Farmers Set To Benefit As Credit Scoring Solution Is Launched
Artificial Intelligence (AI) is no longer a concept confined to science fiction.
Over the past few decades, it has made a profound impact across multiple industries, from healthcare and education to entertainment and transportation, farming and climate change among others.
Studies show that over 40% of jobs just in Kenya come from the agricultural sector.
If farmers cannot access funds, then it means that we are going to struggle to grow our economy.
The big question is, how can Artificial Intelligence (AI) be integrated with the agricultural sector and Impact the latter?
Pathways, a technology and AI company with locations in the U.S. and Africa, is leading the talk by leveraging emerging technologies like data analytics and AI, to build solutions that solve real-world problems.
Speaking during the launch of credit scoring solutions for farmers while unveiling innovative solutions for the agricultural sectors, Mr. Joel Onditi, the Chief Executive Officer, Pathways Technologies noted that ” We are building solutions that are solving real-world problems in Africa today. Currently, farmers can’t easily get loans because all the lenders think that farmers are very risky. We are building a solution that will enable SACCOs and other lenders to drop some stringent requirements like guarantors and collateral.”

Farmers Set To Benefit As Credit Scoring Solution Is Launched
Pathways is collecting data and leveraging AI to build a credit score which will help the lender comfortably work with the farmer.
The program has been piloted at Fortune Sacco in collaboration with KALRO, the Kenya Agricultural Livestock Research Organization and GIZ that funded the program.
“When we began the project, out of the 100,000 farmers, Fortune Sacco was only able to lend a 20% of the number due to lack of data. So with our solution, the Sacco now has the opportunity to lend to over 60% because we are getting them the right data through technology with the right insights to lend to these farmers.”
Timothy Muthike , Fortune Sacco Deputy CEO and the Head of Finance says “Physical forms, which are very bulky, make decision-making very tedious and lengthy. With the adoption of technology, we are looking to have most of these decisions made by a machine and eliminate some of the unnecessary bureaucracies associated with lending, and also human face and human bias.”
“We hope that over 60% of the small-scale farmers will be able to access credit, timely, and the right amount.” He added
As AI technology continues to evolve, it promises to change the way we work, live, and interact with the world around us.
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