Kenyan microfinance firm Musoni has been honored with the ‘2014 Kenyan Frost & Sullivan Award for Technology Leadership.’
The award that is based on Frost & Sullivan’s recent analysis of Kenya’s microfinance industry recognises Musoni’s efforts for spurring adoption of mobile money.
Musoni currently uses Safaricom’s M-Pesa platform to provide consumers with micro-loans and to accept repayments via mobile phones.
Musoni is presently providing micro-credit and hopes to extend its services to comprise of micro-insurance and micro-savings products, according to Craig Parker, the senior economic consultant at Frost & Sullivan,
Parker explained: “The delivery of insurance and savings using the mobile money platform will raise customer uptake since it is below three percent for micro-insurance products in Kenya. Micro-savings mobilization will increase customer profiles and assist them qualify for micro-insurance.”
Musoni works closely with international firms such as the USAID, KFW and Grameen Foundation, that, it says, helps it review the challenges the industry faces.
Musoni is cited as the first 100-percent mobile microfinance institution in the world.
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