Kifiya Financial Technologies Wins Global SME Finance Awards 2024’s Product Innovation of the Year
In a groundbreaking achievement, Ethiopian-based Kifiya Financial Technologies has been awarded the Product Innovation of the Year at the Global SME Finance Awards 2024, held in São Paulo, Brazil. This prestigious recognition is a testament to Kifiya’s pioneering work in revolutionizing access to finance for Micro, Small, and Medium Enterprises (MSMEs) in Africa.
Breaking Down Barriers to Financial Inclusion
MSMEs are the backbone of Africa’s economy, accounting for up to 90% of all businesses and providing 60% of the continent’s jobs. However, many MSMEs struggle to access financial resources, particularly credit, due to traditional barriers such as collateral requirements and limited credit histories. Kifiya’s innovative alternative credit scoring and digital lending platform has bridged this gap, providing MSMEs with uncollateralized loans and digital financial services for the first time.
Empowering Young Entrepreneurs and Women
Kifiya’s platform has been instrumental in empowering young entrepreneurs and women in Ethiopia, providing them with access to unsecured digital credit. This has opened up new opportunities for financial inclusion, enabling them to start and expand their businesses. As of August 2024, over 241,000 MSMEs have been assessed through Kifiya’s platform, with loans totaling 122.8 million USD disbursed.
A Beacon of Hope for Ethiopia’s Youth
The impact of Kifiya’s work goes beyond financial access, representing hope for Ethiopia’s youth who face high unemployment rates and limited economic opportunities. The Mastercard Foundation’s partnership with Kifiya has played a critical role in advancing inclusive economic growth, providing access to capital, and promoting a culture of self-reliance.
A Success Story: Yemariamwork
Yemariamwork, a 29-year-old mother of four, is one of the program participants under the Mastercard Foundation and Kifiya partnership. Her story represents millions of young people struggling to access finance to start and expand their businesses. With Kifiya’s support, she has been able to borrow 31 times, a total amount of ETB 1.4 million, enabling her to expand her spices business and create jobs for other young women and men.
Leadership and Vision for the Future
Munir Duri, Founder & CEO of Kifiya, stated, "This award is a testament to our collective vision, commitment, and the extraordinary work we have undertaken with our partners. It recognizes our dedication to empowering African MSMEs and low-to-middle-income individuals through innovative technology."
Samuel Yalew Adela, Mastercard Foundation Country Director, Ethiopia, added, "The award and recognition that Kifiya received is a testament that we are on the right track and motivation to do more. We will continue to work with partners like Kifiya to enable more MSMEs and young people, particularly women, to access finance and realize their full potential."
Additional Resource
To learn more about Kifiya’s work and the Mastercard Foundation’s partnership, visit https://kifiya.com/safee/.
