Commitment to Action

Unlocking One Million Doors to Financial Inclusion through Mobile Phones

Commitment by

EFL Global Ltd

In 2015, Entrepreneurial Finance Lab (EFL) committed to expand access to capital to one million entrepreneurs in emerging markets by leveraging mobile technology to administer credit scores. By disseminating credit score applications via both smartphone application and SMS format, EFL will mobilize more than $500 million in new loans to Micro, Small, and Medium Enterprises (MSMEs) for disbursement by EFL’s partner financial institutions. In doing so, EFL will reduce the long-standing information asymmetry on creditworthiness between lending institutions and financially excluded populations, giving any individual the opportunity to access finance and opening doors for the most marginalized populations, especially women, to create opportunities for themselves and their families.

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Overview
Summary

Commitment

Unlocking One Million Doors to Financial Inclusion through Mobile Phones

Launched

2015

Est. Duration

1 year

Estimated Total Value

$850,000

Region

Africa

Countries

KENYA

Commitment by

EFL Global Ltd

Partner(s) of the Commitment Maker(s)

Equity Bank Limited