Friday
February 10
2017

Farmers’ credit rating app startup gets Safaricom funding

FarmDrive, a startup firm which helps farmers gain access to cheap credit, has received an undisclosed capital injection from Safaricom’s Spark Fund.

Safaricom established the Sh103.6 million ($1 million) private equity fund in 2013 to support early-stage technology start-ups.
FarmDrive uses mobile phone technology to assign credit scores to smallholder farmers.  It also links up the farmers to potential lenders through its application.

 

Source: Business Daily Africa (link opens in a new window)

Categories
Financial Inclusion, Technology
Tags
financial inclusion, mobile banking, mobile finance, mobile money