Safaricom Spark Venture Fund has announced its investment in FarmDrive, a data analytics start-up that connects small-scale farmers to financial services.
FarmDrive has developed an alternative credit-scoring model based on mobile phones and machine learning algorithms.
It allows farmers to access financing using their phones. FarmDrive seeks to address the lack of visibility and data that lenders cite in denying smallholder farmers access to financial services.
The start-up’s goal is to bring millions of smallholder farmers into the formal financial sector through their mobile phones.
“Mobile-based technology solutions like FarmDrive can empower farmers with the critical access to finance and to help expand their access to other essential services,” said Safaricom Chief Executive Bob Collymore in a statement.
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