By Jim. H. Smith
No one has ever questioned Jenipher’s work ethic. For decades, this 65-year-old Kenyan woman has operated a food stall in the central business district of downtown Nairobi. It has given her the wherewithal to support a family of three sons, and she has paid for the vocational school education of each. She is also the leader of a local group of responsible adults who support each other in their efforts to save money.
Yet despite those facts, Jenipher had no credit rating. Like some 2.5 billion people worldwide, she lacked a financial identity, the very thing that traditional banks evaluate when deciding whether to make loans to consumers. Her capacity to borrow money in order to grow her business and improve her life was virtually nonexistent.
She did have one thing going for her, though. Like more than a billion residents of the planet’s emerging markets, she owned a Smartphone that she regularly used for a wide range of activities, from business management to communications with local friends and associates as well as family in Uganda. Three years ago, one of her adult sons encouraged her to download the “app” of a Los Angeles-based company called Tala, and it changed her life.