FINCA International Will Digitize Its Village Banking Activities, Plans to Dive Into Mobile Savings

09 Mar 2018

FINCA International, a global microfinance leader that popularized village banking where groups of low-income entrepreneurs share and guarantee one another’s loans to drive development – launched its services in Africa more than two decades ago. Its village banking methodologies continue to grow in six African countries (Uganda, Tanzania, Malawi, Zambia, DRC and Nigeria) and for the past couple of years, the institution has leveraged the offerings of technology to predict credit risk of borrowers in markets that have always been traditional.

Speaking during the Financial Times (FT) Africa Payments Innovation Summit that was held on 7 March in Nairobi, Mr. Rupert Schofield, President and Co-founder, FINCA International highlighted notable growth in the African market. Also, he mentioned FINCA’s collaboration with USAID in integrating microfinance loans and entrepreneurship training for the youth, as well as selling socially responsible products to low-income persons especially in Uganda.

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