https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js?client=ca-pub-5653101863891512
Home Startups Kenya’s Pula & M-KOPA receive $1.3m to increase women’s access to loans & micro-insurance

Kenya’s Pula & M-KOPA receive $1.3m to increase women’s access to loans & micro-insurance

by Milcah Lukhanyu
0 comment

Nairobi-based Pula Advisors and M-KOPA have received $1m and $300,000 respectively in grants from the African Development Bank for research that will increase African women’s access to a range of digital financial services including loans and micro-insurance.

The grants, disbursed through the Africa Digital Financial Inclusion Facility, will see Pula Advisors use the $1 million for research of social, cultural and economic factors that impact women farmers’ access to microinsurance in Kenya, Nigeria and Zambia. Research findings will inform the design and implementation of gender-centric insurance products. The project will be undertaken over a 3-year time frame.

“This grant funding will be used to leverage technology to develop innovative and responsive loan and insurance products that can spur productivity and inclusion, especially for our women smallholder farmers and traders.” said Sheila Okiro, the Bank’s Coordinator for ADFI.

The three-year project will have three phases: product development; piloting; and scaling; the outcomes are expected to benefit 360,000 farmers, 50% of them women, as well as boost farm yields by up to 30%. This will also raise incomes and enhance household and national food security.

M-KOPA will use the $300,000 grant funding for research involving 250 women and 250 men in Kenya’s Kisumu, Eldoret and Machakos counties. The company will assess the barriers to and opportunities for women’s access to digital financial services and financial literacy programmes via smartphone, and use the research insights to design a financial services app that is relevant to small-scale women traders.

The project will benefit women with no or limited access to financial services that run small informal businesses. Once developed, the mobile app will be used to pilot small loans to women traders.

You may also like

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js?client=ca-pub-5653101863891512
%d bloggers like this: