Inuka Pap uses mobile money to help low-income savings groups, with Waweru Kuria

Cash is risky business, and in Kenya, mobile money is big.

People living in rural areas are liable to have their life savings lost if it is kept under the mattress.

Many engage in lending co-operatives whereby a community organisation acts as a bank for people who need money in an emergency.

This is, however, pretty archaic and inefficient meaning people can’t get instant access to cash when they need it quick.

Using a digital platform that connects mobile money to these rural co-operatives, Inuka Pap is making it possible for people to get access to the funds in an instant.

Waweru and I discuss what the lending landscape looks like, their social mission of providing free insurance, and the blurred lines around whether they themselves are a bank or not.

As a side note, the day after I interviewed Waweru he pitched Inuka Pap at Seedstars, a global start up competition, and won the title for Kenya! You’ll see that he has knack for storytelling.

Also, a car alarm goes off in the background right at the end, so apologies for that…

In any case, I hope you enjoy!

READ MORE AT:
https://theeastafricabusinesspodcast.com/2017/03/29/digital-rural-banking-using-mobile-money-for-co-operative-lending-with-waweru-kuria-from-inuka-pap/