@TerryanneChebet Many companies are using different digital channels to support farmer awareness/training. tech innovation can also help to scale distribution of alternative and safe inputs. @MercyCorpsAFA works with many companies
5/9
The salary advances led to a significant positive impact on the lives of the borrowers. Over 50% of the borrowers used the loan for business purposes and many others to pay school fees for family members.
4/9
The #DeFi integration into the product enabled a 50% reduction in the cost of interest (product interest rate was 8% APR, less than half of what was available on the market) and led to a drastic reduction in the admin burden for the end borrowers.
3/9
We discovered:
The pilot enabled access to quick, affordable #credit for smallholders through a feature phone, for those who do not have access to viable alternative.
2/9
Cinch is a Kenyan-based land management company providing salary advances to landowners & employees.
But this had been admin intense & interest rates on the market were too expensive for smallholders.
#Web3 offered the potential for scale & accessibility.
1/9
In April, we launched a pilot with Cinch, @CeloOrg, @kotanipay & @Moola_Market.
This set out to test the potential for scale when integrating fast & affordable #DeFi-enabled credit into Cinch's offering to smallholder farmers & employees in Kenya.
https://t.co/62avGdaM37
Need a plot this Saturday?
@DavisShirtliff, @National_Bank and I will be hosting a Farm visit at my farm in Gikambura. Come learn more about sustainable farming in light of climate change
Sign up at https://t.co/Yc58gJtzYE. Limited slots available.
#KilimoBiashara