Putting Twiga Foods on the Blockchain
Based in Nairobi, Kenya, Twiga Foods is a business-to-business logistics platform for food stalls and kiosks. Twiga helps farmers distribute bananas, tomatoes, onions, potatoes, and more to 2,600 kiosks across Kenya. But they realized that they could help farmers sell more produce if they gave them access to capital, credit and other financial services. Working together with IBM, Twiga Foods developed a machine learning-powered, blockchain-enabled finance lending platform that is designed to manage and track micro-loans to farmers and vendors in Africa to help stimulate the economy and benefit its users. During an eight-week pilot program, Twiga’s service conducted 220 micro-loans (the average size of each loan is about $30, or 3,020 KES), which helped increase order size by 30% and profits for each retailer, on average, by about 6%. IBM is excited to help promote social good and use technology to bring positive change to these regional markets.
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November 13, 2018 at 12:15PM