Kifiya (www.Kifiya.com), a number one AI-powered, various data-driven scoring, embedded finance, and AgTech firm, has been awarded the celebrated Silver Award within the Product Innovation of the Yr class in Africa on the International SME Finance Awards 2024, held as a part of the International SME Finance Discussion board in São Paulo, Brazil on September 17, 2024.
The International SME Finance Awards, organized by the Worldwide Finance Company (IFC) and the SME Finance Discussion board, acknowledges and celebrates establishments which have delivered progressive services and products and achieved spectacular leads to increasing finance and companies to SMEs. Kifiya is the primary Ethiopian firm to win this award. This recognition highlights the corporate’s dedication to constructing a digitally and financially inclusive future by leveraging AI and cutting-edge expertise to bridge the credit score and market entry hole in Sub-Saharan Africa.
“Receiving this award displays our ongoing dedication to empowering African MSMEs, SHFs and low-middle-income people by AI-powered and data-driven options,” stated Munir Duri, CEO and founding father of Kifiya. “This additionally demonstrates Ethiopia’s new-found drive for innovation led by the reforms instituted by our Prime Minister, Dr. Abiy Ahmed, which have created an enabling setting and insurance policies that foster and encourage innovation, permitting corporations like ours to thrive.”
Unlocking Market Potential for SMEs
Africa’s SME sector, which represents as much as 90% of all companies and offers 60% of complete employment, is essential in driving financial progress for the continent. Nonetheless, many SMEs wrestle with restricted entry to finance, a problem that Kifiya is tackling head-on. By offering digital platforms that enhance market entry and deal with the financing wants of those companies, Kifiya is unlocking new progress alternatives.
In Ethiopia, the place 50% of the grownup inhabitants stays unbanked, Kifiya’s monetary options create pathways for hundreds of SMEs to entry much-needed credit score and monetary companies. The corporate’s efforts have led to elevated monetary inclusion, stability, and progress for native companies, contributing considerably to Ethiopia’s financial improvement.
Empowering SMEs and Low-Revenue Communities by Innovation
Kifiya’s AI-powered various credit score scoring and score expertise infrastructure solves the challenges of MSMEs’ lack of collateral and credit score historical past, enabling them to be credit-scored and entry uncollateralized credit score for the primary time in Ethiopia. One of many earliest successes of rolling out this infrastructure was a partnership with the Cooperative Financial institution of Oromia, which launched a digital lending product that has enabled near 300,000 MSMEs to entry over $100 million in uncollateralized credit score thus far.
Kifiya’s clever embedded finance tech infrastructure permits banks to originate, lengthen, handle, and acquire uncollateralized digital credit score and supply Sharia-compliant monetary merchandise related and acceptable to MSMEs in agri-food programs, manufacturing, and repair sectors. The platform permits FinTechs and companies to embed stock credit score and BNPL monetary companies, digitize eCommerce commerce processes, and supply MSMEs with stock credit score.
The corporate additionally provides an AgTech platform that digitizes smallholder farmers, enabling them to entry credit score, inputs, markets, and microinsurance to guard towards climate-related dangers and enhance productiveness. Up to now, greater than 1.5 million smallholder farmers in Ethiopia have accessed greater than $10 million of agricultural inputs.
Within the transportation sector, Kifiya’s Mobility as a Service (MaaS) expertise revolutionizes journey reserving and funds, offering eco-friendly and handy journey options.
Kifiya’s Insurance coverage Know-how (Insurtech) offers a digital market for reasonably priced microinsurance merchandise, making certain low-income people can safe their futures towards monetary dangers.
Driving System-Degree Change in Sub-Saharan Africa
Recognizing that innovation can deal with many improvement challenges, Kifiya has mixed its intensive AI and expertise expertise with a market system strategy to design and implement options that concentrate on market inefficiencies and failures. Kifiya is using its AI-powered merchandise and data-driven infrastructure to drive the adoption of digital monetary companies and allow entry to monetary companies and markets, one nation at a time.
Munir Duri emphasised, “Our strategy is about extra than simply expertise. We’re dedicated to driving sustainable, inclusive progress by fixing systemic challenges that forestall tens of millions of Africans from accessing finance and markets. This award motivates us to proceed innovating and increasing our options throughout Africa.”
The corporate’s data-driven expertise infrastructure helps monetary establishments, smallholder farmers, low-to-middle-income people and MSMEs in accessing related credit score merchandise, decreasing prices, and enhancing service supply.
Trying Forward: Scaling Influence Throughout Africa
The Worldwide Financial Fund (IMF) tasks a median 4.0% GDP progress charge for sub-Saharan Africa in 2025. With Africa’s inhabitants anticipated to succeed in 1.9 billion by 2050, Kifiya’s technology-driven options are poised to play a pivotal function on this financial transformation.
Kifiya’s ongoing efforts to handle the $400 billion credit score hole and unlock market entry for 44 million MSMEs and smallholder farmers will likely be essential to driving financial progress and monetary inclusion throughout Sub-Saharan Africa. With a deal with scaling its progressive merchandise, Kifiya is well-positioned to proceed main the cost in Africa’s digital monetary companies business.
https://apo-opa.co/4erx5yw (Hyperlink to a video of the International SME discussion board 2024)
https://apo-opa.co/4gpdFfD (Extra data on the International SME discussion board occasion)
Distributed by APO Group on behalf of Kifiya Monetary Know-how.
Media Contact:
Kifiya Monetary Know-how Plc
Divine Muragijimana
Telephone: +254711455980
E-mail: dmuragijimana@kifiya.com
About Kifiya:
Kifiya Monetary Know-how is an AI-enabled, various data-driven scoring and score firm that provides FinTech, AgTech, and mobility options.
By progressive AI-powered digital monetary companies infrastructure, Kifiya empowers MSMEs, smallholder farmers, and low-middle-income customers by offering uncollateralized credit score, connecting them to bigger markets, and digitizing essential sectors equivalent to agriculture.
Dedicated to enabling equitable entry to monetary companies and markets, Kifiya leverages AI-powered knowledge and expertise for social good, making a extra inclusive and sustainable future.
Based in 2010, Kifiya has its headquarters in Addis Ababa, Ethiopia.
For extra details about Kifiya and its award-winning options, go to www.Kifiya.com.