Articles

Innovating Rural Finance in Senegal


 

 


AUXFIN aims to deliver financial solutions that are accessible to all, including vulnerable populations with low literacy and numeracy skills, limited access to internet, no or low access to electricity, and limited experience with mobile and other technologies. This week another milestone was achieved by digitalizing the FAPAL (Fédération des associations paysannes de la région de Louga) warehouses for niébé (cow beans) and facilitating the smallholder farmers access to crop loans from microfinance cooperative UFM Louga.

The smallholder farmers are thus able to store their produce, have it registered in their digital UMVA Niébé account, obtain a crop loan to satisfy their urgent cash needs and await better market prices before selling their crop. The UMVA solution provides the smallholder farmers with a mobile-phone based solution that allows them to manage their stock digitally, request for a crop loan, handle the related loan payments and send or receive money transfers.

To view the press release please click this
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