Kenya: MasterCard launches mobile payment solution for farmers
The solution offers digital financial services to small scale farmers.MasterCard with the support of the
Bill and Melinda Gates Foundation has launched a mobile payment solution to provide financial services for small scale farmers in Kenya that are excluded from formal financial services. The solution "2Kuze" translated "let's grow together" in Swahili is designed to promote cashless transactions by linking farmers, agents and buyers. 2Kuze covers farmers with less than two acres of farm which forms 80 percent of the farmers in Africa. The solution will end the traditional way farmers make
and receive payments. Currently it has brought financial services to 2,000 local farmers in Kenya and has also connected them with important areas of the marketplace. In a statement, the head financial inclusion for International Markets at MasterCard, Daniel Monehin said, "we believe that by using mobile, a technology that is so ubiquitous among farmers in Africa, we can improve financial access, bring in operational efficiency and facilitate faster payments. "The collaboration between the Lab team and farmers in the market helped to deliver a solution that can be implemented and make an impact without any major changes to the day-to-day" he added.