Two Kenyan financial technology (fintech) start-ups are among four selected to benefit from a Sh20 million grant from US-based Digital Financial Services Lab (DFS Lab).
DFS will inject an undisclosed seed capital in Cherehani Africa, whose mobile-based technology on credit and personalised financial literacy content distribution service targets women and girls running micro-enterprises.
“A fourth startup, still in ‘stealth mode’ aims to be the most compliant digital lender in Kenya,” said DFS without naming the firm.
Director Jake Kendall said products from the four companies were found to simplify processes for accessing financial information and cash via mobile phone.
DFS Lab identifies promising entrepreneurs and invests in for-profit companies that focus on consumers in sub-Saharan Africa and Asia.