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Harvesting Inc launches innovative credit scoring system to help financial institutions facilitate agriculture financing in Africa

Milcah Lukhanyu by Milcah Lukhanyu
3 years ago
in Tech
4 min read
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Across West Africa, WAAPP has developed and delivered around 160 climate-smart crop varieties, technologies and techniques to millions of farmers.

Across West Africa, WAAPP has developed and delivered around 160 climate-smart crop varieties, technologies and techniques to millions of farmers.

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Silicon Valley’s Harvesting Inc has launched a credit scoring system for financial institutions to assess farmers creditworthiness and facilitate agriculture financing in Africa.
Using an AI-powered Credit Risk System, the platform leverages on traditional & alternative data sets and allows financial institutions to build, deploy and monitor credit business in the cloud, within a fraction of time & resources it takes today.
IIt’s easy to use interface with advanced feature engineering flexibility allows credit risk manager to create best of the breed custom credit risk model for the organization on a cloud infrastructure. It allows credit risk manager of any size of financial institutions to leverage the power of AI and increase acceptance rate and reduce defaults.
Harvesting’s Credit Risk System is first of its kind platform developed and designed to capture farmers credit profile. The system can be customized to be compliant with local regulations across different geographies. The Credit Risk System is complaint with EU GDPR guidelines.
“In emerging markets such as Africa, establishing the creditworthiness of farmers is a very big challenge and huge roadblock towards driving financial inclusion for farmers. Our latest AI-driven credit risk system will reduce the turn around time (TAT), and improve the accuracy of approving loans. It’s going to not only help improve the top line but also the bottom line for the financial institutions, which I believe would translate into better affordable financial products for agricultural economies,” says Ruchit G Garg, Founder & CEO Harvesting.
The Credit Risk System can be deployed without having to set-up large data science team making it cost-effective and reliable platform for agriculture lenders.
Harvesting is focussing on financial institutions across African subcontinent.
Amongst other projects, Harvesting is currently working with World Bank’s CGAP (Consultative Group for Assisting the Poor) in Uganda with Microfinance institution Pride to work on farmers credit scorecard. Learnings and demand during engagements with several financial institutions in different parts of the world have contributed towards building Harvesting’s robust Credit Risk System.
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Milcah Lukhanyu

Milcah Lukhanyu

Milcah Lukhanyu covers daily news briefs at TechMoran. She is the person who will probably read your press release and get the story out of it or totally trash it. Send tips to [email protected]

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