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.
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Musoni is cited as the first 100-percent mobile microfinance institution in the world.
