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Updated Sep 19, 2018

New Approach to Microfinance

Part of Boston University

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Nsokolo Kanyiki

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Snapshot

Stage 1 : Ideation

Smallholder farmers have limited access to formal credit, forcing them to rely on informal moneylenders with their inflated borrowing costs.

Focus Areas:

Agriculture

AgricultureSEE LESS

Implemented In:

India

IndiaSEE LESS

1
Country Implemented In
$100,000
Funds Raised to Date
Verified Funding

Innovation Description

To introduce a new microfinance scheme for smallholder farmers.
How does your innovation work?
Boston University is testing a new approach to microfinance, which incorporates community members, such as small-scale traders, shopkeepers and local government officials, into the microfinance loan-making and monitoring process.

Planned Goals and Milestones

The new approach, which also features loans with longer repayment timelines more suited to farmers’ needs, may reduce farmers' dependence on informal moneylenders and traders, and help them keep a larger share their profits.

Milestones

Feb 2013
Date Unknown
Launched
Date Unknown
New Country
India