Denis Opudo
Mr. Waweru Kuria launched Inuka Pap in Kenya. The startup company currently serves about 300,000 rural farmers. The startup works with rural farmers from co-operative organizations all over Kenya. So far, the company has loaned more than Sh350 million to its customers. The initiative empowers rural residents via co-operative institutions. The startup uses mobile phone as the mode of transaction. The founder narrated a situation that led to startup idea. He noted that in one incident, they lost a cousin in a very horrible scenario. He added that the loss occurred due to lack of access money for hiring means of transport by an uncle.
Before Inuka Pap, the founder worked with insurance company selling micro-insurance products. Establishment of the company costed him Sh150, 000. The money was used in registration and development of the text-based app. Mr. Kuria left formal employment from an insurance company. The move was to improve his enterprise. He experienced hard times in 2016. During that time, most of the Sacco leaders resisted the company products. The startup began to pick up after injection of Sh30 million. The American angel investor located in Colorado disbursed the fund grant for support. The funds helped in acquiring an office and carrying out a feasibility study. Research found out that many co-operative societies lacked cash loan services. They usually have to wait until month-end when the society payments.
Inuka Pap initiative allows individual society member to prepare financial history. These enable them to access short loan via phone. Loan repayment is only made through respective Sacco where a farmer is a member. The company shares the interest earned with the contracted Sacco.
During the Global fifth Sankalp forum held in Nairobi Kenya, Mr. Kuria won prize award of Sh50 million. The funds will ease the expansion of products. It will help meeting the diverse expectation of Sacco members. The company has currently identified Kodi Kodi and MossPay products. The two asset financing focuses on loans for purchasing land and school fees. There is also ongoing negotiation with Britam Holdings to launch InukaHealth soon.
