The social fabric of any society is preserved and enhanced when
individuals in the society have access to a social safety net. This net can be
created in numerous way one of which is giving individuals access to affordable
finance and financial tools. Financial inclusion and the use of technology to
enhance inclusion is a major priority of the Kenyan government as demonstrated
by its ICT policies over the last decade.
In Kenya, Harambee, the practice of reciprocal gifting via fundraising,
is one manner in which individuals in society overcome financial life shocks,
by relying of family and friends in times of need. With insurance penetration
rates at only 3.4%, Harambee is therefore a significant activity in Kenya especially
when it comes to medical emergencies. Platforms like M-Changa allow for broader
access to financial inclusion through technologies that simplify and reduce the
costs of fundraising / harambee.
Our partner MasterCard released a recent study: A ProgressiveApproach to Financial Inclusion showing that while Kenya is a regional and
continental leader in the adoption of e-payment technologies, there big gaps in
the education of Kenyans vis a vis the more sophisticated financial tools
available to them that ride on e-payment infrastructure. To drive the adoption
of “second generation” financial products is one of the key mandates of
MasterCard in the region.
We are happy to be a partner of MasterCard in this regional
initiative.
Kyai Mullei
CEO
CEO
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