Kenya's Micro-Lending Boom: How Software is Fueling Financial Inclusion
Kenya's Micro-Lending Boom: How Software is Fueling Financial Inclusion Across Kenya, millions of individuals run small businesses, powering the country's economic engine. But for many, access to traditional financing remains a hurdle. This is where micro-lending steps in, offering small loans that can make a big difference. Here's where technology comes in. Micro-lending software is transforming how financial institutions (MFIs) and Savings and Credit Cooperatives (SACCOs) operate in Kenya. The Power of Micro-Lending Software Imagine replacing paper applications and manual calculations with a digital platform. Micro-lending software automates tasks like: Loan application processing: This streamlines the process for both borrowers and lenders, with faster approvals. Credit risk assessment: Software can analyze financial data to evaluate creditworthiness, leading to more informed lending decisions. Loan management: From tracking repayments to calculating interest, software e