Health Issues facing women not homogeneous; they go beyond medicine, says First Lady

Cape Town (South Africa) 22nd MARCH 2017, (PSCU) First Lady Margaret Kenyatta today told an international congress of doctors gathering in the Port City of Cape Town that health issues…

First Lady receives top Honorary Award from the highly reputed Royal College of Obstetricians and Gynaecologists.

Cape Town (South Africa) 22nd MARCH 2017, (PSCU) First Lady Margaret today received the presitigious Fellowship of Honoris Causa Award from the globally respected Royal College of Obstetricians and Gynaecologists…

Raila was at the centre of 2007 violence, President Kenyatta says

KISII, 22 MARCH 2017, (PSCU) — President Uhuru Kenyatta today accused opposition leader Raila Odinga of promoting hatred and incitement that led to the 2007-2008 violence.

Reject Opposition leaders since they have no agenda for the country, Ruto asks Abagusii community

President Uhuru Kenyatta on Wednesday wound up his two-day tour of Kisii region dismissing attempts by Opposition leaders to unite against Jubilee ahead of the August General election.

Join the winning side, President urges Kisii, Nyamira residents as he wraps up two-day visit 

KISII, 22 MARCH 2017, (PSCU) — President Uhuru Kenyatta this afternoon wrapped up his visit to Nyamira and Kisii counties with a call to residents to rally behind the Jubilee…

Government to use Kshs 6 billion to ensure primary pupils transit to secondary school

KISII, 22 MARCH 2017 (PSCU) – The Government has set aside Kshs 6 billion this year to improve infrastructure in public secondary schools to ensure all pupils who sit for…

Safaricom's Spark Fund Backs Agricultural Analytics Startup

FarmDrive Co-founder, Peris Bosire. The $1 million Safaricom Spark Venture Fund has announced its investment in the data-analytics startup, which will go towards supporting the next phase of growth by building FarmDrive’s innovative credit scoring model which allows farmers access financing.  FarmDrive Co-founder, Peris Bosire. The $1 million Safaricom Spark Venture Fund has announced its investment in the data-analytics startup, which will go towards supporting the next phase of growth by building FarmDrive’s innovative credit scoring model which allows farmers access financing.

Nairobi, Kenya – February 13th, 2016… Safaricom Spark Venture Fund has today announced its investment in FarmDrive, a data analytics startup that connects small-scale farmers to financial services.

 

FarmDrive has developed an alternative credit-scoring model based on mobile phones and machine learning algorithms. It allows farmers to access financing using their phones.

FarmDrive seeks to address the lack of visibility and data that lenders cite in denying smallholder farmers access to financial services. FarmDrive’s goal is to bring millions of smallholder farmers into the formal financial sector through the simple mobile phones already in their pockets.

“In an era when market uncertainty is creating new challenges for the agricultural sector, mobile-based technology solutions like FarmDrive can empower farmers with the critical access to finance and to help expand their access to other essential services,” said Bob Collymore, CEO, Safaricom.

Leveraging Android and SMS, the mobile phone application allows farmers to track their revenues and expenses, and as well as apply for loans. The data is then fed into a credit-scoring algorithm, alongside key satellite, agronomic, economic data, to help improve yields.

By analysing these various datasets, the algorithm is able to generate credit scores for farmers. 

In addition to the credit scores, FarmDrive also develops decision-making tools that financial institutions can use to create products that fit the economic and agronomic needs of smallholder farmers.

FarmDrive becomes the fifth investment by the $1 million Safaricom Spark Venture Fund since its establishment in 2015.

FarmDrive was co-founded in 2014 by Rita Kimani and Peris Bosire, both Computer Science graduates from The University of Nairobi.

It was inspired by the co-founders’ experiences growing up in smallholder farming communities, and has won numerous global awards. So far, 3,000 farmers have registered with FarmDrive and over Kshs13 million (US$130,000) accessed in loans.

According to Ms Kimani, the boost from the Safaricom Spark Venture Fund will go towards supporting the next phase of growth by building FarmDrive’s innovative credit scoring model and enhancing its human resource base in research, analysis and insight generation.

“We are excited about this investment because it enables us to scale this innovation, score more farmers, unlock more capital, and grow the agricultural loan portfolios of our financial institution partners. This is all good for the inclusive development of our country,” she said.

-Ends-

Rate this item
(0 votes)
Login to post comments

 

KassInternational YouTube Videos

 

Quick Poll

Joomla forms builder by JoomlaShine
Go to top