About 17 million digital loans have been disbursed to Kenyans as an increasing preference to mobile phone to access credit since the launch of the first digital credit offering seven years ago. A new survey completed last month shows fast growth of borrowing through the phone, with other findings showing huge default rates but for relatively small amounts. An international firm, Microsave Consulting, conducted the study which involved interviews with various credit providers with fin-tech products, including banks. During the first half of 2019, MSC was commissioned by SPTF and the Smart Campaign to undertake a comprehensive study on the current state of digital credit in Kenya. This study revealed: Across Kenya, 16.4 million loans have been disbursed digitally since the lau
The value of mobile money payments rose by 11.1 percent to hit Sh2.5 trillion in the first seven months of this year, new data from the Central Bank of Kenya (CBK) shows. The increase happened even though the actual figures from month- to- month fluctuated between Sh328.2 billion and Sh368.4 billion. The total value for the seven months was Sh2.5 trillion compared to Sh2.25 trillion in July last year. In July, the value stood at Sh366.4 billion, about Sh20 billion up from June’s Sh346.8 billion. Compared to July last year, the upward change was higher at Sh34 billion or 10.2 percent. The change underlines the rising popularity of the mobile money in transactions where many banks, mobile lenders, savings and credit societies and merchants have also been linking up with the mobile b
As a market, digital services in Africa's agriculture sector remains untapped say experts and could be worth over US$2.26-billion. Microsoft, through its 4Afrika Initiative, has announced a new collaboration with the Alliance for a Green Revolution in Africa (AGRA) to co-create technology solutions in agriculture. The collaboration was announced at the African Green Revolution Forum (AGRF) and will support AGRA's digital transformation as it works to improve food security for 30 million farming households across 11 countries by 2021. Microsoft and AGRA will explore uses of big data and artificial intelligence "in enabling data-driven, precision farming that increases farm productivity and profitability." The partnership will also support farmers in adopting new technologies thr...
Kenya has been ranked the second leading innovation hub in sub-Saharan Africa by the World Intellectual Property Organisation in its latest Global Innovation Index (GII) 2019 report. Kenya’s so-called Silicon Savannah only trails upper middle income economy South Africa, with Mauritius coming third. “Kenya has a track record for recording high levels of innovation, outperforming on levels of innovation relative to GDP for the ninth consecutive year, an excellent record at par with other lower-middle-income countries like India, the Republic of Moldova, and Vietnam,” reads the report. Kenya’s innovative strength has been attributed to startups’ easy access to credit and microfinance loans. “As in previous years, Africa shines in terms of innovation relative to level of development. Ou
Ethiopian ed-tech startup Accelerated is blending behavioural sciences, technology and classroom data in order to build a unique teacher-coaching platform for the African context. Founded in 2016 and now finishing its third academic year of operations, Accelerated was established to address poor education outcomes by improving the quality of teaching in Africa, starting in Ethiopia. It does this by empowering coaches to train better teachers using tech and big data. Much like how TripAdvisor helps travellers to make smart choices on accommodation and itineraries based on ratings from other travellers, Accelerated’s Wagtail system helps coaches with meta data on best teaching strategies and personalised recommendations for any particular teacher. “We know a certain recommendation wor