including India, the United Kingdom, China, Germany and Uganda, are now in a position to transfer cash immediately and safely to bank accounts or mobile wallets.
    • mbellakbail69
      mbellakbail69 on 13 Feb 21
       
      Via SimbaPay, customers in Africa, Europe and Asia, including India, the United Kingdom, China, Germany and Uganda, are now in a position to transfer cash immediately and safely to bank accounts or mobile wallets.
mehdi-ezzaoui

SimbaPay unleashes Pan-African remittances chatbot - FinTech Futures - 1 views

www.fintechfutures.com/...an-african-remittances-chatbot

SimbaPay Kenya payments service

shared by mehdi-ezzaoui on 13 Feb 21 - No Cached
  • The chatbot will also enable 24/7 instant customer service for its customers across Africa and Europe. Daniel Howard, CTO for SimbaPay, says: “Another major objective we achieved with the chatbot service is that it also works without internet. This means customers with a mobile phone, even a basic phone without internet access, can access the SimbaPay chatbot using SMS.” Together with Interswitch, SimbaPay says its B2B division offers its instant remittance technology to banks and telcos who want to provide their customers with the service. To send money with an SMS users need the recipient’s phone number and the chatbot will automatically obtain the recipient bank account or mobile money details.
  • mehdi-ezzaoui on 13 Feb 21
     
    The chatbot will also enable 24/7 instant customer service for its customers across Africa and Europe.
mehdibella

In a cash-strapped age, are microloans the answer? | World news | The Guardian - 0 views

www.theguardian.com/...ancing-poverty-good-news-loans

Kiva kenya Nairobi Fintech finance

shared by mehdibella on 13 Feb 21 - No Cached
  • Millions of people in developing countries depend on microloans to raise the funds to grow a business or just stay afloat in hard times. And thanks to digital platforms, smartphones and free-moving global capital, growing numbers of people in the rich world are using their money to lift others out of poverty.
  • But the reality is often a lot messier – something that may not initially be obvious to the lender. In fact, like Cabusog and Lendwithcare, borrowers and crowdfunding sites connect via local partner microfinance institutions (MFIs) who do the essential work of assessing creditworthiness and administering loans. To pay for that, most MFIs charge interest to borrowers, often at wildly varying rates.
  • Kiva is the slickest of the microfunding websites, offering a mind-bogglingly glossy catalogue of projects sorted into different categories, countries and attributes, all illustrated with backstories and pictures.
  • ...2 more annotations...
  • Kiva is often already in the borrower’s pocket, lent by a local MFI long before the loan target has been met. There are good practical reasons for this, explains Kathy Guis,
  • Kiva is using blockchain technology in Sierra Leone to create an online ID database so that loan applicants outside the formal banking system can prove their credit history, and it hopes to extend the system to other countries if successful.
  • mohammed_ab on 13 Feb 21
     
    It seems that microfinance or crowdfunding is life-saving for many young entrepreneurs. However, there are some practices that sometimes interfere with the non-profit status of companies like Kiva. On Kiva's website, It's stated that loans are free of charge, but the MFIs charge interest to borrowers at varying rates depending on the region, which might affect the borrowers.
mehdibella

Omidyar Network Awards $5 Million Grant to Kiva to Spur Growth of Microfinance in Under... - 0 views

omidyar.com/...finance-in-underserved-markets

Kiva kenya Nairobi Fintech finance

shared by mehdibella on 13 Feb 21 - No Cached
  • Omidyar Network will match up to $2 million of online donations from individual Kiva lenders. Amy Klement, Vice President, Investments at Omidyar Network, will join Kiva’s board of directors.
  • Kiva will use the funding to further develop its technology platform, expand its network of field partners, and continue to invest in due diligence and monitoring capabilities across its growing portfolio. The commitment, which marks the largest grant in Kiva’s history, reflects Omidyar Network’s focus on bringing microfinance to underserved markets as well as catalyzing social impact through technology.
mehdibella

Turo partners with Kiva to launch a novel initiative to help close the racial wealth gap - 0 views

www.prnewswire.com/...cial-wealth-gap-301174125.html

Kiva kenya Nairobi Fintech finance

shared by mehdibella on 13 Feb 21 - No Cached
  • "Our commitment of up to $1 million in funding to address the growing wealth inequality in the United States is not only the right thing to do, but a necessity,"
  • Kiva's crowdfunding platform, Kiva.org, allows individuals to lend as little as $25 to make a difference in someone's life. Kiva Protocol aims to establish financial identity and credit history for unbanked populations using distributed ledger technology (DLT), with its inaugural project currently being implemented in Sierra Leone.
  • Kiva Capital Management is a forthcoming subsidiary of Kiva that will operate as an impact-first asset manager connecting Kiva's network of Field Partners with institutional capital, scaling Kiva's ability to lend to underserved populations around the world.
mehdibella

KIVA News!!! | Rotary District 5010 - 0 views

rotarydistrict5010.org/...kiva-news

Kiva kenya Nairobi Fintech finance

shared by mehdibella on 13 Feb 21 - No Cached
  • The club’s decade-long KIVA lending portfolio exceeded $83,000 last week. KIVA is a micro-lending organization. Of the total loan value of $83,150, about $12,000 has been collected via loose change cups at meetings; the rest is comprised of paybacks, with interest.
  • All but one of the seven loans – typically of $100 each – were made to individual entrepreneurs in construction. To date, the club has made 849 loans in 72 countries. Just under half of the loans have been made to agricultural endeavors, another 20 percent to manufactures and construction, followed by food production. Fifty-five percent of the recipients have been women. 
mehdibella

Microloans for Waco businesses the focus of new operation | Local Business News | wacot... - 0 views

wacotrib.com/...be-11eb-b802-5f9d153a4d4b.html

Kiva kenya Nairobi Fintech finance

shared by mehdibella on 13 Feb 21 - No Cached
  • Kiva, a nonprofit founded in 2005, has chosen to make Waco a “Kiva Hub,” the first city in Texas to receive such a designation
  • He welcomed small business needing a loan up to $15,000 to contact Startup Waco, headquartered at 605 Austin Ave.
  • The Waco City Council gave the local Kiva Hub a financial kick-start, awarding it a $50,000 grant. Passavant said he hopes to approach individuals and foundations about putting additional money behind Kiva.
  • ...1 more annotation...
  • “I’m sure Austin, Dallas and Texas’ other larger cities will follow suit, but we moved quickly to make this happen in Waco. We were the first,”
mehdibella

Kiva Is Really A Crowdfunded Bank For Refugees And Other 'Unbankables' - 0 views

www.forbes.com/...refugees-and-other-unbankables

Kiva kenya Nairobi Fintech finance

shared by mehdibella on 13 Feb 21 - No Cached
  • You’ve probably heard of Kiva, but if you aren’t among the 1.7 million people who have made loans on the platform, you may not really know what it is. This crowdfunding platform is, in effect, a bank funded by people who lend their money with an expectation of losing only a little, to 2.9 million people who stand to gain a lot.
  • Today, Kluge serves as an advisor on Kiva’s leadership council. Kiva’s senior investment manager for refugees and displaced populations, Lev Plaves, serves on the steering committee for the Refugee Investment Network.
  • The fund provided $5 million in loans to more than 8,000 refugees and yielded something that is almost invaluable: data. The fund proved that refugees are just as likely as most—and more likely than some—to repay their loans, making way for more loans and economic support for this particularly vulnerable population.
mehdibella

Exciting news! Kiva's next chapter | Kiva - 0 views

www.kiva.org/...citing-news-kivas-next-chapter

Kiva kenya Nairobi Fintech finance

shared by mehdibella on 13 Feb 21 - No Cached
  • Today, we’re proud to introduce a new look and feel for Kiva, and a new, mobile-responsive website that makes supporting small businesses around the world easier than ever.
  • When Kiva began in 2005, we had a simple goal: to connect borrowers who need small amounts of capital to improve their lives, with lenders who want to help.
  • Kiva’s grown into a true global community, where people come together to support and believe in each other. That's part of the story we hope to capture with our new imagery.
mehdibella

Kiva Receives USAID Design Funding to Structure Innovative $100M Fund to Support 1 Mill... - 0 views

www.businesswire.com/...pport-1-Million-Women-Globally

Kiva kenya Nairobi Fintech finance

shared by mehdibella on 13 Feb 21 - No Cached
  • Kiva has been awarded $2.5 million from the W-GDP Fund at USAID in an effort to identify innovative approaches to catalyze commercial investment for women’s economic empowerment and equality.
  • The Kiva Capital team will use this innovative funding to launch a comprehensive fund design and structuring process. This will include the development of an impact framework and a shared learnings platform.
mehdibella

Kiva's Person-to-Person Claim Questioned | News | PND - 0 views

philanthropynewsdigest.org/...son-to-person-claim-questioned

Kiva kenya Nairobi Fintech finance

shared by mehdibella on 13 Feb 21 - No Cached
  • Kiva has promoted itself as a link between individual lenders in the developed world and individual borrowers in the developing world, allowing visitors to its Web site to learn about and lend money to people in poor nations seeking small loans for specific purposes.
  • the loans made by individual lenders through the Kiva site do not actually end up in the pockets of individual borrowers. Instead, those loans are aggregated and used to backstop microfinance institutions that have already paid out microloans to the borrowers featured on the site.
  • Kiva president Premal Shah said he could foresee a day when Kiva really did provide a direct person-to-person connection, once certain legal hurdles are cleared and as more individuals in the developing world began using mobile phones to access credit and make electronic payments. In the meantime, the organization has changed the wording on its homepage from "Kiva lets you lend to a specific entrepreneur, empowering them to lift themselves out of poverty" to "Kiva connects people through lending to alleviate poverty."
aymanelmamoun

Central Bank authorises increase of daily mobile money limit - The Reporter Lesotho | F... - 0 views

www.thereporter.co.ls/...se-of-daily-mobile-money-limit

shared by aymanelmamoun on 13 Feb 21 - No Cached
  • The Central Bank of Lesotho has authorised mobile money issuers to increase the daily limit of transactions for duly identified and verified mobile money customers. The Bank came about this decision of authorisation in order to facilitate a wider use of electronic payments for goods and services by the public during the Covid-19 pandemic.
    • hibaerrai
      hibaerrai on 13 Feb 21
       
      This regulation is in favor of Smartel Money fintech as it supports its business and increases the limit of the money transferred on the platform.
  • The Central Bank of Lesotho has authorised mobile money issuers to increase the daily limit of transactions for duly identified and verified mobile money customers. The Bank came about this decision of authorisation in order to facilitate a wider use of electronic payments for goods and services by the public during the Covid-19 pandemic.
    • aymanelmamoun
      aymanelmamoun on 13 Feb 21
       
      The mobile payment application helped solving many cash problems during the Covid-19 Pandemic. It also facilitated a wider use of electronic payment for goods and services by customers without going out of home.
mehdi-ezzaoui

PULA | LinkedIn - 0 views

ch.linkedin.com/...pula-advisors

PULA Service Africa

shared by mehdi-ezzaoui on 13 Feb 21 - No Cached
  • We work across Africa and Asia, and in 2019 alone, we facilitated crop and livestock insurance cover to 1.1mln farmers and have offered our products in 11 markets from Senegal, Mali, Nigeria, Ethiopia, Kenya, Rwanda, Uganda, Tanzania, Malawi, Zambia, and Mozambique. Since starting in 2015 our products have reached over 3.4mln households. Our Founders work in insurance has been recognized by several international awards including the Financial Times/IFC Award for Sustainable Finance, the Singapore Fintech Festival, Womens World Banking, Credit Suisse, and InsureTech3.0.
  • mehdi-ezzaoui on 13 Feb 21
     
    pula profile on linked in
hindelquarrouti

Theorizing the connections between digital innovations and societal transformation: lea... - 0 views

www.elgaronline.com/...9781788119979.00013.xml

M-pesa strategy Kenya fintech

shared by hindelquarrouti on 13 Feb 21 - No Cached
  • The strategy has two hallmarks: (1) it looks for relevant conditions that are both material and symbolic or ideational, and (2) it looks for relevant conditions arising throughout the course of the digital innovation’s developmental trajectory.
  • hindelquarrouti on 13 Feb 21
     
    Studying the connection between digital innovations and societal transformation is fraught with challenge. However a strategy for inquiry that focuses on finding relevant material, symbolic, or emerging from the course of innovation conditions ca be helpful
mbellakbail69

Prime Bank launches a international money transfer service, SimbaPay - Intelligent CIO ... - 0 views

www.intelligentcio.com/...oney-transfer-service-simbapay

shared by mbellakbail69 on 12 Feb 21 - No Cached
  • “Through our digital platforms, we aim to make available a one stop solution to our customers in terms of funds transfer and with the inclusion of SimbaPay, our customers will now send money to friends and family across the world at the comfort of their mobile phones,” added Kantaria.
    • tahaemsd
      tahaemsd on 12 Feb 21
       
      Customers need only to log into the bank's mobile banking app "primemobi" and click on international money transfer icon. After that, the sender's bank account will be debited and money credited to the beneficiary instantly.
  • “Businesses, as well as Kenyans and expatriates with friends and family abroad, send over US$18 billion to other African countries, Asia and Europe annually with several billion Kenya Shillings going through the Simbapay network. Therefore, this service will offer Prime Bank’s customers a world-class fully digital international money transfer service,” added Karanja.
    • ghtazi
      ghtazi on 13 Feb 21
       
      Having a world-class fully digital international money transfer will be a plus for the African countries. Since businesses, Kenyans, and expatriates with family and friends abroad, send over 18 billion US dollars. With the collaboration of the two companies, people will feel more secure to send their money.
    • mbellakbail69
      mbellakbail69 on 13 Feb 21
       
      A complete online international money transfer would be a bonus for African countries to have a world class. Since Kenyan businesses and expatriates send out over US$18 billion with family and friends abroad. The partnership of both businesses will ensure that people are safer in sending their money.
  • Prime Bank’s Director for Business Development, Vijay Kantaria, said the tier 2 lender has embarked on investment in technology through partnering with various FinTechs to accelerate its digital integration plan.
    • sawsanenn
      sawsanenn on 13 Feb 21
       
      it is a good initiative to extend the digital world and bring more people into it
  • ...2 more annotations...
  • To access the service, customers will need to log in to the bank’s mobile banking app – PrimeMobi, then click on International Money Transfer icon on the homescreen. After confirming the amount to be sent, the sender’s bank account will be debited and money credited to the beneficiary instantly.
    • aymanelmamoun
      aymanelmamoun on 13 Feb 21
       
      The easy access allows customers to transfer money internationally using a single account in homescreen.
    • mbellakbail69
      mbellakbail69 on 13 Feb 21
       
      A complete online international money transfer would be a bonus for African countries to have a world class. Since Kenyan businesses and expatriates send out over US$18 billion with family and friends abroad. The partnership of both businesses will ensure that people are safer in sending their money.
mehdibella

FarmDrive - EWB Canada - 0 views

www.ewb.ca/farmdrive

Fintech Farmdrive kenya

shared by mehdibella on 12 Feb 21 - No Cached
  • FarmDrive - EWB Canada
  • FarmDrive uses data analytics to connect smallholder farmers with financial institutions and credit, enabling crops and farmers to flourish. And all through a mobile phone.
  • FarmDrive uses data analytics and mobile technology to create financial profiles for farmers through a credit scoring model. When the financial institutions can view comprehensive profiles of a farmer’s economic performance, they are more likely to approve loans.By unlocking access to credit, FarmDrive enables smallholder farmers to access: Loans to purchase vital tools and assets. Insurance to bolster to protect against the natural seasonal vulnerabilities of farm work. Comprehensive financial profiles of their farming operations: a useful resource in scaling to service multiple partners or larger supply chains.
    • mehdibella
      mehdibella on 12 Feb 21
       
      As a result, farmers can: Grow their businesses. Provide additional business opportunities for local communities. Promote local employment. Create more food, health and education.
  • ...1 more annotation...
  • FarmDrive uses data analytics and mobile technology to create financial profiles for farmers through a credit scoring model. When the financial institutions can view comprehensive profiles of a farmer’s economic performance, they are more likely to approve loans.By unlocking access to credit, FarmDrive enables smallholder farmers to access: Loans to purchase vital tools and assets. Insurance to bolster to protect against the natural seasonal vulnerabilities of farm work. Comprehensive financial profiles of their farming operations: a useful resource in scaling to service multiple partners or larger supply chains.
    • samiatazi
      samiatazi on 13 Feb 21
       
      As a result, farmers can: Grow their businesses. Provide additional business opportunities for local communities. Promote local employment. Create more food, health and education.
mehdibella

FarmDrive - 0 views

farmdrive.co.ke

Fintech Farmdrive kenya

shared by mehdibella on 08 Feb 21 - No Cached
  • FarmDrive’s alternative credit risk assessment model is providing financial institutions with an agriculturally relevant and data-driven model to assess risk and develop loans that fit the needs of smallholder farmers. Not only will this solution unlock millions of dollars of previously risk-averse capital for smallholder farmers, it will improve the livelihoods of entire communities, thereby alleviating poverty, hunger, and inequalities.
    • sawsanenn
      sawsanenn on 08 Feb 21
       
      FarmDrive overlaps our focus areas of agriculture and financial inclusion, empowering the world's most vulnerable farmers with the digital financial services they need to strengthen and improve their livelihoods. FarmDrive connected to various partners and expertise to help them scale, as its usage increases in other developing markets in sub-Saharan Africa.
  • Nearly 50 million smallholder farmers in Africa are struggling to support their families and communities through agri-business because less than 10% have their economic needs met by the financial sector. Without access to credit, they remain unable to purchase quality inputs, make productive investments, and improve their production and harvests.
    • sawsanenn
      sawsanenn on 08 Feb 21
       
      While financial inclusion in the country has increased, many farmers remain excluded. Limited financing for farmers is due, in part, to a lack of available credible risk-assessment information for financial institutions.
  • FarmDrive’s alternative credit risk assessment model is providing financial institutions with an agriculturally relevant and data-driven model to assess risk and develop loans that fit the needs of smallholder farmers. Not only will this solution unlock millions of dollars of previously risk-averse capital for smallholder farmers, it will improve the livelihoods of entire communities, thereby alleviating poverty, hunger, and inequalities.
    • aminej
      aminej on 11 Feb 21
       
      FarmDrive helps small holder farmers get access to credit and funding in order to develop more and improve their capabilities and ressources. They also offer another service that consist of giving a score to each farmer according to his credits which is a good way to evaluate each one and to include more people that are unbanked.
  • ...2 more annotations...
  • FarmDrive uses mobile phones, alternative data, and machine learning to close the critical data gap that prevents financial institutions from lending to creditworthy smallholder farmers.
  • $450 Billion Financing Gap Agriculture employs 65% of Africa’s population and makes up 32% of its GDP. However, less than 1% of bank lending in Africa goes to agriculture. In absence of accurate and cost-effective methods for assessing small-scale agricultural lending risk, financial institutions choose not to lend to smallholder farmers, thereby contributing to the $450 billion global agriculture financing gap.
    • mehdibella
      mehdibella on 13 Feb 21
       
      Not only will this solution unlock millions of dollars of previously risk-averse capital for smallholder farmers, it will improve the livelihoods of entire communities as the GDPR is maiinly based on agriculture these similar technologies help push it over the limit.
  • hibaerrai on 08 Feb 21
     
    This excerpt is important because FarmDrive tries to gather all data needed to create loans that suit farmers situations.
mehdibella

FarmDrive LTD | F6S - 0 views

www.f6s.com/farmdriveltd

Fintech Farmdrive kenya

shared by mehdibella on 07 Feb 21 - No Cached
  • FarmDrive is a tech-driven social enterprise working at the intersection of technology, agriculture and finance. FarmDrive is improving the livelihoods of smallholder farmers in Africa by using new technology and alternative data to increase availability of capital; mitigating both financial and operational risks while creating shared value for other players in the value chain.
    • hibaerrai
      hibaerrai on 07 Feb 21
       
      FarmDrive gives the opportunity to smallholder farmers to extract loans and have access to different financial services to manage their small businesses.
  • FarmDrive understands smallholder farmers uniquely through dynamic datasets and translates this to financial institutions. More than 50 million smallholder farmers in Africa are struggling to make a living due to lack of capital to improve their farming activities.
  • FarmDrive has developed a platform that gathers data on smallholder farmers both from the ‘ground’ and ‘data from the sky’. FarmDrive uses sophisticated algorithms to turn that data into comprehensive credit profiles of “unbanked and underbanked” smallholders who have little access to credit.
    • mehdibella
      mehdibella on 13 Feb 21
       
      this solution is a catalyst to reduce the operational costs while increasing operational efficiencies. The platform allows them to do so by using modern technology, and an immense amount of data captured by the solution interfaces.
  • ...1 more annotation...
  • The solution is a catalyst to reduce the operational costs while increasing operational efficiencies. Whether credit providers are seeking to better minimize their credit risk exposure, digitize their loan application processes, or streamline their new client outreach, the FarmDrive platform allows them to do so by using world-class algorithms, modern technology, and an immense amount of data captured by the solution interfaces.
    • kenza_abdelhaq
      kenza_abdelhaq on 13 Feb 21
       
      FarmDrive solution presents a win-win situation for both financial and credit institutions and farmers; from mitigating risk to having access to financing and increasing performance and operational efficiency.
  • kenza_abdelhaq on 13 Feb 21
     
    "The solution is a catalyst to reduce the operational costs while increasing operational efficiencies. Whether credit providers are seeking to better minimize their credit risk exposure, digitize their loan application processes, or streamline their new client outreach, the FarmDrive platform allows them to do so by using world-class algorithms, modern technology, and an immense amount of data captured by the solution interfaces."
mehdibella

Kenyan agri-tech startup FarmDrive secures latest funding round - 0 views

disrupt-africa.com/...e-secures-latest-funding-round

Fintech Farmdrive kenya funds

shared by mehdibella on 12 Feb 21 - No Cached
  • Kenyan agri-tech startup FarmDrive has accessed further financing as it expands operations to provide access to credit for three million smallholder farmers.
    • tahaemsd
      tahaemsd on 12 Feb 21
       
      the investment from strategic investors enabled farmdrive to build financial identities for more smallholder businesses
  • Founded by Peris Bosire and Rita Kimani, FarmDrive delivers productive digital loans and lay away savings products to smallholder farmers in Kenya, helping them grow their incomes and resilience.
  • Having previously raised funding from the likes of Safaricom and EWB Canada, FarmDrive has now secured further investment. EWB Canada is again involved in the round, which also includes AK Impact Investors, 1 to 4 Foundation, ADAP Seed Fund 2, The Lakes Charitable Foundation and Sunu Capital.
    • mehdibella
      mehdibella on 13 Feb 21
       
      The follow-on investment will allow FarmDrive to scale to US$13 million of loan, with minimal losses and exceptional returns
  • ...4 more annotations...
  • Using a combination of agriculturally relevant data, Know Your Customer (KYC) data, and advanced behavioral analytics, the startup has developed a proprietary lending engine to extend loans to these farmers.
    • kenza_abdelhaq
      kenza_abdelhaq on 13 Feb 21
       
      The relevant financial technologies behind FarmDrive.
  • The follow-on investment will allow FarmDrive to scale to US$13 million of loan originations in 2019 with minimal losses and exceptional returns using RiPe, a customisable lending engine that will allow lenders to plug in and access low-cost loan origination channels such as USSD, credit scoring, identity verification, and a portfolio management suite that includes recovery and collections, payments, customer support and advanced real time data analytics.
    • kenza_abdelhaq
      kenza_abdelhaq on 13 Feb 21
       
      FarmDrive is providing a range of services while focusing on its low-cost approach and maximizing its profit.
  • “We are delighted for this investment from strategic investors to enable us to build financial identities for more smallholder businesses and scale our low cost distribution model. We are going where banks haven’t reached and are creating a trust ecosystem in the most unstructured sector in sub Saharan Africa – Agriculture,” said Bosire.
    • hibaerrai
      hibaerrai on 13 Feb 21
       
      FarmDrive agritech has the potential to take over the banking system in sub saharan Africa as it provides more structured services.
  • Kenyan agri-tech startup FarmDrive has accessed further financing as it expands operations to provide access to credit for three million smallholder farmers.
    • ayachehbouni
      ayachehbouni on 13 Feb 21
       
      As I see it, Farmdrive needs and deserves all the financing it can get as it is creating a trust ecosystem in the most unstructured sector in sub Saharan Africa, which makes its operations extremely important.
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