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mohammed_ab

Kiva: A crowdlending twist on traditional microfinance - Digital Innovation and Transfo... - 0 views

digital.hbs.edu/...st-on-traditional-microfinance

Kiva Crowdfunding Africa Microfinance

shared by mohammed_ab on 13 Feb 21 - No Cached
  • Kiva utilizes an innovative peer-to-peer crowdlending platform to enable budding entrepreneurs across the globe to access the funds they need to help themselves out of poverty. Kiva, founded in 2005, was one of the first non-profit platforms developed to enable “crowdlending” of loans to entrepreneurs in developing countries unable to access credit in more formal manners. Kiva’s innovative model of using the internet to enable peer-to-peer transactions has largely been successful to date. Over 1.3M individuals have lent to over 1.7M entrepreneurs around the world, with a total of almost 1M loans amounting to $773M.
  • mohammed_ab on 13 Feb 21
     
    This excerpt explains exactly the mission of Kiva, a crowdfunding platform that links borrowers and lenders around the world to support entrepreneurs who have difficulties accessing formal loans. I really like the idea behind this fintech as it solves a major issue in emerging countries.
mehdi-ezzaoui

Kiva Is Not Quite What It Seems | Center For Global Development - 1 views

www.cgdev.org/...kiva-not-quite-what-it-seems

KIVA banking lending

shared by mehdi-ezzaoui on 12 Feb 21 - No Cached
  • And finally in Kiva's defense, its behavior is emblematic of fund-raising in microfinance and charity generally, and is ultimately traceable to human foibles. People donate in part because it makes them feel good. Giving the beneficiary a face and constructing a story for her in which the donor helps write the next chapter opens purses. The pleasure of giving
  • Kiva is the path-breaking, fast-growing person-to-person microlending site. It works this way: Kiva posts pictures and stories of people needing loans. You give your money to Kiva. Kiva sends it to a microlender. The lender makes the loan to a person you choose. He or she ordinarily repays. You get your money back with no interest. It's like eBay for microcredit.
  • You knew that, right? Well guess what: you're wrong, and so is Kiva's diagram. Less that 5% of Kiva loans are disbursed after they are listed and funded on Kiva's site. Just today, for example, Kiva listed a loan fepor Phong Mut in Cambodia and at this writing only $25 of the needed $800 has been raised. But you needn't worry about whether Phong Mut will get the loan because it was disbursed last month. And if she defaults, you might not hear about it: the intermediating microlender MAXIMA might cover for her in order to keep its Kiva-listed repayment rate high.
  • ...1 more annotation...
  • Like most innovations, Kiva is not entirely new. Rather, it is an ingenious fusion of older ideas. One is child sponsorship, which Save the Children pioneered in 1940. A family in a rich country sends $10 or $20 each month to a designated child in a poor country via a charity. In return, the family receives a photo and an update at least once a year. When I was perhaps eight, my family sponsored Constance, a Greek girl about my age, through Save the Children. I remember looking at her solemn face in two successive black and white portraits, trying to judge how much she had grown in a year.
  • hichamachir on 12 Feb 21
     
    Kiva should be careful about spreading a fake image about the company. The article states that kiva is not what people thinks and that there's another company that helps her but I think that kiva business idea is very good because and people don't have to link it with something bad.
  • chaimaa-rachid on 13 Feb 21
     
    This article has shown that KIVA spread the wrong image of its business. I think the company should be careful not to disseminate such information as it could destroy their image and people might not believe it anymore.
  • mehdi-ezzaoui on 13 Feb 21
     
    the person-to-person donor-to-borrower connections created by Kiva are partly fictional. I suspect that most Kiva users do not realize this. Yet Kiva prides itself on transparency.
mohammed_ab

Former Kiva.org CEO Starts Mobile Microfinance Effort in Kenya - 2 views

www.philanthropy.com/...e-microfinance-effort-in-kenya

Kiva Crowdfunding Entrepreneurs Microfinance

shared by mohammed_ab on 12 Feb 21 - No Cached
  • The downloadable Branch app analyzes social and financial data on a borrower’s phone to determine creditworthiness before providing up to $20. Those with a “digital identity” too limited to establish credit standing can start off borrowing smaller amounts and climb a “trust ladder” to larger loans by timely repayment. Kiva.org, launched in 2005, facilitates more than a million dollars a week in small loans to entrepreneurs in developing countries by matching them with microlenders.
  • The downloadable Branch app analyzes social and financial data on a borrower’s phone to determine creditworthiness before providing up to $20. Those with a “digital identity” too limited to establish credit standing can start off borrowing smaller amounts and climb a “trust ladder” to larger loans by timely repayment. Kiva.org, launched in 2005, facilitates more than a million dollars a week in small loans to entrepreneurs in developing countries by matching them with microlenders.
  • hichamachir on 12 Feb 21
     
    Connecting lenders with borrowers is not an easy task. I think that we should give credits to Kiva for doing this great task!
  • mohammed_ab on 13 Feb 21
     
    I like the fact that Kiva does give the chance to everyone to borrow money, even if you don't have a digital identity, which is in my opinion is a necessity in such a business model. It's also very interesting to see the volume of lending per week.
ayachehbouni

Kenyan Agri-Tech Startup FarmDrive Secures Latest Round Of Investment From 5 Investors - 0 views

thechiefobserver.com/...of-investment-from-5-investors

shared by ayachehbouni on 13 Feb 21 - No Cached
  • The 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.
    • ayachehbouni
      ayachehbouni on 13 Feb 21
       
      In order to be able to help more farmers, FarmDrive needs funding and is doing a great job at finding it.
mehdibella

JUMO: Banking services in the palm of your hand | AFD - Agence Française de D... - 1 views

www.afd.fr/...anking-services-palm-your-hand

Jumo Fintech finance SouthAfrica

shared by mehdibella on 07 Feb 21 - No Cached
  • “JUMO has started to solve the problem of access to good quality financial services for people in emerging economies”, says Andrew Watkins-Bell, CEO of JUMO. “It’s unacceptable for people to have difficulties making transactions, saving or finding capital to finance their company.”
  • JUMO was set up by Andrew Watkins-Ball in 2014 in South Africa. It has grown from a team of 7 people to some 300 people in 2018, selling its products in six countries. In 2017 alone, JUMO granted 12.2 million loans to its customers all over the world.
  • JUMO: Banking services in the palm of your hand
  • ...2 more annotations...
  • “PROPARCO’s investment in JUMO – which is also our first investment in a fintech company – is a natural extension of our work to promote financial inclusion via microfinance institutions, loans to small and medium-sized enterprises – and now mobile technology”, explains Grégory Clemente, Chief Executive Officer of PROPARCO. “This project uses mobile phone technology to reach a larger number of people in a much wider area.” 
    • mehdibella
      mehdibella on 13 Feb 21
       
      the CEO explains how his investment is going to help JUMO achieve more ground with its institution as by 2019 it has granted 12.2million loans to its customers all over the world.
  • “PROPARCO’s investment in JUMO – which is also our first investment in a fintech company – is a natural extension of our work to promote financial inclusion via microfinance institutions, loans to small and medium-sized enterprises – and now mobile technology”, explains Grégory Clemente, Chief Executive Officer of PROPARCO. “This project uses mobile phone technology to reach a larger number of people in a much wider area.” 
    • samiatazi
      samiatazi on 13 Feb 21
       
      the CEO explains how his investment is going to help JUMO achieve more ground with its institution as by 2019 it has granted 12.2million loans to its customers all over the world.
  • chaimaa-rachid on 07 Feb 21
     
    It's interesting that Jumo thought about an innovative solution to facilitate the lending transactions. Jumo gives a low-cost alternative to local non-regulated lenders.
  • hichamachir on 08 Feb 21
     
    Yes! It's interesting that JUMO uses its technology in order to help people in need finance their projects.
mehdibella

FarmDrive Helps Unbanked Farmers in Kenya | The Borgen Project - 0 views

borgenproject.org/farmers-in-kenya

Fintech Farmdrive kenya

shared by mehdibella on 12 Feb 21 - No Cached
  • FarmDrive combats this lack of financial visibility by calculating alternative credit scores for Kenyan smallholder farmers. The startup requires users to input their expenses, revenue and yield via SMS and creates a platform for farmers to record business activity. FarmDrive then uses a complex algorithm to combine individual financial information with additional factors like the climate in the farmer’s region.
    • tahaemsd
      tahaemsd on 12 Feb 21
       
      farmdrive eliminates some of the risk for banks by considering both the self reported financial history of farmers as well as exogenous variables that will affect their crop yields
  • By accruing farmer data, FarmDrive eliminates some of the risk for banks. FarmDrive has partnered with African financial firms who accept their alternative credit scores and determine appropriate loans for smallholder farmers. Lending institutions thus consider both the self-reported financial history of farmers as well as exogenous variables that will affect their crop yields.
    • mehdibella
      mehdibella on 13 Feb 21
       
      FarmDrive collects data from farmers via and combines it with satellite imaging, alternative data points to create detailed yield estimates and assess credit risk.
  • FarmDrive depends on aid organizations, like USAID, and private firms that operate in the agricultural industry. FarmDrive is expanding its data collection through new partnerships with Planet, a satellite company, and The Impact Lab, a data analytics group, to potentially incorporate climate information gathered via satellite imagery into its algorithm.
    • kenza_abdelhaq
      kenza_abdelhaq on 13 Feb 21
       
      In addition to financial firms, FramDrive partners up with aid organizations, private firms operating in the agricultural industry, satellite company, and a data analytics group.
  • ...1 more annotation...
  • There are 50 million smallholder farmers in Kenya, but less than 10 percent of this population has their economic needs fulfilled by traditional lenders. The agricultural sector makes up 32 percent of Africa’s GDP and employs 65 percent of its population, but less than 1 percent of bank lending goes to agriculture. Worldwide, there is an estimated $450 billion agricultural lending gap. African smallholder farmers face barriers to traditional lending because they are labeled high-risk borrowers by financial institutions. Traditional banks use credit scores and bank statements to determine a loan applicant’s riskiness. However, the average farmer in Africa cultivates fewer than five acres of land and owns no collateral or financial records.
    • aminej
      aminej on 13 Feb 21
       
      Unfortunaely for most farmers, they can't access credit from traditional banks because they are considered as high risk borrowers since they face many risks such as climate change, theft, lack of fertilizers. Now, through farmdrive everything changed with these new Fintechs who started giving more importance to farmers
kenzabenessalah

FarmDrive: Connecting farmers to financing | Mercy Corps - 0 views

www.mercycorps.org/...farmdrive

FarmDrive SocioCultural Economic Funding Farmers

shared by kenzabenessalah on 12 Feb 21 - No Cached
  • 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. Many small farmers are unbanked and off the financial grid, without credit profiles to verify or back up details on their annual income, business expenses or yields.
    • tahaemsd
      tahaemsd on 12 Feb 21
       
      Without thiis information, farmers are left with little to no access to financial services, while lenders miss out on the opportunity to build their client base and agricultural loan portfolios.
  • FarmDrive generates real-time credit reports for small farmers, allowing them to access loans from financial institutions and agricultural input providers via mobile phone. 
  • FarmDrive collects expense and revenue data from farmers via SMS and combines it with satellite imaging, remote sensing technology and alternative data points (e.g., soil analysis, weather forecasts) to create detailed yield estimates and assess credit risk.
  • ...5 more annotations...
  • 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. 
    • mehdibella
      mehdibella on 13 Feb 21
       
      FarmDrive collects expense and revenue data from farmers and combines it with satellite imaging, remote sensing technology and alternative data points to create detailed yield estimates and assess credit risk.
  • We’ve connected FarmDrive to various partners and expertise to help them scale, as its usage increases in other developing markets in sub-Saharan Africa. 
  • Reports allow credit providers to make informed lending decisions and easily reach rural clients, expanding access to financing for small farmers. As a result, farmers have greater control over their livelihoods – equipped with what they need to increase their crop yields, improve their incomes and invest their additional revenue back into their families and communities.
    • kenza_abdelhaq
      kenza_abdelhaq on 13 Feb 21
       
      FarmDrive collects data from farmers using different technologies which allows the company to generate farmers' credit reports which allow loan providers to make informed decisions and therefore give more access to financing to small farmers.
  • Since, FarmDrive has reached hundreds of farmers with its suite of financial services, credit reports and financing options, with a particular focus on serving women and youth farmers typically neglected by the formal financial system.
    • kenzabenessalah
      kenzabenessalah on 16 Feb 21
       
      The focus that FarmDrive has on serving women is essential to keep in mind. We must dig deep as to why they are being neglected by the financial system and make sure that they never get fooled by them in the future.
  • In Kenya, most small farmers — around 7.5 million — lack access to small loans to help them buy what they need to improve their production and make the most of their land – things like quality fertilizers, better seeds, livestock and micro-irrigation.  
    • kenzabenessalah
      kenzabenessalah on 16 Feb 21
       
      Knowing the percentage of the population who do not own bank accounts as well as the percentages of loans that others have access to is a must to help improve the economic situation in Kenya. Such details, like interest rate, etc. are essential in helping people construct a well structured economic strategy so that all Kenyans benefit from these financial services and never fall back again.
hichamachir

(UPDATED) Weekly Roundup 10-2-15: Kiva Zip folds in Kenya - what happened? Updated with... - 0 views

nextbillion.net/weekly-roundup-10-2-15

KivaZip Partnerships Kenya Crowdfunding

shared by hichamachir on 12 Feb 21 - No Cached
  • So the service seemed like a win-win-win, and to an outside observer, its dual operations in the United States and Kenya appeared to be progressing smoothly. Kiva Zip’s senior director, Jonny Price, sounded upbeat when he wrote on NextBillion in April, “We’re excited by (Zip’s) potential to revolutionize the way that small business owners in America, and the wider world, are able to access microcredit.” Meanwhile, over the past four years, the platform enabled more than 8,000 lenders to make almost 10,000 microloans totalling a reported $1.8 million to more than 6,500 borrowers in Kenya alone.
  • hichamachir on 12 Feb 21
     
    Kiva can benefit from partnerships that could improve its business. I believe that if the partnership deal is a win-win deal, kiva must take it! That's why I think that this partnership can help kiva improve its business a lot!
mehdi-ezzaoui

FinTech startup Ocrolus partners with Kiva to launch a new lending program to offer zer... - 1 views

techstartups.com/...gram-offer-zero-interest-loans

KIVA Fintech lending

shared by mehdi-ezzaoui on 13 Feb 21 - No Cached
  • Kiva is the world’s first and largest crowdfunding platform for social good with a mission to connect people through lending to alleviate poverty. By lending as little as $25, anyone can help a borrower start or grow a business, go to school and realize their potential. Since 2005, Kiva and its growing global community of 1.7 million lenders have crowdfunded more than $1.1 billion in microloans to over 2.9 million entrepreneurs in 85 countries, with a 97 percent repayment rate.
  • mehdi-ezzaoui on 13 Feb 21
     
    FinTech startup Ocrolus and Kiva are unveiling a new lending scheme for zero-interest loans
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

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.
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

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.
kaoutarchennoufi

Impact | Kiva - 0 views

www.kiva.org/impact

Community Worldwide Impact

shared by kaoutarchennoufi on 12 Feb 21 - No Cached
  • At Kiva, we are constantly working to reach new countries and communities, with loans that better serve the needs of borrowers and their families. Kiva lenders crowdfund an average of $2.5 million in loans each week, creating a unique, renewable pool of funds that is reshaping access to financial services around the world
    • kaoutarchennoufi
      kaoutarchennoufi on 12 Feb 21
       
      Kiva truly has a huge impact on improving people's lives. Providing 2.5$ million in loan each week is such an incredible and unique achievement. The special thing is that these loans are distributed across different countries around the globe and are given to different categories of people.
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