Pezesha– The leading peer-to-business micro lending marketplace in East Africa was honored to be among the top five finalists in the recent Chivas Regal Venture $1M Fund competition that received over 200 Kenyan applications in this year’s contest. “The Venture” is a $1million annual fund and global search to reward exceptional startups that use business innovatively to transform communities.
We at Pezesha believe that our success can only be defined and measured by the extent of our social impact. And how we transform communities is through the use of credit analytics to empower credit-constrained micro business and low income social groups in the retail and distribution sector with affordable credit that not only boosts their returns and investment opportunities but also improves their livelihoods and living standards.
According to a recent 2016 report by McKinsey & Company, two billion individuals and 200 million businesses in emerging economies today lack access to savings and credit, and even those with access can pay dearly for a limited range of products. New emerging models such as peer-to-peer financing have the potential of providing inclusive, democratic and affordable financial services, consequently causing positive change. This is precisely where the heart, vision and purpose of Pezesha lies – From the People, For the People. From Kenyans, For Kenyans. From Africans, For Africans.
Mobile technology is at 88% penetration in Kenya alone and at 46% of the continent’s population across Africa; making Africa the second-largest – but least penetrated – mobile market in the world. We believe in leveraging the power of mobile technology to digitize and bring long term benefits of digital finance to the underserved low income borrowers by not only transforming their lives but also transforming economic prospects of emerging economies. And with the continued support from the Chivas network, we get to be steps ahead in making this dream a reality. Ultimately, this may be our greatest contribution to also impacting the generations to come.