Inuka Community Interest Company (CIC) launched the first online microfinance portal dedicated to facilitating the provision of credit for female-owned businesses in sub-Saharan Africa. Inuka’s focus on women arises from research that supports the fact that when women in developing countries have successful businesses, the society benefits in a much more significant way. This is because they reinvest more of the proceeds of their business in their children’s education, feed their families and as a result this makes a positive impact on the level of economic development of their individual countries.
Inuka’s initial focus is in East Africa, where it has partnered with several microfinance Institutions that will be responsible for sourcing loans, uploading them on Inuka’s online portal, performing credit reviews on potential borrowers and collecting repayments. Inuka has selected two microfinance partners in East Africa after a detailed on-site due diligence process.
‘Our due diligence process to select microfinance institutions to partner with is one of the most important functions that we have to perform as an microfinance portal. This is because we have a key responsibility to our lenders to ensure that only the most transparent, well performing institutions have the expertise to source good quality loans and identify sustainable businesses to fund,’ Says Kanini Mutooni, founder and CEO of Inuka CIC. Both the microfinance partners that have been selected by Inuka have received external ratings from Mix Market. Mix market is an organization whose mission is to promote microfinance transparency through the collection of performance information on Global Microfinance Institutions.
Inuka is looking for global social investors who wish to make a social impact and who at the same time recognize the important role that female entrepreneurship plays in developing economies.