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Innovation Solution Description
Credit Scoring Solutions for Small Scxale Traders
Qualitative Results of the Innovation
1. Increased access to finance: Tala provides access to finance to over 6 million borrowers in Kenya, who may have otherwise been excluded from the traditional financial system.
2. Improved financial literacy: Tala's app provides financial education and resources to its users, which has helped to improve financial literacy and awareness in Kenya.
3. Reduced poverty: By providing access to finance, many of Tala's borrowers use the loans to start small businesses or to invest in education or healthcare, which can help to increase their income and improve their standard of living.
4. Increased digital financial inclusion: Tala's mobile app allows people to access loans quickly and easily using their mobile phones, which is particularly important in a country where mobile phone penetration is high, but access to traditional banking services is limited.
Quantitative Result of the Innovation
Empowering women: Inventure/Tala has prioritized lending to women who are often excluded from traditional banking services. As of 2019, over 50% of the company's borrowers in Kenya were women.
Border Area
Busia, Malaba, Sirare, Namanga
Region
East Africa
Organization
InVenture/Tala
Address: Nairobi, Kenya
Email: hellokenya@talamobile.com
Consent/Link
Consent to share form or official link.
1No poverty
8Decent work and economic growth
9Industry, innovation and infrastructure
10Reduced innequalities
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