BFC Bulletins Monthly News Digest
The widespread adoption of mobile money in Kenya has eliminated many traditional barriers and enabled millions of Kenyans to access financing for the first time. This, however, has also resulted in nearly 3 million Kenyans being negatively listed on Kenya’s credit bureau over the last 3 years. In response, FinTech startup Pezesha, a value chain financial marketplace, has launched Pezesha Academy to help cut down on high default rates. Pezesha Academy, launched in collaboration with Akili Group, will offer 60,000 farmers in the city of Embu with a two-day course on the core components of financial education, including topics such as credit scores, budgeting, saving, investments and effective debt management. The curriculum for Pezesha Academy was modelled on data gathered from Pezesha’s interactions with over 20,000 individuals. In the end, Pezesha hopes that the combination of better access to finance, better loan conditions and sound financial literacy will help many Kenyans continue their climb towards responsible financial freedom.
