Financial Product Development

• Agribusiness products

Agriculture economic sector has been one of the growth drivers of emerging economies in Africa accounting for up to 25% of some countries gross domestic product (GDP). Some countries have more than 70% of their population relying on agriculture for subsistence. For these reasons agriculture is highly regarded as the mainstay of Africa’s economy. This sector however faces many challenges including climatic changes, disease, pests, traditional farming practices, depleting agricultural land, poor markets, lack of information etc. Improved access to finance has been identified as key to addressing these challenges. Financial institutions have however focused on other economic sectors perceived less risky in their efforts to optimize shareholders’ return on investment. This presents a mismatch between agriculture’s GDP contribution and financial support which impedes on realization of the agriculture sector’s full potential. In consultation with sector’s stakeholders, Meraki has developed agribusiness solutions that reduce and mitigate the risks faced by either of the demand and supply actors. These solutions have accelerated unlocking bottlenecks that stifle this sector’s growth and contributed to food security initiatives to cater for Africa’s 1.3 billion population projected to increase to 2.4 billion by 2050

• Women centric products

Women’s social, political, and economic status is fundamentally different from men’s. Traditions and culture have a strong influence on this which makes women more prone to legal, economic and social constraints. Financial products will predominantly exhibit these tendencies and in effect limit access to finance by women. 70% of women in Africa are financially excluded and considering that women constitute 50% of Africa’s 1.3 billion population, development of women targeted  financial products informed by cultural dynamics and that address social economic constraints weighing on access to finance open new opportunities towards women empowerment. To financial institutions, better understanding of women needs, their resources and limitations in context of their social political and economic status facilitates development of solutions that are accessible to women clientele

• Youth-focused products

About 60% of Africa’s population is under the age of 25. This makes Africa the youngest continent. It is projected that Africa’s youth population could be equivalent to twice Europe’s entire population. The youth however face many huddles including high unemployment rate, financial dependence, skills barriers, and market barriers including loan collateral requirements. Financial institutions need to innovate on existing financial solutions to respond to rapidly changing client demographics and more importantly develop products and services targeting the growing youth population. Today’s youth is clear about their needs, knowledgeable and opinionated despite the challenges they face accessing finance. Developing solutions that meet their needs will tap into this enormous niche and keep your brand relevant to the biggest demographic group in Africa

• EduFinance products

A quality education reduces poverty and inequality, increases life expectancy and gives women and girls more decision-making power. 60% of youth in Africa between the ages of 15 and 17 are not in school for reasons including traditions, poor quality environment, distance to school and cost. Lack of school fees is one of the main reasons for lack of quality education. EduFinance solutions enables financial institutions tap into the education sector opportunities with well-structured and targeted services and products that reduce incidents of credit risk occasioned by misappropriation of funds borrowed for different purpose