- Published: Tuesday, 25 July 2017 10:11
- Sourced by SolutionsTeam
“Access to credit should be a basic right for everyone,” states 26-year-old Peris Bosire, co-founder of FarmDrive in Kenya. The problem we are addressing is the lack of access to finance for smallholder farmers from the formal financial ecosystem… They are left with a hole in their pocket because they just don’t have any access to working capital.” Bosire experienced this first hand growing up in a farming community in Kisii, situated in south-west Kenya. She watched her family battle day-to-day challenges such as poor yields and post-harvest losses. It was hard work, and many of their troubles could have been eased through quality farming inputs and modern equipment. But financial institutions were unwilling to provide them with the financing to do so, which left them in a catch-22 situation: they needed capital to help grow their farm beyond the subsistence level, yet banks would only provide loans to larger established commercial farmers with credit histories and collateral. This left them financially “stuck”.