Poor people constitute the vast majority of the population in most developing countries.
Yet, an overwhelming number of the poor continue to lack access to basic Financial services
The biggest challenge is not finding money but finding viable livelihood options for the poor. I suggest you study Prof. Yunus work. First work with the poor and let them come up with local opportunities for generating income. Take a few viable cases and fund them. Once these ventures are viable, you have a proven business plan for the investors. Why investors? You may even go through the regular banking system. Your margin will be what you charge extra above the lending rates. VC funding will put extra pressure on you to charge very high rates and it can be regulated by the govt, as it has happened in India. Such high rates also defeat the core purpose of your business. All the best.
Hi, I'm Ryan. I've worked in Kenya in the Start up Community for the past 2 years, originally from Canada.
FinTech is hot in East Africa at the moment, depending on where you are located a lot of investment funds are looking for promising ventures.
A few friend's at Nest are very focused on the FinTech space, and companies like Branch are advancing their loans business.
Let's set up a call and I can learn more about your fundraise.
You can approach Friends, Family, Incubators, Accelerators, Angel Investors & VCs depending upon the stage of your startup. Feel free to setup a call to learn more.