MUSONI, the local microfinance services firm, said it had been awarded the 2014 Kenyan Frost & Sullivan Award for Technology Leadership for enhancing the adoption of mobile money.
The award is based on
"Musoni is currently offering micro-credit, and hopes to expand its services to include micro-savings and micro-insurance products," said
"The delivery of savings and insurance using the mobile money platform will increase customer uptake, which is currently less than three percent for micro-insurance products in
Musoni is derived from "m-usoni" where "m" stands for Mobile and "usoni" is the Swahili word for Future, hence its "Mobile Future" payline.
It is said to be the first 100 percent mobile microfinance institution in the world.
By using a mobile platform as a channel to deliver its products and services to customers, Musoni has positioned itself to bring the benefits of microfinance to parts of the Kenyan population left behind by traditional microfinance institutions.
The company works closely with international partners such as the
More than 80 percent of the Kenyan population is registered with M-PESA, most of whom have no other access to financial services.
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