Kenya’s most active economic sector is the informal sector, with agriculture contributing the most to the country’s GDP. The bulk of this agriculture is practiced by small holder farmers. Yet, the traditional banking institution has neglected this market, and decided to play safe by catering mostly to the white collar job individuals who come with the security of a monthly pay check.
Well, that business model has been the folly of conventional banks, and it is the reason mobile money and FinTech solutions like M-Pesa became so big in Kenya. Turning the country into a market leader worldwide when it comes to adoption and use of digital payment solutions borne out of mobile money and FinTech solutions.
It for that reason Opera decided to launch its digital wallet Opay, in Kenya. To entice people to adopt it, Opay is enticing Kenyans with paperless loan application and no need for applying for security.
With traditional banks, the bottle-neck process of filling out papers, need for security at the onset, and waiting time for loan approval seek find many people unfit for credit. However, FinTech solution run on artificial intelligence …read more