After you have released a new payment confirmation system, Mastercard has built a mobile market for farmers in East African countries, where farmers will be able to connect with farmers, agents and buyers for cashless transactions.
Well, it is known that more than two billion people worldwide continue to survive without commercial banks. One of the biggest reasons for this exclusion is accessibility. In developing countries, in particular, low-income groups tend to be left out because they do not have access to basic banking services. But now, with simple services like mobile banking having emerged to help people lift themselves out of poverty in Africa, organizations are starting to focus on financial inclusion for vulnerable communities.
It is on this path that the 2Kuze, a mobile payment solution from Mastercard Labs, is one such initiative that was built for farmers in Kenya. 2Kuze is a word in Swahili, which when translating means “let's grow together”, is a digital platform that connects farmers with agents and buyers for cashless transactions.
How does it work?
When a buyer needs products, he accesses the platform online in which it translates as an online survey of what it needs, the system generates a text message that is sent to the farming community. A farmer may choose to respond with an offer to supply that product entirely or be able to say what is currently available. A later agent, who works with Mastercard Labs, comes in to check on this offer and to negotiate the price with the farmer.
It is also worth remembering that before the existence of this platform, farmers in Kenya had to walk for miles to buy, sell, make or receive payments. But with 2Kuze, which is currently being used by some 2.000 Kenyan farmers, they are instantly connected to all the critical points on the market. 2Kuze is built for small farmers who have less than one to two hectares of agricultural land. It is a community that comprises 80 percent of farmers in Africa.
It is also worth noting that this platform is the result of a US $ 11 million donation from Bill & Melinda Gates Foundation. Since the end of 2015, when the Mastercard Labs for Financial Inclusion in Nairobi (Kenya) have launched a Brainstorm which met designers, developers and local non-profit partners to find a solution for small farming communities.
