Coop’s Uncollateralized Digital Lending Product, Michu, Disburses 200M Br Loans in 6 monthsÂ
Cooperative Bank of Oromia’s (coop) uncollateralized digital lending product, Michu, has disbursed over 200 million birr loan facilities since it started operation in May 2022.
The loans that target the working capital needs of roadside traders and micro businesses, which are marginalized by traditional collateral-based lending, were given out to 40,000 micro-businesses in 25,000 loan applications.
Powered by Kifiya Financial Technology’s Qena, Michu is Ethiopia’s first uncollateralized digital lending product, with Telebirr Mela following it by a few months.
The loan product that’s built on Qena, an AI-powered digital lending platform that enables banks to provide uncollateralized...
Click Here to Red More on Shega.Kifiya Scales up Insurtech Product for Farmers
Kifiya Financial Technology, along with Oromia Insurance Company and Agriculture Transformation Insititute (ATI), have scaled up their micro-insurance product that protects farmers from shocks caused by drought.
The product, Vegetation Index Crop Insurance (VICI), first launched in 2016, extended its program for two more years after winning a 2-million euro co-funding grant from the InsuResilience Solutions Fund (ISF).
Scaling up the VICI project will provide micro-insurance to 50,000 smallholder farmers in Oromia and Southern National and Nationalities Regional (SNNP) States to enhance their climate resilience.
For many farmers, especially smallholder farmers in rainfed systems, their...
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