Tuesday, 10 February 2015

Kenya: Microfinance institution to expand beyond tea sector


Kenya: Microfinance institution to expand beyond tea sectorGreenland Fedha Limited (GFL), a microfinance institution for small-scale tea farmers in Kenya, has implemented a new software solution to improve its efficiency and remain competitive in the market. According to the institution, it had chosen the Microsoft Dynamics NAV platform.


With the system in place, GFL revealed that the system had not only automated its processes, but also enabled it to develop a mobile payment solution.

GFL is wholly owned by the Kenya Tea Development Agency (KTDA) Holdings and provides financial services to the tea sub sector in the country. According to GFL, the institution is unique in that it offers its loan recipients the option to apply for and repay their loans using green leaf as collateral, with specific formulas in place to work out the interest and repayment rate. The manual system it had in place, prior to the installation of the new system, was cumbersome to log loans, work out interest rates, manage inventory and run the business effectively. This made it challenging to compete with commercial banks and other microfinance lenders. Read More...

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