Skip to content

Getting Ready for Lending in Kenya and Mozambique!

It’s an exciting month here at hiveonline as we prepare to start lending to our users! We are launching a pilot to enable lending to our first 1,000 users in Mozambique through our partner, Microbanco Confiança SA. At the same time, we have finalised our agreement with Kingdom Bank in Kenya to provide loans to 1,000 farmers.

Kingdom Bank, a subsidiary of the Co-operative Bank of Kenya, is dedicated to fostering the financial growth of micro, small, and medium enterprises (MSMEs), particularly youth and women-owned businesses. Their focus on MSMEs aligns with hiveonline’s mission “to make the future a fairer place for African small businesses, entrepreneurs, and rural communities.” Kingdom Bank and hiveonline have recently finalized the terms for a pilot project to provide tailored financial services that meet the diverse needs of our platform users, reinforcing Kingdom Bank’s commitment to “driving towards a prosperous future for all.”

Kingdom Bank and hiveonline will target 1,000 farmers in savings groups in Nakuru and Bungoma counties to provide individual loans to eligible farmers. The pilot will focus on increasing understanding of group loan requirements and needs. During the first eight weeks of the pilot, Kingdom Bank will support groups with training before initiating lending. After the pilot is successfully completed, they will scale lending to a larger number of farmers on our platforms.

Our partner, Microbanco Confiança SA, focuses on providing financial services to rural communities in the South Region of Mozambique, specifically in Maputo, Gaza and Inhambane Provinces. Last year, they assisted us in piloting our new loan features, successfully passing the Mozambique Central Bank’s Regulatory Sandbox. After a few final technical updates at the beginning of this year, we will begin facilitating our first loan applications this month.

The pilot will target 1000 smallholder farmers in Maputo Province. Upon the pilot’s successful completion, the initiative could potentially expand to Gaza and Inhambane. The loan process, from loan type selection (with an easy-to-understand description and conditions of each loan) to application, is available on the app, where users on can view application status and decisions. 

Through these pilot projects, we are establishing a solid foundation for a sustainable and inclusive financial ecosystem that benefits all stakeholders. Meanwhile, we are expanding our network of financial institutions in both countries to offer farmers and small business owners more loan options on our platforms. Stay tuned as we share details about our other upcoming financial institution partnerships!