Connecting social lending coops in Kenya – #Insiders4Good

Azali is a mobile based,
lending market place which puts the borrowers in control by
letting them compare loan offers from a broad pool of vetted
lenders, who are offering credits at affordable
rates in the platform. We talk to other
financial institutions, as well as the borrowers. Small financial institutions, we call them "chamas"
in our country. So basically, it is a group
of five or six people who are coming together. Instead of
contributing money and just sharing amongst ourselves,
we give each to other people or our close financial friends. So we have several of them,
so I belong to one. So the biggest problem all these
chamas had is number one, they have limited
amount of cash, yeah? Number two, at times a borrower wants more
than what a chama offers. So we thought why don't we
put all these chamas in one platform. Because my chama might want to
give between 10,000 and 20,000. Your chama might want to
give between 20,000 and 30,000 at a specific rate. So a borrower can have a variety
from all of us combined. They have the power to
choose the amount and the rate that they want. So we want to put
the power to the borrower.

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