April 24

Block-chain based microfinancing for Kenyan food stall owners

By Dhivana Rhajgopaul

IBM Research and Twiga Food will be extending access to microloans to 220 food stall retailers across Kenya using a block-chain based financing system.

Twiga Foods which is a business to business logistics platform for kiosks and food stalls were looking to extend their logistic services into a total market ecosystem by adding financial services.
According to Isaac Markus, the IBM Kenya Researcher, IBM has been looking to spearhead efforts for block-chain rollout on their open standards. They selected Kenya to introduce block-chain based microfinancing because their targets aligned with the government’s big four agenda which includes the following:
1. Affordable and decent housing
2. Manufacturing
3. Food security
4. Universal healthcare

Source: IOL News (link opens in a new window)

Entrepreneurship, Finance
blockchain, financial services, fintech, microfinance, microlending