Two weeks ago Inuka.org launched into public beta. Inukaâ€™s initial focus will begin in East Africa, where it has partnered with several microfinance Institutions that will be responsible for sourcing loans, uploading them on Inukaâ€™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.
Lenders do not earn interest on loans financed. Asked what differentiates Inuka from other p2p microfinance services like Kiva, Babyloan or MYC4, founder Kanini Mutooni told P2P-Banking.com:
– We only lend to female entrepreneurs in sub-saharan Africa which means were very much focused on a niche sector rather than just lending to anyone
– Our loans are interest free which means that there is more of a philanthropic social element in lending as opposed to MYC4…
When I looked today, there were 11 loan request from Kenya online.